France fines UBS €3.7b for helping rich French residents launder more than €10b

Swiss banking giant UBS has been hit with the largest fine in French history: €3.7b, the result of a 7-year investigation of the bank's role in helping the wealthiest French citizens hide €10b from tax authorities. The fine is more than ten times larger than the next-largest fine in French history, when HSBC paid €300m over its wrongdoing. The fine represents 92% of the bank's 2018 profits. Read the rest

When Brad Birkenfeld blew the whistle on UBS, the US government paid him $104M and sent him to jail

This interview with UBS whistleblower Brad Birkenfeld is as neat a case study in financial corruption as you could ask for: Birkenfeld's disclosures detailed 19,000 US tax evaders, including the bank's super-secretive list of "politically exposed persons," including people who laundered money for terrorists, and the US government threw him in prison (as well as paying him the largest reward in US history), declined to prosecute three quarters of those implicated, and then put him in prison. Read the rest