Bank Buzz Report just received an incredibly shocking report from a WhistleBlower inside FINMA, which stand for “Swiss Financial Market Supervisory Authority”. FINMA is supposed to be supervising the Swiss Banks and has the power to revoke banking licenses. Here is the brilliant letter that Bank Buzz Report received from the FINMA WhistleBlower and is now publishing in full without edit.
“I have worked at FINMA for many years and have been following the reports on BankBuzzReport.com. I recently read the report by the CIC Swiss Bank WhistleBlower, which was a splendidly truthful and brilliantly written report. That gave me both the encouragement and desire to reveal what I know as one on the inside at FINMA.
On the FINMA web site at http://www.finma.ch , a mandate mission statement by Prof. Anne Héritier Lachat, the Chair of the Board for FINMA, states the following:
“FINMA’s mandate is to protect creditors, investors and policy holders and ensure the smooth functioning of the financial markets. Through consistent supervision and predictable regulation, we make an important contribution to safeguarding the stability and good reputation of the Swiss financial centre, and consequently to enhancing its competitiveness.”
This is frankly a deceptively honest statement by FINMA in which they state that their mission is all about “protecting the reputation of Swiss Banks as well as protecting creditors and investors of the banks”. You don’t see anything in that mandates their duty to protect depositor’s money or anything regarding their duty to police money laundering.
The CIC Swiss Bank WhistleBlower report published by Bank Buzz quoted Mr. Patrick Odier, the Swiss Bankers Association Chairman, who said the following in part:
“It was not because we lacked skills and knowledge that we found ourselves in these unfortunate situations. It was because we acted wrongly and we displayed “wrong conduct”. I regret this all the more because we have damaged the reputation of the entire Swiss financial centre”.
You can almost feel the pain in Mr. Odier’s words in the use of “these unfortunate situations” and “we displayed wrong conduct”. No Mr. Odier, what was displayed was criminal behavior by a Swiss Bank. However, please take note on how very important it is for both Mr. Odier and Ms. Lachat to talk about protecting “the reputation” of the sacred Swiss Banks! The CIC Swiss Bank Whistle Blower had it exactly right when, he or she, wrote the following at the end the report:
“Despite the noble rhetoric of Mr. Odier, it’s not about the reputation of Swiss Banks; it’s all about“The Money”.
People really need to understand that saliently truth, “IT’S ALL ABOUT THE MONEY”. And we are talking about a lot of money not measured inbillions, but measured in trillions of US Dollars, Euros, British Pounds and currencies from every corner of the world that are secreted away in numerous Swiss Banks; all with the full knowledge of FINMA and others which include the Swiss Bankers Associations, the Swiss Banks, the Swiss Government and the Swiss media. I call them the Swiss Bank syndicate team.
It is the collective mandate of this Swiss Bank syndicate to protect the TRILLIONS, which hold up the very foundation of the entire Swiss economy. They form a conspiracy at the highest levels that work day and night to keep the truth from blowing up and destroying not only the reputation of the Swiss Banks, but also of the rest of the Swiss Bank syndicate members.
There was an excellent article written by Mr. Eduardo Galenao called,“Souls of Discretion” and published by “New Internationalist Magazine”.Mr. Galeano brilliantly and accurately describes the sordid money laundering history of the Swiss Government and Swiss Banks. He States the following in his report:
“But it was during World War Two that Switzerland became the planet’s great financial power. Faithful to its long tradition of neutrality, Switzerland took no part in the war – but it did sell its services, at a very good price, to Nazi Germany. A brilliant business: Swiss banks converted into international currency the gold that Hitler stole from the occupied countries and from captured Jews, including the gold teeth of those who had died in the gas chambers in concentration camps. The gold entered Switzerland with no trouble at all, while those persecuted by the Nazis were turned back at the frontier”.
“Walking along Zurich’s Banhofstrasse or Geneva’s Correterie, one steps on the clean streets of a spotless country, where not a single speck of dust sullies the air. Under the resplendent pavements sleep the invisible fruits of fraud, pillage and drugs and arms trafficking, transformed into gold bars and money mountains”.
