[ISN] Julius Baer Whistleblower To Expose 2, 000 High Net Worth Tax Evaders To The World

http://www.zerohedge.com/article/julius-baer-whistleblower-expose-2000-high-net-worth-tax-evaders-world

By Tyler Durden 
Zero Hedge
01/15/2011

Two years ago when the US bailed out UBS and Switzerland from a brief 
but potentially terminal liquidity crisis, it succeeded in extracting a 
historic pound of flesh: it forced UBS to declassify thousands of bank 
accounts of US tax evaders which was the first nail in the centuries-old 
concept of Swiss bank secrecy. Today, Rudolf Elmer, a former COO of one 
of the biggest Swiss banks, Julius Baer, may have just nailed the last, 
and with that set off a chain reaction that will force a huge outcry 
against pervasive global tax fraud (but likely achieve nothing 
ultimatel). According to the Guardian, tomorrow Elmer will hand over 
details of 2,000 "high net worth individuals and corporations" to 
WikiLeaks which will make him "the most important and boldest 
whistleblower in Swiss banking history." And since among those exposed 
will be "approximately 40 politicians" expect all hell to break loose as 
photos of Assange having a underage orgy with Al Qaeda members are 
suddenly made public to diffuse what is bound to be another huge (if 
brief - after all human kind cannot bear very much reality).

 From the Guardian:

    British and American individuals and companies are among the 
    offshore clients whose details will be contained on CDs presented to 
    WikiLeaks at the Frontline Club in London. Those involved include, 
    Elmer tells the Observer, "approximately 40 politicians".

    Elmer, who after his press conference will return to Switzerland 
    from exile in Mauritius to face trial, is a former chief operating 
    officer in the Cayman Islands and employee of the powerful Julius 
    Baer bank, which accuses him of stealing the information.

    He is also -- at a time when the activities of banks are a matter of 
    public concern -- one of a small band of employees and executives 
    seeking to blow the whistle on what they see as unprofessional, 
    immoral and even potentially criminal activity by powerful 
    international financial institutions.

This is interesting: after all it was Zero Hedge that about 18 months 
ago suggested that all financial professionals should be very concerned: 
after all, all it takes is one sloppy firing, or one departure without 
the appropriate non-disparagement and non-truth telling clause, and all 
hell could break loose as those who were part of the inner sanctum 
suddenly find themselves on the outside... and wanting revenge. Elmer is 
just first of many. In the meantime, we hope that every single hedge 
fund, starting with that particular one in Stamford and going all the 
way down, has made plans regarding termination of its employees. All it 
takes is one person who believes they may have been wrongfully 
terminated to approach the SEC themselves, or, even worse, some blog or 
alleged terrorist organization with a penchant for disclosing the 
truth...

[...]


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