LIBOR Rigging: What the Regulators Saw (but Didn’t Shut Down)

Why weren’t the first signs taken more seriously? Has there been a serious failure of regulation, or are there strong mitigating circumstances that could explain and justify the lack of resolute action?

  • Share
  • Read Later
Carl Court / Press Association via AP

Bank of England

Thanks to the New York Federal Reserve, we now know that both the Fed and the Bank of England could see and were being told that something was awry with the London interbank offered rate (LIBOR) already in late 2007. Yet it was several months before any regulator began an official inquiry into alleged manipulation of this key money-market rate, which is used as the basis for trillions of dollars of financial transactions around the world — and there appears to have been no serious attempt made to stamp out the practice at the time.

That in turn begs the question: Why weren’t the first signs taken more seriously? Has there been a serious failure of regulation, or are there strong mitigating circumstances that could explain and justify the lack of resolute action?

Lawmakers on both sides of the Atlantic are now trying to answer those questions, with investigations taking place both in Britain, where the Treasury Select Committee has been probing the affair, and in the U.S., where the House of Representatives’ Committee on Financial Services’ Oversight Subcommittee and the Senate Banking Committee are investigating.

(MORE: LIBOR Manipulation: The Markets’ Worst-Kept Secret?)

So far, the only identified culprit is the British bank Barclays, which agreed in late June to pay a $450 million fine to settle manipulation charges brought by the U.S. Commodity Futures Trading Commission (CFTC) and Britain’s Financial Services Authority. Investigations of other participants in the LIBOR process are continuing in the U.K., the U.S. and Germany, by both regulators and fraud investigators.

Barclays itself says others are involved. In an internal memo sent on July 13, the bank’s executive committee urges the bank’s staff to “remain vigilant on balance-sheet exposures and risk management,” given the difficult financial and economic climate. The memo apologized for the impact of the LIBOR fine, but it suggested that others could soon be implicated. “As other banks settle with authorities, and their details become public, and various governments’ inquiries shed more light, our situation will eventually be put in perspective,” according to the memo, which was first disclosed by Sky News.

In Germany, Deutsche Bank had no comment on a report over the weekend in the newsmagazine Der Spiegel, which said that in 2011 the German bank had already sought to strike an arrangement with investigators in Europe and Switzerland that would reduce any eventual sanction in the LIBOR affair.

The LIBOR rates, which cover 10 currencies, are set every day by a cluster of banks. There are currently 18 banks in the panel for the U.S.-dollar rates. They include Bank of America, Citibank, JPMorgan Chase, HSBC, UBS, Bank of Tokyo-Mitsubishi UFJ, Société Générale, BNP Paribas and the Royal Bank of Scotland. Many of the same banks are in the panels for the other currencies. The full list of which banks participate in which rate fixings is available here.

The document dumped by the New York Fed to the House subcommittee includes e-mails and transcripts of phone calls with Barclays bankers. “Suggestions that some banks could be underreporting their LIBOR in order to avoid appearing weak were present in anecdotal reports and mass-distribution emails, including from Barclays, as well as in a December 2007 phone call with Barclays noting that reported ‘Libors’ appeared unrealistically low,” the Fed said in a statement.

(MORE: LIBOR Scandal: The Crime of the Century?)

Among the evidence was an exchange between the New York Fed’s Fabiola Ravazzolo and an unnamed Barclays banker. After some initial jocular small talk, Ravazzolo asked pointedly about the reliability of the U.S. LIBOR rate. The Barclays person acknowledged that the bank had been submitting rates “where we really thought we would be able to borrow.” But because those rates were higher than those posted by other banks, Barclays stock was falling. “So we just fit in with the rest of the crowd,” the banker said. “We know that we’re not posting, um, an honest LIBOR … And yet and yet we are doing it, because, um, if we didn’t do it, it draws, um, unwanted attention to ourselves.”

That same day, a briefing note that is circulated to senior officials at the New York Fed, the Federal Reserve Board of Governors, other Federal Reserve banks and U.S. Department of Treasury contained a discussion of LIBOR’s problems, including a reference to “a significant amount of questions over [its] accuracy.”

