So UBS, the Swiss bank, has admitted to participating in massive, massive fraud, and using its US banking division as basically a tax-evasion service for wealthy Americans. Their entire US individual-banking service was run for that purpose, as it turns out.
The current political environment is starting to look a lot like the Great Depression, where our moneyed classes were increasingly revealed as criminals. The name of the prosector escapes me at the moment and I’m in a hurry, but a lot of the 1929 “Masters of the Universe” were in jail a decade later. I think it’s entirely possible that this could be repeated. After all, Lehman collapsed when its financial statements said it was fine; I think the Feds aren’t investigating it seriously because they know they’ll find something.
Me, I’m pretty curious about these names. This is a bad time for your name to come out connected with billions in tax fraud, and I’m eager for some old-fashioned tarring and feathering.