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 Post subject: att City types: Cum-Ex
PostPosted: Thu Sep 19, 2019 9:02 pm 
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https://www.bloomberg.com/news/articles ... ax-scandal

:o

this is whom I indirectly worked for recently. It was obviously going to be short lived, if lucrative work, which was a shame as I liked working there.
Any bookies out here crossed paths with this area before ?

It also one reason why I chose to be a brexiter, as Euroland is bent as feck, and at a extremely senior level.


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PostPosted: Thu Sep 19, 2019 9:03 pm 
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oh, and yes, not the first internet thing I've put a :o on that had Cum involved

etc


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PostPosted: Thu Sep 19, 2019 9:24 pm 
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backrow wrote:
oh, and yes, not the first internet thing I've put a :o on that had Cum involved

etc



Fair comment ... at least it wasnt your back door this time, etc ...


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PostPosted: Fri Sep 20, 2019 8:24 am 
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Bump for day shift bookies


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PostPosted: Fri Sep 20, 2019 8:30 am 
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I'll be interested to see the details of this case, was completely unaware of it.


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PostPosted: Fri Sep 20, 2019 8:54 am 
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backrow wrote:
https://www.bloomberg.com/news/articles/2019-09-18/london-banker-expresses-regret-for-role-in-german-tax-scandal

:o

this is whom I indirectly worked for recently. It was obviously going to be short lived, if lucrative work, which was a shame as I liked working there.
Any bookies out here crossed paths with this area before ?

It also one reason why I chose to be a brexiter, as Euroland is bent as feck, and at a extremely senior level.


But it's Euroland who have brought this to a head... ( pairs nicely with cum ). The Germans are prosecuting this case and last time I checked both Barclays and Icap were British domiciled firms.
I don't know much about the actual ins and outs of the dodgy tax practices but it would appear this has all the hallmarks of a corrupt banker using a scattergun to spread shit on anything it might stick to.


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PostPosted: Fri Sep 20, 2019 9:01 am 
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US DoJ recently descibed JPM's metals desk as "a criminal enterprise". The RICO laws will get a heavy work out.


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PostPosted: Fri Sep 20, 2019 9:12 am 
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kiwinoz wrote:
US DoJ recently descibed JPM's metals desk as "a criminal enterprise". The RICO laws will get a heavy work out.


The problem arises when you look at today's financial markets and practices, in the era of Dodd-Frank/ MiFIDII etc and apply those standards to the practices of 10+ years ago....... everything looks criminal.


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PostPosted: Fri Sep 20, 2019 9:30 am 
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The Sun God wrote:
backrow wrote:
https://www.bloomberg.com/news/articles/2019-09-18/london-banker-expresses-regret-for-role-in-german-tax-scandal

:o

this is whom I indirectly worked for recently. It was obviously going to be short lived, if lucrative work, which was a shame as I liked working there.
Any bookies out here crossed paths with this area before ?

It also one reason why I chose to be a brexiter, as Euroland is bent as feck, and at a extremely senior level.


But it's Euroland who have brought this to a head... ( pairs nicely with cum ). The Germans are prosecuting this case and last time I checked both Barclays and Icap were British domiciled firms.
I don't know much about the actual ins and outs of the dodgy tax practices but it would appear this has all the hallmarks of a corrupt banker using a scattergun to spread shit on anything it might stick to.



There wasn’t anything scatter gun. This was a massive German practice till law change in 2007, then an international one until 2011 (in Germany).

The German Authorities were first seriously warned in 2002 .

The case is being brought is to try an establish precedent to charge the Banks as corporate entities. The German federal court hasn’t found the practice to be illegal, and German Law needs a crime first to charge banks.

The sums are huge. And 100’s of counterparts are involved.

This case will be mirrored in at least 4 other countries.

If anyone has the time:

https://en.m.wikipedia.org/wiki/CumEx-Files


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PostPosted: Fri Sep 20, 2019 9:33 am 
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The Sun God wrote:
kiwinoz wrote:
US DoJ recently descibed JPM's metals desk as "a criminal enterprise". The RICO laws will get a heavy work out.


The problem arises when you look at today's financial markets and practices, in the era of Dodd-Frank/ MiFIDII etc and apply those standards to the practices of 10+ years ago....... everything looks criminal.