These documents provide detailed corroboration of suspicions that the Bank of England also had starting in late 2007. At a parliamentary hearing on July 9, the bank’s deputy governor, Paul Tucker, was asked about a November 2007 meeting of the Bank of England’s Sterling Money Market Liaison Group, which discussed why LIBOR fixings had been lower than actual traded interbank rates. Tucker said the bank hadn’t taken this to mean that some of the LIBOR banks were lowballing their submissions. “We thought it was a malfunctioning market, not a dishonest market,” he said.

That didn’t go down well with the committee chairman, Andrew Tyrie, who told Tucker: “I have to tell you, it doesn’t look good. We have in the minutes from 15 November 2007 what appears to any reasonable person to be a clear indication of lowballing about which nothing was done.”

(MORE: London, City of Scandal: Why Britain’s Banking Culture Needs Fixing)

In the end, it was the U.S. that moved first. Timothy Geithner, the U.S. Treasury Secretary who was then head of the New York Fed, on June 1 sent a short memo to Mervyn King, the governor of the Bank of England, with suggestions for how to bolster the LIBOR process. Among the suggestions: “establish a credible reporting procedure” and put more U.S. banks in the LIBOR dollar panel. A few days earlier, the CFTC launched its investigation, which Britain’s Financial Services Authority later joined. But the British authorities, who have regulatory oversight over LIBOR, at the time did nothing to crack down on any manipulation — and still have not put together any substantial proposals for an overhaul.

So did the central banks and regulators drop the ball in 2007? It’s still too early to tell, based on the evidence that’s emerged so far. Certainly there were mitigating circumstances: starting in August 2007, the world was suddenly caught up in a growing financial crisis, and central bankers started flooding the markets with liquidity as interbank lending dried up. That situation reached a crisis point after the bankruptcy of Lehman Brothers in September 2008. In those exceptional circumstances, it’s easy to make a case that the LIBOR problems were just a puzzling sideshow to the bigger bank-funding troubles. Geoffrey Wood, a professor at London’s CASS Business School, says that “when the markets are not functioning at all and there aren’t any transactions taking place, LIBOR is very difficult to estimate.” Indeed, he says, “in crisis episodes, all sorts of things are done.”

Yet LIBOR is at the core of world financial markets, used as the basis for credit-card and home-mortgage rates, among many other things, and the lag of almost five years between the initial identification of problems and the first settlement with Barclays is a very long time indeed. The CFTC found that Barclays had actually been manipulating the rate starting in 2005, well before the financial crisis, and today there has still not been any substantial change to the self-regulated fixing system underlying LIBOR. Geithner’s 2008 recommendations, for example, were just passed on by the Bank of England’s King to the British Bankers’ Association, which oversees the LIBOR fixing.

With banks in the LIBOR panels now facing likely massive class-action lawsuits, and potentially regulatory and even criminal complaints, they have every interest to shift the blame onto the central banks and regulators. Barclays’ ousted chief executive Bob Diamond already made a not-so-subtle attempt to do so just after he resigned: he released transcripts of a conversation he had with Tucker in October 2008, at the height of the financial crisis, and just as Barclays was seeking to raise fresh capital from Middle Eastern investors in order to avoid nationalization by the U.K. government. In Diamond’s transcript, Tucker’s comments could be interpreted as condoning Barclays’ lowball submissions, although Tucker himself strongly denied that. It may well be have been the first blow in a bankers-vs.-regulators who’s-to-blame game that looks set to run for quite a time.

MORE: How Barclays Loaded the LIBOR Dice

15 comments
jackloach69
jackloach69

Sods ----- Law.

Sept.---- 2014.


For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank--- PICTET & CIE. BANK.


Two yorkshiremen both running their own small family businesses trying to resolve the problem by taking all the correct legal procedures to recover their monies.


The matter was raised in Parliament – twice-- the FSA investigated the matter concluding that PICTET had rogues operating in their London Bank --- but the rogues had left ---saying no one left to prosecute.??? ----- so there.


We then approached the Financial Ombudsman Service. (FOS) --- our case was dealt with by seven different people ---- then our numerous E-Mails were ignored --- nobody would speak to us -------so there.


We then asked the SFO ( Serious Fraud Office.) to investigate our case ---- the criteria of our case ticked all their boxes. --- we were instructed not to send them

any documents/evidence.------ in fact they wrote to us advising us to go to the Citizen's Advice Bureau.(CAB.)

