Oswald Grubel Joins UBS, Tries To Undo Damage Of Marcel Ospel Mistakes
Oswald Grubel, the former head of Credit Suisse with eyes that point in different directions, has turned to the dark side and signed up as chief exec of his former arch rivals, the beleagured UBS.
When Grubel quit Credit Suisse, he said “my work is done” – he managed to turn the bank around and integrate its wealth management, asset management and investment banking units into one organisation. Now he’s got some serious work to get done at UBS, who are the European bank most exposed to US toxic assets, and who just fumbled a tax probe very badly, ending up with a tarnished reputation and a $780m fine. Is he brave, or just a colossal sucker? More importantly, why is he continuing to let Credit Suisse use the most unflattering corporate portrait ever, left, as his official photo on their website?
He replaces Marcel Rohner, who was head of private banking at the time of the tax allegations against UBS. Those are that UBS allowed 52,000 Americans to have accounts that evaded US taxes – last week they admitted to it, and payed the aforementioned fine along with handing over around 250 names of the worst offenders. What’s got to hurt Rohner is the news that the UBS stock price rose after the news that he was gone – someone go give that guy a rub on the back and tell him it was probably just a freak one-off.
The tax thing hasn’t completely gone away though, as the US are still pursuing the case of Raoul Weil, the former CEO of global wealth management at UBS. Weil is the person specifically accused of helping all those Yanks avoid taxation; he’s run away from it all, and has been named a fugitive. When they catch up with him, he could face 5 years in jail and a $250,000 fine.
But while the tax issue is terrible for the UBS brand, the real sting is in the massive investment in US asset-backed securities, ie subprime mortgages and the like. They’ve led UBS to lose 19.7 billion Swiss francs, including 8.1 billion francs during the last quarter. Everyone needs a Fred Goodwin-esque effigy to take their anger out on when numbers like that start flying around, and for the Swiss it’s Marcel Ospel, the former chair of UBS. He bought up $100bn in US securities, eventually losing $38bn on them. “I’d like to say to him: ‘You’ve damaged Swiss banking,’”, said one Swiss citizen interviewed by Bloomberg, with all the incandescent rage that saw them avoid two world wars.
Just as Young Jeezy layed into Madoff, so the cream of Swiss rap, some guy called Gimma, is giving Ospel a faux-gangsta kicking. He rocked up outside Ospel’s house and performed a track, ending his performance by leaving 60 francs, a supermarket voucher and two cans of beer outside, presumably in some highly symbolic Swiss beef. Check it out below, taking time to note their sweet airbrushed van depicting Gimma and his bros wielding pitchforks:
New boy Grubel, meanwhile, is a fan of the tedious “sports” that all rich male execs like, Formula 1 and golf, and is a hearty proponent of globalisation, saying: “I can see problems in those areas where globalization is pursued only half-heartedly.” He’s also known as “Saint Ossi” after his turnaround of Credit Suisse. He enters a UBS desperately scrabbling around for cash by suing the people it foolishly invested in, trying to pass the buck -somehow he’s got to get their self-respect back after years of bungling, but it doesn’t look like it’ll happen for a while.
Posted by Ben Beaumont-Thomas in Hot Money | February 26, 2009 12:11PM |
December 28th, 2010 at 2:24 pm
Update .Dec . 28th. 2010.
Nov.23 – - -Nov.26 th. 2010.
The following sent to – - – - 312- – Lords – - – - – - House of Lords.
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—2010)-liable.
Peters &Peters – Partners.—(1999—-2010)-liable.
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 –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.)
(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 .
(3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .
(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).
(5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .
(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.
(7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.
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.”
On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.
*** We thank –David Cameron. M.P. ( Canary Wharf Speech.) Dec. 15th. 2008.
Now— PRIME MINISTER.
(1) Bankers who behave irresponsibly should face professional consequences.
(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.
Ivan Pictet.
Managing partner in Pictet & Cie Bank . — retiring -?. 2010.
President of the Geneva Financial Centre. —stepping down -2010. ?
World Bank.committee member.—- ?
United Nations. Investment Committee member,
Vice President – Global Humanitarian Forum. — redundant.2010.?
