The Cumex Files

I’m surprised to see that this has gotten almost no notice outside of the affected countries. Surprised because for all the stuff uncovered, this is almost certainly only the tip of a much larger iceberg.

Short summary: A network of international finance people and lawyers together with some of the world’s largest banks (Barclay’s, Merrill Lynch, JP Morgan, Morgan Stanley, Banco Santander, Deutsche Bank, etc) have systematically defrauded up to 10 European Nations (including Germany, Denmark, Belgium, France, Italy and Norway) and probably many more of a sum that amounts to at least 55 billion euro.

The system was essentially tax fraud (they’ll say “loopholes”, of course) on a vast scale, with the company paying taxes on dividends, and then exploiting international tax rules to have those same money refunded up to 10x. It is fraud directed explicitly against the state; i.e., your money and mine. Documentation exists to show that in many cases these transactions were approved right from the very top leadership of these banks.

The transactions are now being investigated as fraud in several countries (though no doubt the culprits will go free - as usual).

It’s hard not to hate bankers. I hope these banks get nailed to the wall and that they actually prosecute high level executives and hand out some 40 or 50 year sentences.

I agree with every word you just wrote.

You want to stop this shit? Don’t slap some meaningless fine, make the individuals responsible be held personally accountable.

Yeah if the penalty for stealing $55 billion euros is $10 billion euros it seems like crime pays pretty well.

Even a $550 billion penalty won’t be paid by those responsible

How much money needs to be involved before something stops being financial malfeasance and instead becomes treason and acts of war?