Richard Alderman the SFO boss ---- who responded to our letter was the same man who would not investigate the “ Madoff” scandal or the “Libor” fiasco.

The MP's committee ---- said he was sloppy--- and the SFO was run like “ Fred Karno's Circus” ----- it was an office of fraud.----- so there.


Our M.P. approached our local Chief Constable to investigate----- he was called---- Sir Norman Bettison--- Chief Constable of West Yorkshire Police ---- a force that made “ Dad's Army” look like the S.A.S. They were inept – corrupt ---malicious --- from top to bottom. We were criminally dealt with by the Forces Solicitor---- the Head of the Economic Crime Unit ----and the Chief Constable ----- so there.


We were then advised to pass our complaint against West Yorkshire Police to the I.P.C.C. – which we did --- they advised us to make our complaint to ---- the West Yorkshire Police --- we did with reluctance --- all we got was abuse and obfuscation. ----- so there.


Sir Norman Bettison ---- The Forces solicitor--- and the Head of the Economic Crime ---- have all been removed from their posts and facing criminal allegations.

------ so there.


We even sought justice through the Courts --- culminating in a visit to the Court of Appeal-London.--- On leaving the Courts of Appeal that day our barrister a “rising star” informed us --- that if that was British Justice then you can keep it. He quit the law and moved to Canada ----- so there.


A few years later we learned that one of the judges ( Lord Justice.) in our case at the Court of Appeal was related to a senior executive of the Pictet Bank -----so there.


The Ministry of Justice passed our case to Lord Myners to investigate --- we would rather have had Mickey Mouse or Donald Duck do it. --- to this day we don't know

---whether he did anything or not ---- probably not --- seeing that his wife was on the Pictet Prix Board.


Pictet & Cie .Bank --- voted private bank of the year 2013.

Ivan Pictet ---- Voted banker of the year 2012. ---- the senior partner --- lied on numerous occasions and had documents destroyed --- also said genuine documents were forgeries. ----- so there.


Ivan Pictet in Oct. 2013 ---- Given the Legion of Honour --- but saying that ---- honours were given to Hitler --- Eichmann --- Mussolini ---Franco --- he's in fitting company. ----so there.


MONTY RAPHAEL.Q.C. -- Peters & Peters.London. They were the banks lawyers.

Monty Raphael.Q.C. along with Ivan Pictet withheld crucial documents requested by the High Court ---- the FSA ---- and the police Fraud Squad. ----so there.


Monty Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.

Monty Raphael.Q.C. became a Master of the Bench in Nov.2012.

An expert in Fraud ---the Doyen of Fraud Lawyers. ----- so there.


This says a lot about Banks --- the consensus of opinion is that they are highly paid “crooks” ---- no wonder they voted Ivan Pictet banker of the year.


It appears that crimes in the “establishment.” are honoured by their peers.

HONOURS AMONG THIEVES.”


Full Story.---- “google ”


Insert.


Ivan Pictet.Banker.

Monty Raphael.Q.C.

Ivan Pictet/Monty Raphael.

jackloach69
jackloach69

Sods ---- Law.

For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank .

Two Yorkshire men both running their own family businesses trying to resolve the problem by taking the correct legal procedures to recover their monies.

The matter was raised in parliament –twice – the FSA investigated the matter concluding that the bank had rogues operating in their London Bank --- but the rogues had left --- so there.

We then approached the Financial Ombudsman Service – our case was dealt with by seven different people ---- then numerous E-Mails were ignored --- nobody would speak to us. – so there.

We then asked the SFO ( Serious Fraud Office) to investigate our case

--- the criteria of our case ticked all their boxes--- we were instructed not to send down any documents / evidence--- if fact they wrote to us advising us to go to the Citizen’s Advice Bureau. ( CAB) .

RICHARD ALDERMAN ( The Boss) ---- who responded to our letter was the man who would not investigate the “ Madoff “ scandal or the “Libor” fiasco. The MP’S committee ----- said he was sloppy--- and the SFO was run like “ Fred Karno’s Circus.----- so there.

Our M.P. approached our local Chief Constable to investigate – our West

Yorkshire Police Force--- made “ Dad’s Army” look like the S.A.S.

Inept , corrupt – from top to bottom. We were criminally dealt with by the Forces Solicitor --- the Head of the Economic Crime Unit --- and the Chief Constable --- one SIR NORMAN BETTISON.---- so there.