In 2008, a WhistleBlower by the name of Mr. Hervé Falciani, who worked for HSBC Bank in Geneve, copied a file of thousands of French Citizens who had Swiss Bank accounts and took them to France. In a recent interview he had with Der Spiegel on July 16, 2013 he said this in part:
SPIEGEL: Did the previous (French) government not work with you?
Falciani: Not seriously. It was only interested in the names of individual banking clients. President Nicolas Sarkozy didn’t want to fight corruption, he wanted to protect banks.
SPIEGEL: Many Swiss banks now profess to engage only in legal practices, kicking out any clients who don’t disclose whether they have paid taxes. Do you find this shift credible?
Falciani: No, I don’t. Just the fact that they face international competition ensures that banks will continue to offer wealthy clients ways to evade tax authorities.
SPIEGEL: The United States has taken tougher action against Swiss banks. Should the EU follow that lead?
Falciani: At first glance, that appears to be true — the US, for example, imposed a heavy fine against HSBC for money laundering. (1.9 billion) But I was surprised that the American authorities decided HSBC was “too big to jail” — in other words, they shied away from imposing prison sentences on bank managers, although it’s hard to imagine that top-level managers knew nothing of the bank’s systemic participation in money laundering.
You can read Mr. Falciani full article in Der Spiegel here:
It is with both shame and disgust that I decided to tell what I know being on the inside of this Swiss Bank syndicate. The sad fact is that the entire Swiss country, economy and success has been, and is being built, upon crime. What really needs to understood is that for years Switzerland has worked hard to become the banker of virtually every dictator, drug cartel, crime organization, money launderer and tax cheats the world over. But it’s more sinister than that. When dictators get deposed, drug cartels get broken up and criminals get killed, most of the money in their Swiss Bank account disappears and the money absorbed by the banks never to be seen again, and everyone in the Swiss Bank syndicate daisy chain benefits.
The incestuous relationship between CIC Swiss Bank and their Parent in France, Crédit Mutuel CIC Group, is a perfect example of how one of banks many money laundering schemes can work. A French bank buys a Swiss Bank for the sole purpose of helping rich French tax cheats get their money into secret Swiss Bank accounts, as accurately reported by the CIC Swiss Bank WhistleBlower. Since the time that the CIC Swiss Bank was purchased by the French bank, hundreds of billions have been secreted away by wealthy French citizens to their secret Swiss Bank accounts. Many of those clients being past and present French Government officials.
Recently, Mr. Jerome Cahuzac, a French Tax and Budget minister, resigned after it was learned he had a secret Swiss Bank account. He initially lied to the French Parliament telling them, “I don’t have, I never have had, accounts abroad.”
However, after Mr. Cahuzac admission that he did have a Swiss Bank account, after his resignation and after the humiliation of the French Government, you didn’t see the French Government pressuring the Swiss Government or Swiss Banks to reveal all the French Citizens who have secret Swiss bank accounts. In fact, the French Government didn’t even pressure the CIC French Bank headquartered in Paris, to reveal French customers who had Swiss Bank accounts at their wholly owned CIC Swiss Bank. Why? Because if they did, half of the French Government would have had to resign.
You will never read about, or see, any of this in the Swiss Media since they are part of the “safeguarding”, being an important member of the Swiss bank syndicate team.
FINMA has received numerous complaints over the years about CIC Swiss Bank and other Swiss Banks involvement in money laundering schemes. FINMA kindly responds to all the complaint letters, while at the same time consulting with the targeted Swiss Bank management to help cover up and safeguard their reputations. Sometimes there are token charges and fines assessed, but this is just cosmetic to give the appearance that FINMA is trying to combat money laundering, which in fact they are not. I know about this since I have personally witnessed it.
Some years ago millions of Swiss Francs were stolen from CIC Swiss Bank customers by CIC Bank employees. Although the bank employees were tried and sent to prison, FINMA did nothing to sanction CIC Swiss Bank for that crime. They did the same for other Swiss Banks as they carried out their mandate to “safeguard the stability and good reputation of the Swiss Banks”. This is nothing more than a Government sponsored Swiss Bank protection racket and frankly I am sickened by it.