Not just looks criminal but is. Ironically for at least 10 years allegations and proof of this was called a conspiracy theory by regulators yet senior traders are admitting to charges and saying it was epidemic.


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PostPosted: Fri Sep 20, 2019 9:40 am 
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kiwinoz wrote:
The Sun God wrote:
kiwinoz wrote:
US DoJ recently descibed JPM's metals desk as "a criminal enterprise". The RICO laws will get a heavy work out.


The problem arises when you look at today's financial markets and practices, in the era of Dodd-Frank/ MiFIDII etc and apply those standards to the practices of 10+ years ago....... everything looks criminal.


Not just looks criminal but is. Ironically for at least 10 years allegations and proof of this was called a conspiracy theory by regulators yet senior traders are admitting to charges and saying it was epidemic.


Is it though, the German federal courts cannot rule that the practice was illegal, Law changes were made and the practice stopped post those legal changes.


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PostPosted: Fri Sep 20, 2019 9:46 am 
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bimboman wrote:
The Sun God wrote:
backrow wrote:
https://www.bloomberg.com/news/articles/2019-09-18/london-banker-expresses-regret-for-role-in-german-tax-scandal

:o

this is whom I indirectly worked for recently. It was obviously going to be short lived, if lucrative work, which was a shame as I liked working there.
Any bookies out here crossed paths with this area before ?

It also one reason why I chose to be a brexiter, as Euroland is bent as feck, and at a extremely senior level.


But it's Euroland who have brought this to a head... ( pairs nicely with cum ). The Germans are prosecuting this case and last time I checked both Barclays and Icap were British domiciled firms.
I don't know much about the actual ins and outs of the dodgy tax practices but it would appear this has all the hallmarks of a corrupt banker using a scattergun to spread shit on anything it might stick to.



There wasn’t anything scatter gun. This was a massive German practice till law change in 2007, then an international one until 2011 (in Germany).

The German Authorities were first seriously warned in 2002 .

The case is being brought is to try an establish precedent to charge the Banks as corporate entities. The German federal court hasn’t found the practice to be illegal, and German Law needs a crime first to charge banks.

The sums are huge. And 100’s of counterparts are involved.

This case will be mirrored in at least 4 other countries.

If anyone has the time:

https://en.m.wikipedia.org/wiki/CumEx-Files


I will read up on it as it was never really on my radar...Cheers mate.


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PostPosted: Fri Sep 20, 2019 9:49 am 
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It’s mostly accurate, though don’t get hooked on the Danish stuff that was genuine cowboy activity and nothing like the German bank trades.


You will also notice a vulnerable party central who can’t afford the fines.


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PostPosted: Fri Sep 20, 2019 9:52 am 
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The Sun God wrote:
backrow wrote:
https://www.bloomberg.com/news/articles/2019-09-18/london-banker-expresses-regret-for-role-in-german-tax-scandal

:o

this is whom I indirectly worked for recently. It was obviously going to be short lived, if lucrative work, which was a shame as I liked working there.
Any bookies out here crossed paths with this area before ?

It also one reason why I chose to be a brexiter, as Euroland is bent as feck, and at a extremely senior level.


But it's Euroland who have brought this to a head... ( pairs nicely with cum ). The Germans are prosecuting this case and last time I checked both Barclays and Icap were British domiciled firms.
I don't know much about the actual ins and outs of the dodgy tax practices but it would appear this has all the hallmarks of a corrupt banker using a scattergun to spread shit on anything it might stick to.


Ok let me fill in some details for you
Martin is Irish
The firms you name are british
The trading activity occurred technically in Europe
British trading desks warned Germany ages ago (bimbo says 2002)
Germany took ages to react
The main investors in this method , were Germans and Italians , including some well known politicians who were part of the committee the suggests financial regulation (this is the bent part I spoke of)

It’s euros who were bent here, not british. Saying it’s germany who brought this up, is just wrong.

Also, that wiki link is not 100% correct and heavily implies fraud took place - it didn’t (or at least when I worked there it didn’t)
Simply put, one side who was entitled to receive dividends gross (pension) was the beneficiary, and the other part of the entity only got them net. Gearing it up heavily and exploiting the difference is what took place, not claiming for refunds illegally.