We then were advised to pass our complaint against West Yorkshire Police to the I.P.C.C.--- which we did-- they instructed the West Yorkshire Police to look into our complaint.----so there.

We even sought justice through the Courts , culminating in a visit to the Court of Appeal. London. On leaving the Court of Appeal that day our barrister ( a rising star ) informed us that if that was justice then they can keep it. He quit the law and moved to Canada.----so there.

We learned a few years later that one of the judge’s in our case at the Courts of Appeal was related to a senior executive of the Bank.—so there.

The Bank ---- PICTET & CIE.. London. --- Geneva.

Voted private bank of the year ---2013.

IVAN PICTET ---- the senior partner --- lied on numerous occasions and had documents destroyed --- said genuine documents were forgeries.

2012—Voted Banker of the Year.

Oct 2013 --- Given the LEGION of HONOUR--- so there

But saying that honours were given to Hitler—Eichmann--- Mussolini ----

Franco – he’s in fitting company.----so there.

MONTY RAPHAEL –Peters & Peters. London were the banks lawyers.

He along with Ivan Pictet withheld crucial documents requested by the High Court ---- the FSA and the police Fraud Squad.

Monty Raphael became an Honorary Queens Counsellor. ( Q.C.) in March.2012 ---- made Master of the Bench in Nov.2012 .

An expert in Fraud – the Doyen of Fraud Lawyers – so there.

This says a lot about Banks ---- the consensus of opinion is that they are highly paid “crooks”--- no wonder they voted Ivan Pictet banker of the year .

Full Story ----“ google or yahoo”

Ivan Pictet. Banker.

Monty Raphael.Q.C.

Ivan Pictet/Monty Raphael.

jackloach69
jackloach69

Update ----March 31th 2013.

Pictet & Cie Bank

List of Crimes.

1996 ---F.S.A. ---Breach in London.

2003 ---F.S.A. --- States

Rogues were operating in Pictet’s London offices.

Ivan Pictet states that documents were forgeries but were later proved to be genuine in the British Courts. ( Ivan Pictet a proven liar.). He had documents destroyed in their London office – hoping to hide the crimes.

2007 ---The Securities&Exchange Surveillance ( Japan.)

Issued a recommendation that the Prime Minister and the Commissioner of the F.S.A. to take disciplinary action against Pictet Asset Management – Japan Ltd.

2008 --- Dec. --- Pictet Bank state – “ We have never chosen any funds linked to MADOFF.

2011 – Madoff Trustees sue Pictet & Cie. Bank . for $156,000,000. ( They lied again.)

2011 ---Pictet & Cie bank abetted a Bribery Scheme. ---Oil Company sues Pictet Bank for --- $350,000,000.

2012 --- April.—Pictet & Cie, Bank .Geneva implicated in offshore Tax Scheme. –USA .

2012 --June. --- Published in Anglo INFO. Geneva, ---- USA Trust Fund were sent false and fraudulent documents by Pictet Bank in order to collect large fees.

(Like MADOFF). – Even after the SEC in the USA had uncovered the fraud Pictet Bank continued to charge fees and drain whatever was left in these accounts.

Estimated that - $90,000,000 was lost in this Pictet Ponzi Scheme.

2012--July --- German paper –De – Spiegel--- states --- Pictet Bank uses a letterbox company in Panama and a tax loophole involving investments in London to lure/gain German Millionaires as clients.

2012 --- August. ---German Oppositon Leader accuses Swiss Banks of “ organised crime”.

2013 ---Swiss M.P.’s table motion to freeze TiabMahmuds assets of “ criminal origins” held in Swiss banks --$18,000,000 held in five accounts at Pictet & Cie Bank . Bahamas.

2013 --- Feb. --The bank is now seeking to re-structure --- to cut the partners liability ( not to risk their ill gotten personal wealth.)--- hoping to offload the decades of criminal responsibility. ( Some listed above.)

The Germans are right – the bankers should go to prison if found guilty of financial crimes.( Madoff got 151 years in prison --- surely the Pictet Bank’spartners should go to jail.)

Ironically the Pictet & Cie .Bank partners are bigger criminals than the criminals who have accounts in their bank.

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Pictet & Cie Bank.--- Partners ----- ( 1996—2013)—Guilty.