You don’t see any Government in the world, with the exception of the US Government, really trying to crack down on either the Swiss Government or the Swiss Banks. Why? Because Government leaders, like Mr. Cahuzac, who was one of unlucky Government officials to actually get caught, are benefiting from the Swiss Bank money laundering schemes. These criminal politicians are un-interested in, or don’t care about, the drug cartels, dictators, arms dealers and other crime organizations who are riding in on their money laundering scheme coat tails.
The only reason the Swiss Government and Swiss Banks gave in to the US Government was because of the US Government’s threat to revoke the right of the Swiss Banks to deal in US Dollar, the threat to prohibit Swiss Banks from having US correspondent bank accounts and also the threat to deny Swiss Banks access to the US FED Wire which would have prevented the Swiss Banks from wiring US dollars anywhere in the World.
Let me break this down for you since most do not understand how International Banking works. Unlike in the US, customers of Swiss Banks can hold their money in any currency they choose. Dollars, Euros, British Pounds, Singapore dollars, etc. If non US banks want to hold US dollars for their foreign customers, they have to get what is called a US correspondent bank account in the US. A US Bank, generally in New York like JP Morgan or Citi Bank, would open a bank account for the foreign bank, which is what happened with UBS Swiss Bank. UBS then puts all there dollar assets into that account.
The Foreign Bank may have thousands of customers, who are the owners of US Dollars, but it’s all pooled together and neither the US Bank nor the US Government know who the dollar owners are since those records are kept at UBS Swiss Bank in Switzerland and protected under Swiss Bank Secrecy Laws. That is why the US Government had to force UBS Swiss Bank to reveal who the US dollar owners were.
The US Government also had the option of freezing UBS Swiss Bank dollar accounts in the US as well as all other Swiss Banks. If that would have happened then no Swiss Bank could do business in US Dollars for any of their world-wide customers. That would have been catastrophic since the total amount could have been in the trillions of dollars and the Swiss Banks would have been liable to the millions of customer holding frozen US Dollars in their Swiss Bank accounts in the US. With that threat hanging over their heads like the “Chandrahasa Sword of Lord Shiva”, the Swiss Government and Banks folded like cheap Swiss cheese and agreed to turn over the information that the US demanded and to pay a fine.
However, the payment of $750,000,000 made by UBS Swiss Bank to the US Government for their crimes was like a Swiss citizen buying a cup of coffee; since all the other syndicate Swiss Banks and the Swiss Government stood behind UBS Bank and shared in the settlement cost. The Swiss Bank syndicate crime families stick together and take care of their own.
As reported by the CIC Swiss Bank WhistleBlower, this all came about due to a UBS Swiss Bank WhistleBlower by the name of Mr. Bradley Birkenfield who worked for UBS Swiss Bank. Mr. Birkenfield informed the US authorities about the crimes being committed by UBS. Mr. Birkenfield went to prison for two years for being part of those crimes, but not one UBS Swiss Bank officer served one day in jail. I could never understand why they sent the messenger to jail and not the messenger’s superiors. But Mr. Birkenfield ended up having the last laugh. The US Government paid him over 100,000,000 million US dollars out of the 750,000,000 they received as a WhistleBlower reward. That’s about 50 million per year, not bad.
However, the above settlement by UBS Swiss Bank is like a drop of water in the ocean. There are trillions of dollars secreted away in millions of Swiss Bank Accounts by all kind of nefarious characters from around the world running into the trillions’ and that is what they are desperately trying to protect. Know this truth, “IT IS ALL ABOUT THE MONEY”. Don’t believe the BIG LIE by FINMA that it’s all about “safeguarding the stability and good reputation of the Swiss Banks”.
The truth is this: The real mandate of FINMA and the other Swiss Bank Syndicate Members is to safe guard the Swiss Banks from getting caught in their money laundering crimes.
I can only say WOW to that report and a big thank you to the Whistleblower who wrote it and sent it to Bank Buzz Report. Be advised this report was sent to Bank Buzz Report via email and we do not know the name of this Whistleblower. I hope more Whistleblowers will speak out in the future and tell what they know. Just go to our web site atbankbuzzreport.com and select submit news. We will then publish the report in full without edits.