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formercia Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:43 AM
Original message
Julius Baer CEO dies unexpectedly
Edited on Fri Dec-05-08 07:44 AM by formercia
Source: Reuters


Reuters
Julius Baer CEO dies unexpectedly
Friday December 5, 6:59 am ET

By Katie Reid

ZURICH (Reuters) - Alex Widmer, the chief executive of Bank Julius Baer (VTX:BAER.VX - News) and a well respected figure in Swiss private banking, has died unexpectedly at the age of 52, the bank said.

A source told Reuters he had been informed by close friends of Widmer's family that the banker had committed suicide.

Swiss news website 20Minuten cited two unnamed independent sources as saying it was a case of suicide.

Swiss police declined to comment on the death.

http://upload.democraticunderground.com/discuss/duboard...


Read more: http://biz.yahoo.com/rb/081205/business_us_juliusbaer.h...



Another one bites the dust.
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CTyankee Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:08 AM
Response to Original message
1. I can never understand why anyone would kill themselves over money loss but
perhaps he was in a deep depression. I note that his wife died in 2005 and perhaps that was what led him to not wanting to live himself.
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geomon666 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:54 AM
Response to Reply #1
8. He may have taken a look at his books and found out he was on his way to the gutter.
A lot of people can't take the idea of actually living a lower class existence.
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peace13 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:17 AM
Response to Original message
2. Ut oh.
I am sure that this man takes many secrets with him. Where was shooter when this man 'took' his own life?
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:20 AM
Response to Original message
3. This is probably the beginning of a tidal wave of suicides and violence.
Boy, Finnfan's in a cheery mood today! I must have a headache from beating my head against a brick wall for so long.
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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:31 AM
Response to Reply #3
4. I'll split a bottle of Ibuprofen with you. . . .
. . . . but just not all at once. :evilgrin:


Tansy Gold, also beating head against wall
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formercia Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:52 AM
Response to Original message
5. The why, for those not familiar with the case:
http://upload.democraticunderground.com/discuss/duboard...

Robbien Donating Member (1000+ posts) Fri May-16-08 03:32 PM
Response to Reply #49
51. It also appears there is a whistleblower out there on Swiss bankers

Swiss private banker blows whistle on banking secrecy laws

Rudolf Elmer, a former manager with Julius Baer, has lodged a case with the European Court of Human Rights against Switzerland's rules on bank secrecy, according to a report in the Financial Times.

Elmer told reporters in Berlin the Swiss banking law permits finance institutions to cover up their "criminal support for white collar crime" such as tax evasion, and allows witnesses in legal cases to remain anonymous if bank secrecy is at risk. These factors mean "fair trials are not possible under the law".

The complaint is significant in light of Germany's tax investigation against Liechtenstein, which was sparked by stolen bank data.

--snip--
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Dover Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 11:12 AM
Response to Reply #5
9. And let's not forget this gem >
Edited on Fri Dec-05-08 11:40 AM by Dover

Tax evasion is apparently LEGAL, with assistance from the big U.S. banks as well...

http://www.democraticunderground.com/discuss/duboard.ph...

and this:

Safe havens face crackdown

http://www.wealth-bulletin.com/wealth-business/content/... /



What we need in this country is a whistle blower like Rudolf Elmer:

....Elmer said he also has information on alleged tax evasion at Julius Baer via the bank's Cayman Islands branch. Elmer - who worked for the Swiss private bank in the Caribbean tax haven until being dismissed in 2002 - said he still had data on about 300 Cayman Island accounts.

He said he would present the Strasbourg-based court with internal protocols and evidence of false documentation by the bank for clients "showing that (Julius Baer) knew it was encouraging tax evasion".

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The Backlash Cometh Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 11:33 AM
Response to Reply #5
10. So, the guy who committed suicide or was suicided, was the one
in charge when the whistle blower blew the whistle?
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formercia Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 11:54 AM
Response to Reply #10
11. He could have answered a lot of questions.
like this one:

Bank Julius Baer: The Carlyle Group USD 300M Cayman Islands, 1999

http://88.80.13.160/wiki/Bank_Julius_Baer:_The_Carlyle_...

Description (as provided by the original submitter)

The Carlyle Group is a global private equity investment firm, based in Washington, D.C., with more than $89 billion of equity capital under management. The firm operates four fund families, focusing on leveraged buyouts, growth capital, real estate and leveraged finance investments.

The firm has over 1200 investors in 68 countries and many of them invest Offshore such in this example of Carlyle Partner Ventures LTD, Cayman Islands for instance Prinz Michael von und zu Liechtenstein, George Soros and many more celebraties (recommended to review the files).
Why were these funds pushed through the Caymans? taxes? legal issues? evaded funds?


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judasdisney Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 04:54 AM
Response to Reply #11
14. Carlyle Group ... how convenient.
I am so fucking sick & tired of seeing the word "Tinfoil" on this board
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 07:59 AM
Response to Reply #5
17. there's a collection of articles that refer to the Cayman Islands and Baer
http://wikileaks.org/wiki/Category:Bank_Julius_Baer

the links to the Carlyle group and others are all there
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juno jones Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:01 AM
Response to Original message
6. I know it's not PC
But all I can see in my mind's eye is that guy outside the stock exchange with the 'jump you fuckers' sign.

And that this guy had something to possibly lose by open banking in Switzerland....a girl just has to say hmmmmm.
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nashville_brook Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 01:59 PM
Response to Reply #6
12. omg -- i love your avatar!
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juno jones Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:20 PM
Response to Reply #12
13. Thanks.
I stole it from somebody during the primaries and after the election decided to fly it for awhile. If anyone knows who originated it, I'd love to know.

very Abbie Hoffmanesque- Steal This Avatar! :)
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originalpckelly Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:03 AM
Response to Original message
7. Now it sounds like a real depression.
:-(
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lostnfound Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 06:47 AM
Response to Original message
15. Peace to Mr. Widmer and his friends.
Whether it was by fear, guilt, or hopelessness, or by someone else's hand..
I hope we all end up in a better place.
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formercia Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 07:45 AM
Response to Original message
16. Historical research info on Bank Julius Baer
Edited on Sat Dec-06-08 07:47 AM by formercia
http://88.80.13.160/wiki/Bank_Julius_Baer

background

"julius baer" listing at moneyhouse.ch

Julius Baer Group is a Swiss banking firm which is the parent company of Bank Julius Br, a traditional "private" bank based in Zurich, Switzerland, which dates back to the year 1890 when it was founded by the famous banker Julius Br. The Julius Baer Group manages substantial assets for private and institutional clients from all over the world. The Group's services consist mainly of asset management, wealth management and investment consultation, investment funds for private and institutional investors as well as securities and foreign exchange trading.

Apart from its head offices in Switzerland, the bank has offices in Frankfurt, Milan, Geneva, Dubai, Grand Cayman, New York, Singapore and Hong Kong.

In September 2005, Julius Br acquired the independent private banks Ferrier Lullin, Ehinger & Armand von Ernst, Banco di Lugano, and the asset management house Global Asset Management from the Swiss banking giant UBS AG, to become one of the largest independent wealth management firms in Switzerland. The companies of the Group are consolidated within Julius Baer Holding Ltd., whose shares are listed on the SWX Swiss Exchange. Julius Baers market capitalization amounts to around CHF 4.0 billion. Due to its comprehensive service and product range, clients from around the world have entrusted Julius Baer with assets amounting more than CHF 400 billion at the end of July 2007.

Source: "julius baer" listing at crocodyl.org


--snip--

Lots more info in English and German. 400 Billion is a lot of money for a 1200 client base. 1.22 CHF =1 USD
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