Peters & Peters ---Partners ------ (1996 --- 2013) ---Guilty.

The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court Order. The bank and it’s officials/lawyers deliberately held evidence from the police/courts.

One of Pictet’s accounts managers SUSAN BROADHEAD gave a false witness statement to the police. The banks Head of Alternative Investments concocted a letter pretending to be a client and closed his account.

The senior partner ( IVAN PICTET) sought to have numerous documents destroyed along with copies held in their London Office’s of Pictet Asset Management. Initially stating that they were forgeries.

Their lawyers PETERS & PETERS ----- re MONTY RAPHAEL.Q.C. and the barrister CHARLES FLINT. Q.C. later had to admit in Court that the documents were indeed genuine.

British Parliament. Hansard.

Barry Sheerman .M.P. --- quote:

“ Constituents of mine have lost £2,000,000. through fraud. The fraudster used Pictet & Cie – a French Bank – and Pictet Asset Management to back the fraud being perpetrated”.

Both Ivan Pictet and Monty Raphael Q.C. conspired to withhold crucial documents requested by the High Court ---- the F.S.A ----- and the Police Fraud Squad.

Written Parliamentary Questions received by the table office.

(1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

(2) To ask the secretary of state what steps he is taking mto protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.

- - - - - - - - - - - - - - - .

The consensus of opinion is that Pictet & Cie bank should be prosecuted, and that their U.K. Banking licence should be taken away.

Their Solicitors at Peters & Peters.London. – “ Struck off and prosecuted.

In America They would have all been in prison for the last seven years.

Full Story. -----Google or Yahoo.

Ivan Pictet. Banker.

Charles Pictet. Banker.

Nicolas Pictet. Banker.

Renaud de Plant. Banker.

Francois DeMole. Banker.

Jacques de Saussure. Banker.

Philippe Bertherat. Banker.

jackloach69
jackloach69

Peters &Peters – Partners.— (1999---2013)--- guilty.

Pictet & Cie Bank – Partners -(1996---2013) – guilty.



The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.

Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael Q.C.–and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.


British Parliament. Hansard .29th March 2007.

Barry Sheerman .M.P.—quote.


---------“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie - - a French Bank - - and Pictet Asset Management to back the fraud being perpetrated.”

(1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.) assisted by Monty Raphael.Q.C.


(2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted . + Monty Raphael.Q.C.


(3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .+ Monty Raphael Q.C.


(4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael Q.C.).


(5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .+ Monty Raphael.Q.C.


(6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.+ Monty Raphael Q.C.


(7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A. + Monty Raphael Q.C.


In the F.S.A. cover up , they concluded that there had been “ Rogue” elements in Pictet & Cie’s , London operations . They had been moved from their London Office so who was there left to prosecute. “ Unbelievable.”



*** We thank --David Cameron. M.P. ( Canary Wharf Speech.)

PRIME MINISTER.


(1) Bankers who behave irresponsibly should face professionalconsequences.

(2) If anyone is found to have behaved criminally they must be prosecuted.

(3) The F.S.A and the Serious Fraud Office should be following up every lead,

investigating every suspect transaction .

(4) We need to make it 100% clear –those who break the law should face

prosecution.

(5) That we make sure we root out any wrongdoing that may have happened, whoever

is involved, however high or well connected they may be.


Both Ivan Pictet and Monty Raphael.Q.C. conspired to withhold crucial documents requested by the High Court – the FSA --- and the Police Serious Fraud Squad.


Written Parliamentary Questions received by the table office ..


(1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.


(2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.


Quote. ( America’s Top Lawyer .)

You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.


*** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.


The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.


Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”


*** Started campaign --- June 6th.2008.

4 .5years ---- approx 8 .5 million e-mails - - - but still no writs, injunctions or threats of litigation - - - WHY - - - because it is all true.


*** . The bigger they are --- the harder they fall.!!!

In America ---- they would have all been in prison for the last seven years.



Monty Raphael Q.C. --- Master of the Bench --- one of the main advisors to the F.S.A. -- the Banks.--- and the Police.


Seeing that the Banks and the Police are now top of the criminality table and the F.S.A. top of the incompetency list for government bodies --- we cannot understand why Monty Raphael Q.C. and his firm of Peters & Peters are still allowed to operate.( Friends in high places.)


