2016 Postmortem
Related: About this forumAs Bad As The Panama Papers Are, They Aren't As Bad As What Hillary Did With UBS (47k names)
http://www.wsj.com/articles/ubs-deal-shows-clintons-complicated-ties-1438223492UBS Deal Shows Clintons Complicated Ties
Donations to family foundation increased after secretary of states involvement in tax case
If the case proceeded, Switzerlands largest bank would face an impossible choice: Violate Swiss secrecy laws by handing over the names, or refuse and face criminal charges in U.S. federal court.
Within months, Mrs. Clinton announced a tentative legal settlementan unusual intervention by the top U.S. diplomat. UBS ultimately turned over information on 4,450 accounts, a fraction of the 52,000 sought by the IRS, an outcome that drew criticism from some lawmakers who wanted a more extensive crackdown.
From that point on, UBSs engagement with the Clinton familys charitable organization increased. Total donations by UBS to the Clinton Foundation grew from less than $60,000 through 2008 to a cumulative total of about $600,000 by the end of 2014, according to the foundation and the bank.
The bank also joined the Clinton Foundation to launch entrepreneurship and inner-city loan programs, through which it lent $32 million. And it paid former president Bill Clinton $1.5 million to participate in a series of question-and-answer sessions with UBS Wealth Management Chief Executive Bob McCann, making UBS his biggest single corporate source of speech income disclosed since he left the White House.
I wonder what she said during the settlement talks... oh wait.. I know... she told them to "Cut. That. Out!"
Wish we could find out about the 47,550 names. Too bad Hillary covered them up.
Ghost Dog
(16,881 posts)to defraud the IRS.
berni_mccoy
(23,018 posts)But I doubt the IRS authorized the deal.
Ghost Dog
(16,881 posts)berni_mccoy
(23,018 posts)Cognitive dissonance on my part.
Faux pas
(14,687 posts)berni_mccoy
(23,018 posts)berni_mccoy
(23,018 posts)Lars39
(26,110 posts)Octafish
(55,745 posts)For instance, Swiss bank UBS is enjoying better days, thanks to the US taxpayer and a number of key US political leaders.
Hillary Helps a Bankand Then It Funnels Millions to the Clintons
The Wall Street Journals eyebrow-raising story of how the presidential candidate and her husband accepted cash from UBS without any regard for the appearance of impropriety that it created.
by CONOR FRIEDERSDORF, The Atlantic, JUL 31, 2015
The Swiss bank UBS is one of the biggest, most powerful financial institutions in the world. As secretary of state, Hillary Clinton intervened to help it out with the IRS. And after that, the Swiss bank paid Bill Clinton $1.5 million for speaking gigs. The Wall Street Journal reported all that and more Thursday in an article that highlights huge conflicts of interest that the Clintons have created in the recent past.
The piece begins by detailing how Clinton helped the global bank.
A few weeks after Hillary Clinton was sworn in as secretary of state in early 2009, she was summoned to Geneva by her Swiss counterpart to discuss an urgent matter. The Internal Revenue Service was suing UBS AG to get the identities of Americans with secret accounts, the newspaper reports. If the case proceeded, Switzerlands largest bank would face an impossible choice: Violate Swiss secrecy laws by handing over the names, or refuse and face criminal charges in U.S. federal court. Within months, Mrs. Clinton announced a tentative legal settlementan unusual intervention by the top U.S. diplomat. UBS ultimately turned over information on 4,450 accounts, a fraction of the 52,000 sought by the IRS.
Then reporters James V. Grimaldi and Rebecca Ballhaus lay out how UBS helped the Clintons. Total donations by UBS to the Clinton Foundation grew from less than $60,000 through 2008 to a cumulative total of about $600,000 by the end of 2014, according to the foundation and the bank, they report. The bank also joined the Clinton Foundation to launch entrepreneurship and inner-city loan programs, through which it lent $32 million. And it paid former president Bill Clinton $1.5 million to participate in a series of question-and-answer sessions with UBS Wealth Management Chief Executive Bob McCann, making UBS his biggest single corporate source of speech income disclosed since he left the White House.
The article adds that there is no evidence of any link between Mrs. Clintons involvement in the case and the banks donations to the Bill, Hillary and Chelsea Clinton Foundation, or its hiring of Mr. Clinton. Maybe its all a mere coincidence, and when UBS agreed to pay Bill Clinton $1.5 million the relevant decision-maker wasnt even aware of the vast sum his wife may have saved the bank or the power that she will potentially wield after the 2016 presidential election.
SNIP...
As McClatchy noted last month in a more broadly focused article that also mentions UBS, Ten of the worlds biggest financial institutionsincluding UBS, Bank of America, JP Morgan Chase, Citigroup and Goldman Sachshave hired Bill Clinton numerous times since 2004 to speak for fees totaling more than $6.4 million. Hillary Clinton also has accepted speaking fees from at least one bank. And along with an 11th bank, the French giant BNP Paribas, the financial goliaths also donated as much as $24.9 million to the Clinton Foundationthe familys global charity set up to tackle causes from the AIDS epidemic in Africa to climate change.
CONTINUED...
http://www.theatlantic.com/politics/archive/2015/07/hillary-helps-a-bankand-then-it-pays-bill-15-million-in-speaking-fees/400067/
About UBS Wealth Management
It's Buy Partisan
After his exit from the US Senate, Phil Gramm found a job at Swiss bank UBS as vice chairman. He later brought on former President Bill Clinton. What a coincidence, they are the two key figures in repealing Glass-Steagal. Since the New Deal it was the financial regulation that protected the US taxpayer from the Wall Street casino. Oh well, what's a $16 trillion bailout among friends?
It's a Buy-Partisan Who's Who:
President William J. Clinton
President George W. Bush Heh heh heh.
Robert J. McCann
James Carville
John V. Miller
Paula D. Polito
Anthony Roth
Mike Ryan
John Savercool
SOURCE: http://financialservicesinc.ubs.com/revitalizingamerica/SenatorPhilGramm.html
One of my attorney chums doesn't like to see his name on any committees, event letterhead or political campaign literature. These folks, it seems to me, are past caring.
Some of why DUers and ALL voters should care about Phil Gramm.
The fact the nation's "news media" wasn't really following this story should also be of great concern -- for the 99-percent -- until Sunday.
SoLeftIAmRight
(4,883 posts)is a monster
BernieforPres2016
(3,017 posts)Champion of derivatives deregulation. Board member of Enron. Cashed in Enron stock in 1998 for $276,912. Pocketed an estimated $2 million from Enron in total. Enron Board of Directors later paid $13 million (actually their insurer paid it) to settle investor allegations of insider trading. Member of Enron Board's Audit Committee, which never detected rampant accounting fraud and phony partnerships of Enron that landed COO Jeff Skillings and CFO Andy Fastow in prison.
Wendy joined the Enron board after chairing Commodities and Futures Trading Commission where she issued regulations that legalized electricity trading and exempted Enron from regulation. Enron then made millions in profits from electricity trading while driving the energy prices of California consumers through the roof.
SoLeftIAmRight
(4,883 posts)phil came to my daughters day care in 96 or 97
his staff asked my to come sit in front - they needed bodies for the photo op
i told them that i would be able to heckle him better from there - they were not happy
rbrnmw
(7,160 posts)This is suppose to be Democratic Underground not Bash Hillary 24/7 Underground.