Tuesday, January 13, 2009

Have You Seen This Man?

And the list is growing... First Schrenker and now Raoul Weil, Former Chairman and CEO of Global Wealth Management at UBS. In the order attached below, Judge James Cohn of the Southern District of Florida announced that Raoul is now a fugitive. The UBS bigman, had been previously charged with tax fraud conspiracy. In an indictment unsealed in November, Weil and other bankers were charged with helping 17,000 Americans hide over $20 billion in U.S. taxes. Whereas at the time Raoul said the indictment against him was "totally unjustified", the Zurich-based banker has apparently decided against actually proving the unjustifiability of the charges and instead has opted to simply run away. Weil was a member of UBS' executive board until the charges against him were made public. It will be interesting how the schizophrenic bankers at UBS spin this one, especially ahead of what are expected to be some pretty huge writedowns on even more bad investments.

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