Posts Tagged ‘UBS’

Global: Bankenrettung?

Montag, August 6th, 2012

“Super Rich Holding $21 Trillion Overseas To Avoid Taxation

by Alex Oberley — August 2, 2012 – 3:47pm

At a time when the gap between the ultra-rich and the rest of us is reaching historic heights across the globe, at least $21 trillion (with a “t”) in unreported private financial wealth was recently discovered sitting in secret tax havens.

While it can be difficult to imagine sums so large, consider this: the $21 trillion alone is the amount of the U.S. and Japanese economies combined. That reflects only financial wealth, and not the holdings and investments of this monied elite in mansions, yachts, private jets, etc. According to a recent reports by the Tax Justice Network, “The Price of Offshore Revisited” and “Inequality: You Don’t Know The Half of It,” this staggering disparity is only growing worse.

The report states at the end of 2010, the wealthiest fifty private banks held over $12.1 trillion, up $5.4 trillion from 2005. Three private banks handle the lion’s share of offshore assets — UBS, Credit Suisse, and Goldman Sachs. If these offshore holdings earned a very modest 3% return rate, and the income were to be taxed at 30%, this would generate tax revenues between $190 – $280 billion.

The study is one of the first attempting to measure the hidden wealth. It could be as high as $32 trillion — a staggering sum.

At a time when governments around the world are starved for resources, and we are more conscious than ever of the costs of economic inequality, “This new report focuses our attention on a huge ‘black hole’ in the world economy that has never before been measured — private offshore wealth, and the vast amounts of untaxed income that it produces,” says the author James Henry, who is the former chief economist of the global management firm, McKinsey & Company.”

 

(Quelle: PR Watch.)

USA/Europa: Banken-Paaaaaarty!

Sonntag, Juli 24th, 2011

“Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts

Posted by qu4nt|_|m w0rm

The first ever GAO(Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out. Ben Bernanke, Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning.

What was revealed in the audit was startling: $16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious — the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.

To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is “only” $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is “only” $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.

In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.

“This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.” – Bernie Sanders(I-VT)

When you have conservative Republican stalwarts like Jim DeMint(R-SC) and Ron Paul(R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.

Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy. If the Federal Reserve and the bankers who control it believe that they can continue to devalue the savings of Americans and continue to destroy the US economy, they will have to face the realization that their trillion dollar printing presses can be stopped with five dollars worth of bullets.

The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows..

Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places

View the 266-page GAO audit of the Federal Reserve(July 21st, 2011): http://www.gao.gov/new.items/d11696.pdf

Source: http://www.gao.gov/products/GAO-11-696
FULL PDF on GAO server: http://www.gao.gov/new.items/d11696.pdf
Senator Sander’s Article: http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

 

(Quelle: Unelected.org)

Schweiz: Von Grossbanken und Menschenrechten

Mittwoch, Juli 20th, 2011

“Swiss Banks and Human Rights: Credit Suisse, UBS and Human Rights

Von Andreas Missbach

Since 2010, the major Swiss banks Credit Suisse and UBS have financed the world’s most controversial mining firm: Vedanta Resources. Vedanta earned the number two spot on a 2009 list of “most environmentally and socially controversial multinational companies” by RepRisk, a service provider for reputation risk, specializing in the financial sector. Vedanta took third place in 2010, right behind Transocean and BP. The acceptance of Vedanta as a new client shows that Credit Suisse and UBS disregard human rights in their business dealings.

The Berne Declaration launched the Web site www.banksandhumanrights.ch in April 2010, documenting controversial financing by Credit Suisse and UBS, and analyzing how the big banks deal with the topic of human rights. With new background research on the financial linkages and an update of the 2010 position paper, the Web site has now been completely updated.

With the acceptance of the “Guiding Principles on Business and Human Rights” in June 2011, the Human Rights Council determined that corporations are not only implicated by the direct causation of human rights violations, but also when they come in contact with violations via their products and services. This clearly includes the financing activities of banks, whether directly, via granting of credit, or indirectly, via assistance in the placement of shares and bonds. The UN Special Representative on Business and Human Rights, John Ruggie, states unequivocally with his Guiding Principles that the financial sector also has a responsibility to respect human rights.

The fulfilling of this “responsibility to respect human rights” requires of the banks a human rights policy, human rights due diligence, and transparency. Despite some progress by Credit Suisse, the processes and transparency of both major Swiss banks is clearly insufficient to fulfill the Guiding Principles of the UN Special Representative.

“It is shocking that Credit Suisse and UBS finance the scandalous Vedanta. What is crucial regarding banks and human rights is not how the processes look on paper, but rather that these processes are implemented in daily business practices so that banks do not contribute to human rights violations in their core business,” says Andreas Missbach, finance expert from the Berne Declaration.

Further Information: bankenundmenschenrechte.ch/en/background

 

(Quelle: BankTrack.org)