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Breakingviews: Cut the "jail bankers" hints

Wednesday, November 05, 2014 - 03:44

U.S. AG Eric Holder keeps implying finance bosses may yet be thrown in the slammer. Breakingviews editors explain how an ex-UBS exec's tax evasion acquittal shows it’s time he kept schtum.

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So you'll know why say few bank has been up in jail off the financial crisis and look kneipher of them Florida went. A UBS executive has just been acquitted. Despite the fact of the prank was find a few years ago for tax evasion for helping tries to make tax. Bring you taken a good look at this trial route Raoul Weil is now meanwhile former boss of wealth management IDS was acquitted of charges of helping to hide American clients money. From the IRS but now as you know we've talked about this I mean this case had all the makings of of a slam you know conviction. They investigated the guy for six years they got a bunch of his underlings to testify against them in exchange for reduced sentences as you mentioned the bank itself. Admitted to this behavior. And yet jurors say that the prosecutors just failed to show the kind knowingly was in on the scheme. I'm and that's the problem with these guys in the people the bosses they have so many people under the lawyers telling a mayoral candidate account saying general that's fine yeah. There's just so much insulation between San wrongdoing and a boss that it's hard to show some this entire thing religious fault and one of the Jersey and said look I mean one of resembling said he spikes of the Boston is night paper ribbons and why would like you are just a little problem I mean we've seen before right Lehman Brothers he had to fold and other executive Jim never pursued despite a report. From the bankruptcy court. That's a big court have been pursued for thoughts I remember I loved him so McClatchy good piece of writing as well whether phrase color will claim so highly volatile south I don't know those of very good turf multi sought I mean look at SEC capital beyond Steve Cohen now he may have done nothing wrong book you know his firm was convicted of a crime nor pled guilty to a crime. At least half dozen of its traders were convicted or pled guilty to insider training. And yet they never touched him. We've seen an end in May 2012 there was a tax shelter conviction of two guys that during your two partners and Ernst and young. That was overturned because appeals court took bulky haven't proven these guys intended. Yet to hide the stuff from the irony see it because of the prophet. Mortgages CEOs. You know whereas I'm gonna senate where the guys that mariners and whoever else now again these guys may have done nothing wrong and and maybe the prosecutors just had spent enough time investigated to do what promptly enough. And now of course you know we're sixers out for the 2000 finance so I was leading automotive we're hitting the statute of limitations six years for these crimes. But you know these cases are hard to prove and yet. And yet US attorney general Eric Holder keeps thing Ono there convict they're prosecutions coming just yet just last week he said summing didn't enter the village oh there's a chance that we may keep doing and that's why you know what I mean here's the guy he's. He's retiring. You say see our he's probably going to be you know leave office at beginning of next year. It looks more like he's just sort of trying to preserve his legacy because money says he's very cause that much you wanna preserve almost like he's managed to get a couple of convictions out of my. Hats off time when I mean that the fines or what. The penalty minutes to pay based acrylic base and and don't pizza to have mixer. Right so once that's fess up so touch what do not have people that why isn't anybody in jail where the bankers who who who. We ought to go to jail and and holed a sort of keeps this. Keeps us talk alive by suggesting something's 176 is on from the crisis could very cheap bank is having been successfully prosecute defending him. They see what we're saying to hold and others is just shy yet. F I F. We're full hot area is he tough on the evidence stop pretending you know that's about it but thanks Trent thanks talking is through that. And will be out it will breaking the story.

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Breakingviews: Cut the "jail bankers" hints

Wednesday, November 05, 2014 - 03:44