Banker Gets Eight Years For Death Of Wife
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In the meantime, Bloomberg reports that the trial of Matthew Tannin and Ralph Cioffi, the two former Bear Stearns hedge fund managers accused of deceiving investors, is finally underway in New York. The news agency quotes Susan Brune, Tannin's lawyer, who said: 'This is a case about risk, It's about taking risk and making money, lots of it, and it's about taking risks and losing money, lots of it. It's a case about trying to do your best'.
Finally, The Wall Street Journal reports that Bradley Birkenfeld, the former UBS private banker currently serving 3 years in clink for helping clients evade US taxes, may end up getting a substantial 'reward' for grassing up what was going on over at the Swiss bank.
Apparently a 2006 tax-informant law provides for an award of up to 30% to be paid to people who lead the tax authorities to gold, and Birkenfeld's testimony looks likely to result in the payment of billions of dollars in fines, penalties and back-taxes. The newspaper quotes the banker's lawyer, who said: 'They (the IRS) didn't know how to spell UBS until he showed up. He didn't just give them a piece of the puzzle, he gave them the entire puzzle'.
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