Monty And Friends In Association.

jackloach69
jackloach69

Update --- Jan.23rd 2013.


Pictet & Cie Bank ---- List of Crimes.

1996 ----- F.S.A--- Breach in London.


2003 ----- F.S.A. -- States rogues operating in Pictet's London office. Ivan Pictet

states that documents were forgeries but were later proved to be genuine in

the British Courts. He had documents destroyed in their London office --

hoping to hide the crimes.


2007 .- - - The Securities and Ecxhange Surveillance issued a recommendation

that the Prime Minister and The Commissioner of the FSA to take disciplinary action against Pictet Asset Management – Japan Ltd.


2008 .-- Dec. - Pictet Bank state - " We have never chosen any funds linked to Madoff.


2011 - - - Madoff Trustees sue Pictet & Cie. Bank for $156 Million.


2011- - - Pictet & Cie Bank abetted a Bribery Scheme - Oil company sues Pictet for $350Million


2012 - - - April – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)


2012 -- - June. -- Published in Anglo INFO .Geneva.--- USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank in order to collect large fees. ( Like MADOFF)

Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90 million lost in this Pictet Ponzi scheme.


2012 - - - July. -- De – Spiegel. -- states – Pictet Bank uses a letterbox company in

Panama and a tax loophole involving investments in London to gain

German millionaires as clients.

2012 - - - August ---- German Opposition Leader accuses Swiss Banks of "organised crime."


2013 --- Jan.--- Swiss MP' table motion to freeze Tiab Mahmud's assets of " criminal origins"

held in Swiss banks – $18 million held in 5 accounts at Pictet & Cie. Bank. Bahamas.


Ironically the Pictet & Cie.Bank partners are bigger criminals than the criminals who have accounts in the their bank.


Update . Jan 23rd 2013..



The following sent to - - - - 312- - Lords - - - - - - House of Lords. ( Inc. Lord Myners.)

The following sent to - - - - 649 - - M.P.'s - - - - - House of Commons.


SWISS BANK PARTNERS IN CRIMES.


Pictet & Cie Bank.


Ivan Pictet.

Charles Pictet.

Nicolas Pictet.

Jacques de Saussure.

Jean – Francois Demole.

Renaud de Planta.

Philippe Bertherat..


Pictet & Cie.- claim they are the “Rolls Royce”of Swiss banks.


Swiss Banks or more correctly Swizz banks.


Swizz. ---- “ a great disappointment.” or a “ fraud.”


Fraud.---“ an intentional deception or dishonesty.”— “a crime.”


Crime. ---“ an act committed or omitted in violation of a law.”


Serious Crimes .


Conspiring to pervert the Course of Justice.

Perverting the Course of Justice.

Contempt of Court.


Pictet & Cie Bank –Partners –(1996—2013)---guilty

Jonathan
Jonathan

I sincerely believe that corrupt Banker scandals are set to continue for some time yet, because the Government just isn't concerned about dishonest businessmen. As an example, a couple of years back, Directors of a business that about fifty people worked for (myself included), exploited their workers, by using holes in Employment law to withhold staff wages and ultimately cheat employees out of the money that they had worked hard to earn ( http://bobblackmanmp.info/ ).

Despite Employment Tribunals agreeing that staff were treated badly, the High Court said that they are powerless to help because their is noting stopping this in law, whilst the local MP wasn't interested in helping.

So, now, to rub salt in the wound, the local MP, and even Government officials simply try to kick the issue into the long grass, by claiming that it's not in the public interest to do anything about this matter, whilst refusing to have the Directors struck off, failing to introduce new laws to outlaw these kinds of sharp practices, and not even bothering to call for an inquiry into this scandal.

ntestate
ntestate

The expression "begs the question" was misused. This mistake is becoming more common. The expression does not mean "raises the question." Rather, it refers to an inappropriate answer to a question.

bwshook
bwshook

After spending millions of dollars for "window dressing" an investigation, the bottom line advice will be "we should have done something more substantial concerning LIBOR."  OK Fed, and Bank of England--I've done the investigation for you and given you my results.  Now, send me my $10 million dollar fee!

