Bradley Birkenfeld

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Bradley Birkenfeld was a banker with UBS between 2001 to 2006.[citation needed]

For helping thousands of US citizens avoid paying taxes, in August 2009, Birkenfeld received a sentence of three years and four months, coupled with a $30,000 fine and three years' probation from US District Judge William Zloch. The judge gave Birkenfeld less than the five year maximum sentence due to his cooperation with federal investigators.[1]

UBS fines

UBS, Switzerland’s largest bank, will pay a total of $780 million in fines, interest and restitution to avoid U.S. prosecution on charges it helped thousands of wealthy Americans evade taxes. As part of the settlement UBS agreed to disclose the names of thousands of individuals who held accounts with the bank. The Justice Department stated that it will defer prosecution of the company to see if UBS satisfies its obligations under the agreement.[2] When Federal Reserve saved AIG from collapse with an $85 billion rescue loan and then three subsequent bailouts, several foreign banks including Paris-based Societe Generale and Frankfurt’s Deutsche Bank were given billions. UBS received about $3.3 billion.[3]

"No one wants to say it, but essentially the Fed has been bailing out European banks." Said George Mason University economics professor Tyler Cowen [4]

Articles and resources

Related SourceWatch articles

References

  1. "Ex-UBS Banker Who Fed Data to U.S. Is Sentenced", Associated Press, August 21, 2009.
  2. Sara Hansard, "UBS fined $780 million in tax evasion scandal", Investment News, February 19, 2009.
  3. Mark Pittman and Christine Harper, "UBS Treasury Preserves Bank Payday With AIG Rescue Cash", Bloomberg, March 24, 2009.
  4. The Anomaly, "AIG Counterparties Revealed!", Daily Kos, March 4, 2009.

External resources

External articles