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PostPosted: Fri Sep 20, 2019 9:58 am 
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backrow wrote:
The Sun God wrote:
backrow wrote:
https://www.bloomberg.com/news/articles/2019-09-18/london-banker-expresses-regret-for-role-in-german-tax-scandal

:o

this is whom I indirectly worked for recently. It was obviously going to be short lived, if lucrative work, which was a shame as I liked working there.
Any bookies out here crossed paths with this area before ?

It also one reason why I chose to be a brexiter, as Euroland is bent as feck, and at a extremely senior level.


But it's Euroland who have brought this to a head... ( pairs nicely with cum ). The Germans are prosecuting this case and last time I checked both Barclays and Icap were British domiciled firms.
I don't know much about the actual ins and outs of the dodgy tax practices but it would appear this has all the hallmarks of a corrupt banker using a scattergun to spread shit on anything it might stick to.


Ok let me fill in some details for you
Martin is Irish
The firms you name are british
The trading activity occurred technically in Europe
British trading desks warned Germany ages ago (bimbo says 2002)
Germany took ages to react
The main investors in this method , were Germans and Italians , including some well known politicians who were part of the committee the suggests financial regulation (this is the bent part I spoke of)

It’s euros who were bent here, not british. Saying it’s germany who brought this up, is just wrong.

Also, that wiki link is not 100% correct and heavily implies fraud took place - it didn’t (or at least when I worked there it didn’t)
Simply put, one side who was entitled to receive dividends gross (pension) was the beneficiary, and the other part of the entity only got them net. Gearing it up heavily and exploiting the difference is what took place, not claiming for refunds illegally.


Hairy muff..... as I said to Bimbo it's not been on my radar but I will read up on it when I finish quaffing Montrachet after today's opener... :smug:


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PostPosted: Fri Sep 20, 2019 10:12 am 
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backrow wrote:
Simply put, one side who was entitled to receive dividends gross (pension) was the beneficiary, and the other part of the entity only got them net. Gearing it up heavily and exploiting the difference is what took place, not claiming for refunds illegally.


Is this that it was legal owing to a loophole in the tax regs?


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PostPosted: Fri Sep 20, 2019 10:52 am 
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Quote:
Also, that wiki link is not 100% correct and heavily implies fraud took place - it didn’t (or at least when I worked there it didn’t)
Simply put, one side who was entitled to receive dividends gross (pension) was the beneficiary, and the other part of the entity only got them net. Gearing it up heavily and exploiting the difference is what took place, not claiming for refunds illegally.



The Danish situation was Fraud.


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PostPosted: Fri Sep 20, 2019 10:58 am 
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Fek.in.g northerners... always the first to point the fingers at others - and then they are always the first cheaters out there

edit: what is going on also with the US banks again... that they are charging each others up to 10% for overnights Bimbo?
what the actual fec.kin.g mess are they been creating once more right now?
Are you informed?


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PostPosted: Fri Sep 20, 2019 12:08 pm 
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AlanBengio wrote:
Fek.in.g northerners... always the first to point the fingers at others - and then they are always the first cheaters out there

edit: what is going on also with the US banks again... that they are charging each others up to 10% for overnights Bimbo?
what the actual fec.kin.g mess are they been creating once more right now?
Are you informed?



Bloody hell are they? We know how that ends.

No well out of it so no idea why.


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PostPosted: Fri Sep 20, 2019 12:22 pm 
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Quote:
that they are charging each others up to 10% for overnights


Are they really!?*



* nervously checks price of gold and asks wife to start buying lots of tinned goods.


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PostPosted: Fri Sep 20, 2019 2:35 pm 
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zzzz wrote:
Quote:
that they are charging each others up to 10% for overnights


Are they really!?*



* nervously checks price of gold and asks wife to start buying lots of tinned goods.


Yes they are - and there is no clear picture why this is happening; bit of deadlines coming together; bit of uncharted waters.
What I know however is that the 2007 crisis started exactly with this symptom - ie US banks suddenly being suspicious about lending money each others, because they knew some of them were "high on drugs" (but they did not tell the markets).
The fe.ck.ers!!
Hope they are not at that game again so soon


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