Jul 30

Why Wall Street Loves Hillary

How UBS Sent Millions to the Clintons After Hillary Saved the Mega Bank While Secretary of State (Liberty Blitzkrieg, July 30, 2015):

A few weeks after Hillary Clinton was sworn in as secretary of state in early 2009, she was summoned to Geneva by her Swiss counterpart to discuss an urgent matter. The Internal Revenue Service was suing UBS AG to get the identities of Americans with secret accounts.

If the case proceeded, Switzerland’s largest bank would face an impossible choice: Violate Swiss secrecy laws by handing over the names, or refuse and face criminal charges in U.S. federal court.

Within months, Mrs. Clinton announced a tentative legal settlement—an unusual intervention by the top U.S. diplomat. UBS ultimately turned over information on 4,450 accounts, a fraction of the 52,000 sought by the IRS, an outcome that drew criticism from some lawmakers who wanted a more extensive crackdown.

From that point on, UBS’s engagement with the Clinton family’s charitable organization increased. Total donations by UBS to the Clinton Foundation grew from less than $60,000 through 2008 to a cumulative total of about $600,000 by the end of 2014, according the foundation and the bank.

The bank also joined the Clinton Foundation to launch entrepreneurship and inner-city loan programs, through which it lent $32 million. And it paid former president Bill Clinton $1.5 million to participate in a series of question-and-answer sessions with UBS Wealth Management Chief Executive Bob McCann, making UBS his biggest single corporate source of speech income disclosed since he left the White House.

– From today’s Wall Street Journal article: UBS Deal Shows Clinton’s Complicated Ties

The best part about Hillary Clinton’s run for the Presidency, is the endless series of scandals and shadiness that inevitably comes along with being part of an entrenched status quo family that prioritizes the accumulation of wealth and power above all else. The reason Barack Obama was able to generate so much genuine “hope” prior to his election is 2008, is because he was a complete unknown. He could say all the right things, and it was easy for people to believe the hype.

The exact oppositie is true of Hillary. No one believes anything that comes out of her mouth. Everyone knows she is dishonest, shady, and as Camille Paglia perfectly summarized in her Salon article today:

Hillary has accomplished nothing substantial in her life. She’s been pushed along, coasting on her husband’s coattails, and every job she’s been given fizzled out into time-serving or overt disaster.  Hillary constantly strikes attitudes and claims she’s “passionate” about this or that, but there’s never any sustained follow-through.  She’s just a classic, corporate exec or bureaucrat type who would prefer to be at her desk behind closed doors, imposing her power schemes on the proletariat.  She has no discernible political skills of any kind, which is why she needs a big, shifting army of consultants, advisors, and toadies to whisper in her ear and write her policy statements.  There’s this ridiculous new theme in the media about people needing to learn who the “real” Hillary Clinton is.  What? Everything they’re saying about what a wonderful person Hillary is in private tells us that she’s not competent or credible as a public figure! A politician, particularly a president, must have a distinct skill or expertise in communicating with the masses.  It’s the absolutely basic requirement for any career in politics.

Now, let’s take a look at the pantsuit revolutionary’s latest scandal, outlined in today’s Wall Street Journal:

A few weeks after Hillary Clinton was sworn in as secretary of state in early 2009, she was summoned to Geneva by her Swiss counterpart to discuss an urgent matter. The Internal Revenue Service was suing UBS AG to get the identities of Americans with secret accounts.

If the case proceeded, Switzerland’s largest bank would face an impossible choice: Violate Swiss secrecy laws by handing over the names, or refuse and face criminal charges in U.S. federal court.

Within months, Mrs. Clinton announced a tentative legal settlement—an unusual intervention by the top U.S. diplomat. UBS ultimately turned over information on 4,450 accounts, a fraction of the 52,000 sought by the IRS, an outcome that drew criticism from some lawmakers who wanted a more extensive crackdown.

From that point on, UBS’s engagement with the Clinton family’s charitable organization increased. Total donations by UBS to the Clinton Foundation grew from less than $60,000 through 2008 to a cumulative total of about $600,000 by the end of 2014, according the foundation and the bank.