Member of the Henokiens.
Blackstone Group — Board Member.
Past- President – Geneva Private Bankers association.
Past –President – Geneva Chamber of Commerce and Industry.
Monty Raphael. ( Peters & Peters.)
Quote.” —- Doyen of U.K. Fraud lawyers.
Head of Fraud and Regulatory Dept. —- stepping down, –2009.? Director of the Fraud Advisory panel.
Member of the Law Society of England & Wales.
International Bar Association Member.
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.
On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.
On Aug 19th.2009.another complainants file regarding the “cover up” was forwarded to the same 380 members.
We started our campaign in June 2008 — via the “net” to highlight our fight to get “justice”. In our second year campaign we hoped to reveal further damning evidence . Due to there being an on going Police investigation into our complaint we are at this moment unable to place dozens of documents on to the “net”. Again we thank other “ E- Mailers” for their information in relation to our campaign.
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.
Truth Hurts.
Ivan Pictet. Announces stepping down from Pictet & Cie. 5th Feb 2010.
Stepping Down—President of Geneva Financial centre.—2010.
Monty Raphael. Steps down as head . May. 2009.
*** 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.
*** Were currently waiting to see if the Police and other Law Enforcement Bodies attempt to cover this case up like their F.S.A. counterparts. If they do –“ then watch this space.”
We were informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London.
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.
2 .5 years —- approx 2 .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.
Nov.23rd –Nov.26th. 2010 .
The above sent to —— 312 – - Lords – - – House of Lords.
The above sent to — –649 – - M.P.’s – - – House of Commons._
Full Story.
Go to search box on “Google” and insert ( Ivan Pictet / Monty Raphael) or
insert ( Pictet & Cie / Monty Raphael ) – - then try it on “Google”.
Or try on Yahoo. – - – ( Charles Flint Q.C.) .
Or try on Yahoo – - – ( Nicholas Campiche.)
March 3rd, 2011 at 8:28 pm
Full Story.
Go to search box on “Google” and insert ( Peters & Peters/ Pictet & Cie.)
or go to ” Google ” and insert any of the following combinations.
Insert– ( Jacques de Saussure/ Monty Raphael.)
Insert– ( Ivan Pictet / Monty Raphael.)
Insert– ( Pictet & Cie /Monty Raphael.)
Insert– ( Charles Flint. Q.C./ Monty Raphael.)
Insert– ( Nicholas Campiche / Susan Broadhead.)
Insert– ( F.S.A. / Monty Raphael.)
Insert –( F.S.A. / Pictet & Cie.)
Insert –( Hansard /Pictet & Cie..)
September 1st, 2011 at 11:40 pm
*** Were currently waiting to see if the West Yorkshire Police :-
(1) Chief Constable —- Sir Norman Bettison.
(2) Forces Solicitor —- Mike Percival.
(3) Head of Economic Crimes Unit.— Det. Chief Inspector Steven Taylor.
– continue to attempt to cover this case up like their F.S.A. Counterparts.
If they do “ watch this space”)
We have recently been informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London. They might as well have asked Ivan Pictet to investigate .or Friends Reunited.
Lady Myners on Prix Pictet board.
The consensus of opinion is the Pictet & Cie should be prosecuted , and that their banking licence’s should be taken away in the U.K. ( and fined.)
Their solicitors at Peters & Peters — struck off and prosecuted..
In America they would have all been in prison for the last seven years.
WEST YORKSHIRE POLICE ..
We note that Det Chief Inspector Steven Taylor has been removed as Head of the Economic Crime Unit and demoted to Det. Inspector. ( One down two to go.)
A file of some 339 pages including scores of documentation has been forwarded to the following — Aug 4-6th .2011.
640 — Members of Parliament.
460 — Members of the House of Lords.
Ministry of Justice.
F.S.A. – Financial Services Authority.
Serious Fraud Office,
Peters & Peters .London. — Solicitors.
Pictet & Cie Bank — London & Geneva.
West Yorkshire Police Authority.
I.P.C.C.— Independent Police Complaints Commission.
C.C.R.C. — Criminal Cases Review Commission.
Swiss Ambassador London.
November 30th, 2011 at 10:08 pm
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