A former Swiss banker was on Monday due to hand over files to WikiLeaks which he alleges detail attempts by wealthy business leaders and lawmakers to evade tax payments.
Rudolf Elmer, a former employee of Swiss-based Bank Julius Baer, told Britain’s Observer newspaper on Sunday that the documents include details of about 2,000 accounts held in offshore financial centers. He says the account holders include "high net worth" celebrities, business leaders and lawmakers from the U.S., Britain and Asia.
Elmer’s press conference comes two days before he is due to appear before a Zurich regional court to answer charges of coercion and violating Switzerland’s strict banking secrecy laws.
He told the Observer newspaper he planned to disclose the new set of files to expose activities in offshore financial centers. "The one thing on which I am absolutely clear is that the banks know, and the big boys know, that money is being secreted away for tax-evasion purposes," he was quoted as telling the newspaper.
Rudolf Elmer, an ex-employee of Swiss-based Bank Julius Baer, said there were 2,000 account holders named in the documents, but refused to give details of the companies or individuals involved.
He has previously offered files to WikiLeaks on financial activities in the Cayman Islands and faces a court hearing in Zurich on Wednesday to answer charges of coercion and violating Switzerland’s strict banking secrecy laws.
"I do think as a banker I have the right to stand up if something is wrong," said Elmer, who addressed reporters at London’s Frontline Club alongside WikiLeaks founder Julian Assange.
"I am against the system. I know how the system works and I know the day-to-day business. From that point of view, I wanted to let society know what I know. It is damaging our society," Elmer said.
Britain’s tax authority declined to comment when asked about Assange’s plan to supply details of alleged wrongdoing.
Under the terms of his release on bail, Assange must live at the mansion home of Vaughan Smith, the owner of the Frontline Club. He has compared the regime to "high-tech house arrest," but has recently promised that the flow of leaked documents published by his organization would increase.
The Securities and Exchange Commission today charged brothers Samuel E. Wyly and Charles J. Wyly, Jr. of Dallas with violating federal securities laws governing ownership and trading of securities by corporate insiders. The Wyly brothers reaped more than $550 million in undisclosed gains while sitting on corporate boards by trading stock in those public companies through hidden entities located in foreign jurisdictions to conceal their ownership and trading of those securities.
The SEC alleges that the brothers created an elaborate sham system of trusts and subsidiary companies in the Isle of Man and the Cayman Islands to sell more than $750 million worth of stock in four public companies for which they were corporate directors. They also committed an insider trading violation in one of the companies for an unlawful gain of more than $31.7 million.
Along with the Wylys, the SEC charged their attorney Michael C. French of Dallas and their stockbroker Louis J. Schaufele III of Dallas for their roles in the fraudulent scheme. French was on the board of directors at three of the companies.
"The cloak of secrecy has been lifted from the complex web of foreign structures used by the Wylys to evade the securities laws," said Lorin L. Reisner, Deputy Director of the SEC’s Division of Enforcement. "They used these structures to conceal hundreds of millions of dollars of gains in violation of the disclosure requirements for corporate insiders."
According to the SEC’s complaint, filed in U.S. District Court for the Southern District of New York, the public companies…
Equity markets around the globe posted losses today, rather minor ones in the US. Our benchmark S&P 500 spent the day in a narrow range between its 0.16% late morning high to its -0.26% intraday low at the beginning of the final hour of trading. It trimmed about half the loss to close at -0.14% for the day. Today's trading range was at the 9th percentile of the 164 market day so far in 2016. Volume was on the light side in advance of the final day of the Jackson Hole event, with Fed Chair Yellen in the spotlight tomorrow morning.
The yield on the 10-year note closed at at 1.58%, up two basis points from the previous close.
Here is a snapshot of past five sessions in the S&P 500.
With all eyes focused on the collapse in equity risk over the last few months, it seems Treasuries have been ignored. This week has seen intraday trading ranges for 10Y Treasury yields crash to 2016 lows. The last time the volatility was this compressed was early June, which pre-empted a major surge in risk, slide in stocks, and drop in rates...
As Bloomberg details, the benchmark 10-year U.S. Treasury note traded Wednesday in a yield range of less than 0.03 percentage point, the tightest since June. It’s the second-smallest range of 2016, excluding days the market was closed for American holidays, as bond traders...
Readers of our Shareholder Letter for 2015 will recall that in the first paragraph we made reference to exceedingly low interest rates. We did not imagine the appearance of negative interest rates. As far as we can determine, after consulting Sidney Homer’s classic text The History of Interest Rates, we are now in the lowest interest rate environment in the last 5,000 years.
This is important, since interest rates establish ...
Gold mining stocks have had a great year 2016. From the lows, GDX is up over 100%, remaining inside of a steep rising channel. The rising channel GDX has been in during this historic sharp rally, could be breaking.
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GDX has remained inside of the blue rising channel for the majority of 2016. This channel has contained a 100% rally in the past few months.
The rally took GDX up to an unfilled GAP, just below its 38% Fibonacci retrac...
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Epizyme was founded in 2007, and trying to create drugs to treat patient's cancer by focusing on genetically-linked differences between normal and cancer cells. Cancer areas of focus include leukemia, Non-Hodgkin's lymphoma and breast cancer. One of the Epizme cofounders, H. Robert Horvitz, won the Nobel Prize in Medicine in 2002 for "discoveries concerning genetic regulation of organ development and programmed cell death."
Before discussing the drug targets of Epizyme, understanding epigenetics is crucial to comprehend the company's goals.
Genetic components are the DNA sequences that are 'inherited.' Some of these genes are stronger than others in their expression (e.g., eye color). Yet, some genes turn on or off due to external factors (environmental), and it is und...
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Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.
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