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Wednesday, April 30, 2014

Goldman Sachs and Morgan Stanley Swiss Units Join DOJ Program as Category 2 (4/30/14)

It is reported that the Swiss units of Goldman Sachs and Morgan Stanley have joined the deal as Category 2 banks.  Michael J. Moore, Goldman Sachs, Morgan Stanley Swiss Units Seek Tax Deals (Bloomberg 4/29/14), here; and Matthew R. Madara, Goldman Sachs, Morgan Stanley to Divulge Info to DOJ,  2014 TNT 83-5 (4/20/14) (citing a Wall Street Journal article as reporting that they joined as Category 2 banks).

My rhetorical question is whether, being units of U.S. banks, some extra level of punishment beyond the Category 2 penalty should be imposed for this class of misbehavior.  And, it has been speculated that joining as category 2 was protective only, and they may move later to a lower level.  See the Madara article.

I will update the spreadsheet today.  In the meantime, here are the banks that I now show as having joined as category 2 banks.  I show only 52 out of the 106 banks that are said to have joined as Category 2.

Swiss Bank Category
Aargauische Kantonalbank 2
Bank Coop AG 2
Banque Cantonale de Fribourg 2
Banque Cantonale de Genève 2
Banque Cantonale du Jura 2
Banque cantonale du Valais 2
Banque Cantonale Neuchâteloise 2
Banque Cantonale Vaudois 2
Banque Privee Edmond de Rothschild 2
Barclays Bank plc Geneva Branch 2
Barclays Bank (Suisse) SA 2
Berner Kantonalbank 2
BSI Group 2
Cornèr Banca SA 2
Edmond de Rothschild Group 2
EFG International AG 2
Goldman Sachs (Swiss Unit) 2
Graubündner Kantonalbank 2
Hyposwiss Privatbank Zurich AG 2
Hyposwiss Private Bank Geneve SA 2
Linth Bank 2
Lombard Odier & Cie. 2
Luzerner Kantonalbank 2
Migros Bank AG 2
Morgan Stanley (Swiss Unit) 2
Nidwaldner Kantonalbank 2
Piquet Galland & Cie SA 2
Post Finance 2
Rothschild Bank AG, Zurich 2
Saanen Bank 2
St. Galler Kantonalbank 2
Schaffhauser Kantonalbank 2
Ticino Cantonal Bank 2
Union Bancaire Privee 2
Valiant Holding AG 2
VP Bank (Switzerland) 2
Walliser Kantonalbank 2
Zuger Kantonalbank 2
at

3 comments:

  1. John AuditApril 30, 2014 at 1:43 PM

    Jack, Maerki Baumann AG can be added to the list as Category 2.



    They sent letters in January 2014 to all US indicia clients.

    ReplyDelete
  2. Jack TownsendApril 30, 2014 at 3:33 PM

    Thanks, I have added it to the list on the spreadsheet.

    ReplyDelete
  3. jack loachMay 1, 2014 at 5:32 PM

    Swiss Bank
    Accounts .---May.
    -----2014.

    Is your monies safe
    in these accounts ---- definitely NOT.

    Would you get your
    money back if every body decided to withdraw all their accounts –
    NO WAY.

    Economic Experts
    say that there would only enough money to repay 50% of their clients.

    Are you going to be
    in the 50% --- that loose your money.-- Get it out NOW.

    2012 -- - June.
    -- Published in Anglo INFO .Geneva.--- USA Trust Fund Investors were
    sent false and fraudulent documents by Pictet Bank.Switzerland. in
    order to collect large fees. ( Like MADOFF) ---Even after the SEC in
    the USA uncovered the fraud Pictet continued to charge fees and drain
    whatever was left in these accounts. Estimated that $90,000,000
    million lost in this Pictet Ponzi scheme.

    2012 - - - July.
    -- De – Spiegel. -- states – Pictet Bank uses a letterbox
    company in

    Panama
    and a tax loophole involving investments in London to gain

    German
    millionaires as clients.



    2012
    - - - August ---- German Opposition Leader accuses Swiss Banks of
    "organised crime."

    All
    the fines that crooked Swiss banks have incurred in the last few
    years exceeds £75.Billion.

    It
    is also calculated that the secrecy " agreements" with
    regards to tax evation by their clients will cost the banks another
    £450 Billion.( paid out of your monies.)

    The
    banks are panicking --- the are quickly restructuring their banks
    ---- from partnerships --

    to
    " LIMITED COMPANIES." ----- this will probably mean that
    in the future --- they could

    pay
    you only 10% of your monies " if you are one of the lucky ones"
    ---- and it be legal.

    ReplyDelete

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