Monday, January 18, 2010

Fired Swiss Banker Blows Whistle on Tax Evasion

Switzerland's Bank Julius Baer made a fatal error that may damage its reputation and and cause serious problems for some of its clients.

The bank fired Rudolf M. Elmer. In revenge, he is now spilling the beans on what he knows about Julius Baer aiding clients in tax evasion.

Julius Baer broke the cardinal rule that the international trader Marc Rich knew so well. You never let people, who you want to get rid off, leave unhappy. Rich traders have told me that even when he desperately wanted to fire someone, he would find that person another job, rather than simply let them go.

It's clear Bank Julius Baer never learned this lesson. Of all organizations, you would think they would have understood this. Now, the error is going to be painful for very many people,

NYT has the gory details of the trouble Elmer is causing, here.


  1. Interesting they posted this.
    I came across elmer's blog..I think it's called swiss whistle blower or something similar a few months ago..
    all about the way the bank went after him for two years.
    It is amazing what companies do to employees..

  2. Very unwise, the Baer Bank. Never let emotions rule your business.

    This was one of Marc Rich's secrets of success. I just read a new book about Rich named The King of Oil. Highly interesting. It shows why the infamous billionaire trader was so successful.