Summer
Summer

More democrat criminals being found out.  Who wodda thougth.

davidrsmithdvm
davidrsmithdvm

2007?   Boy I couldn't tell what I did  or said that year.  As an animal doctor I could not tell you my reasoning for treating a horse a certain way then except it would probably have been what i would think  now in the same situation.  How do these people remember details that long?  I seriously  doubt most of  the excuses, answers and "thoughts" from then.

Firozali A.Mulla
Firozali A.Mulla

Do they realise that while they tussle

When China can get a

little earthquake we can van expect the tremors everywhere . Exactly like India

economy robust but a little shake and we think seven times what will happen to

us. HONG KONG: China's large

cap-focused Shenzhen share index closed at its lowest in six months while the Shanghai closed at its lowest in more than three

years The onshore markets underperformed Asian peers and limited gains in Hong

Kong, where the Hang Seng Indexcrept up 0.2 per cent. Shares of ZTE Corporation slumped 16.3 per cent in Hong Kong and

the maximum 10 per cent in Shenzhen after the world's fifth-largest

telecommunications equipment maker, and subject of an on-going FBI criminal

investigation, warned of lower profits. Several brokerages downgraded

ZTE's Hong Kong listing in response. Analysts at JP Morgan slashed their rating on ZTE from

"overweight" to "underweight" while cutting their price

target by more than 50 per cent. "There's going to be more profit

warnings in the next few weeks, leading up to the earnings season in August.

Even with policy easing, it's going to take a while before earnings

improve," said Jackson Wong, Tanrich Securities' vice-president for equity

sales. The Shanghai Composite Index slid 1.7 per cent to close at its

lowest since March 2009. The large cap-focused CSI300 Index closed down 2.1 per

cent at its lowest since Jan. 16 this year. Shenzhen-listed Sunning

Appliance, among the biggest privately-owned electrical appliance retailers in

China, dived the maximum 10 per cent to its lowest in more than three years

after it warned of a 20 to 30 per cent slump in first half

profit. Strength in Chinese oil majors helped the Hang Sang hold ground.

The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.2

per cent as overall bourse turnover stayed weak. PetroChina rose 1.5 per cent, while CNOOC Ltd gained

0.4 per cent, buoyed by higher oil prices. PetroChina closed at its lowest this

year last Friday and is down 2.9 per cent in 2012. By contrast, CNOOC is up

more than 11 per cent this year. Sun Hung Kai Properties shed 1 per cent

after trading in its shares resumed in Hong Kong on Monday. Trading was

suspended on Friday when the billionaire brothers who run the company were

charged with alleged bribery in one of the city's highest-profile corruption

cases to date. On Monday, hit by a fresh slew of profit warnings

reflecting the impact of a slowing economy. I thank you Firozali A.Mulla

DBA

 

 

1USA4ALL
1USA4ALL

Rob Kirby or Kirby Analytics is the only one who has the Truth. Time magazine is basically a fog machine---they could report the whole story but do not. A scandal is a crime that someone pays a pittance in order to get a crime reduced to a scandal---it is still a crime---a massive one. This is not a Right/Left issue this is the cornerstone of our civilization and we have all made money our God and therefor its sacredness must be championed with fanaticism. Pay the regulators Rock Star bonuses for thwarting fraud and fund that with a tax that all business and citizens will gladly pay---oh yeah and chop off the heads of banksters and fraudsters. They cause more suffering than any group on this planet and neither Obama or Romney will do battle with them.

Kent R
Kent R

Looks like time to get in new regulators to replace those that don't take the job seriously enough to  do it as needed start at the top   and replace the head of the dept and his or her secretary since the boss often isnt the regulator the secretary knows more about the job to be done and this one seems to be lax in ideals at best and possibly less than honest worse case  bribed 

 directly or indirectly    to ignore.

DeborahSmythe
DeborahSmythe

There are other banking industry issues that should alarm us even more.  The brilliant minds of Wall Street have dumped nearly $650 trillion worth (10 times the size of the world's economy) of potentially toxic paper onto the balance sheets of the world's banking sector as shown here:

http://viableopposition.blogsp...

Should interest rates rise, since most of these products are a form of interest insurance, there will be a lot of banks on the losing end of the trade.

1USA4ALL
1USA4ALL

 Regulators are paid how much to do their job? Where do regulators go to work when they leave the government regulator jobs and how much do they get paid there? You want to blame the largest financial scam in history on the backs of $60-$100K salaried government workers?