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The UBS Banker Mule

If you didn’t catch this
story
in Portfolio Magazine, it’s worth a read.  Here’s a short extract:

Brad Birkenfeld, a Director for UBS Bank, "helped the very rich hide tens, if not hundreds, of millions of
dollars from U.S. tax authorities. He was willing to go the extra mile
for his clients, so he didn’t blink when one of them asked him to do
something that was blatantly illegal by any country’s standard: Buy
diamonds with secret Swiss funds and bring them into the U.S.
undeclared and undetected … (so he) began jamming his clients’ loose diamonds into a
tube of toothpaste. Believing he had successfully masked the stones
from security screeners, he boarded his flight. He was wrong about the
disguise, though. Unlike cocaine, diamonds look exactly the same in an
X-ray as they do in plain sight, and toothpaste certainly doesn’t mask
that."

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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