The bank also joined the Clinton Foundation to launch entrepreneurship and inner-city loan programs, through which it lent $32 million. And it paid former president Bill Clinton $1.5 million to participate in a series of question-and-answer sessions with UBS Wealth Management Chief Executive Bob McCann, making UBS his biggest single corporate source of speech income disclosed since he left the White House.

The UBS matter involved her helping solve a problem for a foreign bank—not a popular constituency among Democrats—and stepping into an area where government prosecutors had been taking the lead.

Banks are not a “popular constituent among Democrats.” What planet are you living on?

UBS officials deny any connection between the legal case and the foundation donations. “Any insinuation that any of our philanthropic or business initiatives stems from support received from any current or former government official is ludicrous and without merit,” a bank spokeswoman said. UBS said the speeches by Mr. Clinton and the donations were part of a program to respond to the 2008 economic downturn.

UBS’s troubles began in 2007 when an American banker working in Switzerland told the U.S. Justice Department that UBS had recruited thousands of U.S. customers seeking to avoid U.S. taxes. The disclosure led UBS to enter into a deferred-prosecution agreement with the Justice Department in 2009. The bank admitted to helping set up sham companies, creating phony paperwork and deceiving customs officials. It paid a $780 million fine and turned over the names of 250 account holders.

If you or I were caught doing 0.5% of what UBS did we would be thrown in the gulag for life.

On July 31, Ms. Calmy-Rey appeared with Mrs. Clinton at the State Department to announce a deal in principle. The Justice Department and IRS agreed to dismiss the lawsuit and settle the disagreement under a U.S.-Swiss tax treaty, as Ms. Calmy-Rey had sought. UBS would turn over information on about 4,450 accounts, not 52,000.

“Our governments have worked very hard to reach this point,” Mrs. Clinton said.

Ms. Calmy-Rey called the agreement a “Peace Treaty” and UBS praised it.

Mr. DiCicco, the senior Justice Department tax lawyer on the case who has since retired, said the State Department didn’t get involved in details of the settlement, but did warn about the ramifications of taking a tough line.

“There is a risk that if a large bank is indicted it would lose its ability to do business in the U.S.,” he said. “That was a consideration.” He said there was no “pressure” from the State Department on that issue.

Now you see what happens when banks become too big and too powerful to be indicted: Oligarchy. Rampant elite criminality. Unimaginable corruption.

Mr. Clinton earned $1.5 million for 11 appearances in New York, Dallas, Miami, Pittsburgh, San Francisco, Nashville and other cities. Mr. McCann, the UBS Wealth Management executive, conducted the panel discussions with Messrs. Clinton and Bush. Spokesmen for Mr. Bush and UBS declined to comment on how much Mr. Bush was paid.

But hey,

Hillary Clinton Exposed Part 2 – Clinton Foundation Took Millions From Countries That Also Fund ISIS

For related articles, see:

How Progressive – Private Prison Company Lobbyists are Raising Funds for Hillary

How Lobbyists for Monsanto, Exxon Mobil, Microsoft and the Telecom Industry are Bundling Funds for Hillary

Hillary Clinton Blasts High Frequency Trading Ahead of Fundraiser with High Frequency Trader

Where Does Hillary Stand on the TPP? 45 Public Statements Tell You Everything You Need to Know

Cartoons Mocking “Goldman Rats” and Hillary Clinton Appear All Over NYC

Conversations with Everyday Americans – Hillary Launches $2,700 per Person “Grassroots” Fundraiser in Boston

How UCLA Tried to Negotiate a Lower Speaking Fee, but Hillary Clinton Refused and Demanded $300,000

All Hail Hillary – Iowa Students Locked in Classrooms as Clinton Arrives at College to Visit “Everyday Iowans”

More Clinton Foundation Cronyism – The Deal to Sell Uranium Interests to Russia While Hillary was Secretary of State

More Hillary Cronyism Revealed – How Cisco Used Clinton Foundation Donations to Cover-up Human Rights Abuse in China

In Liberty,
Michael Krieger

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