A former UBS AG banker pleaded guilty in federal court to helping a billionaire client evade taxes by hiding $200 million in assets in offshore accounts, a move expected to aid federal prosecutors in their probe of the Swiss banking giant.
Bradley Birkenfeld, 43 years old, answered softly when U.S. District Judge William Zloch asked him why he participated in the fraudulent tax scheme. "I was employed by UBS…I was incentivized to do this business," he said, standing, hands clasped behind him, at a podium before the judge.
Why the heck do they do these things!?! To make an extra 100K? I'm willing to bet that Birkenfeld was an extremely well paid and well respected fellow in his community. Now, he'll spend about 5 years in jail and pay at 250K penalty. By the way, I don't really think the monetary penalty is very high for these IBankers. Regardless, I just don't understand this stupidity.
Moral of the story: Dodgy business is dodgy business, no matter what. Stay away from it!
1 comment:
"I was employed by UBS…I was incentivized to do this business"
Not only a moron, but also morally hallow! Let's do our best in our own lives, so that when someone asks us to account for our actions, we can do a better job answering than this.
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