For those concerned that Switzerland's recent epiphany on taxes was going to invigorate the global campaign against frauds of all colors, former Swiss grey list partner, Luxembourg, offered some soothing words. When asked about how the damage from King Ponz's scheme was going to alter the local financial landscape, the director-general of the Commission de Surveillance du Secteur Financier, Jean Guill, likened the impact from the $50 billion fraud to a mosquito bite.
"I don't think it has really damaged in any measurable way the fund industry here in Luxembourg ... You have to start from the fact that this was fraud and there will always be fraud
One can only admire the tiny tax haven for taking a leading role in disclosure advocacy with its 'there will always be fraud' campaign.
Posted by European Bear , Jul 27, 2009 12:57PM
Eh, Greg, Luxembourg got itself off the grey list earlier than the Swiss.
Posted by Porker Stankleberry , Jul 27, 2009 1:09PM
Eh, by about two weeks?
And even if they did, it doesn't change the tenor of the sentence - they're still former grey list partners.
Posted by guest , Jul 27, 2009 1:14PM
Greg, you're going to have to adjust your email alerts to stories that people actually care about.
The Stanford post was probably your best ever, but posting shit about the Swiss, rating agency downgrades, or anything from MarketWatch or Fox is not cutting it.
Posted by guest , Jul 27, 2009 1:16PM
Cox said it first
Posted by guest , Jul 27, 2009 1:28PM
Greg,
Posting about topics for which people actually give a shit is the new killin' it.
-BL
Posted by European Bear , Jul 27, 2009 1:34PM
@2, true, but Greg hadn't caught on to the fact that Lux is off the grey list, as is clear from this story and the previous one on the Swiss.
Posted by guest , Jul 27, 2009 1:55PM
I guess finding a picture to go along with your horrifically uninteresting post was just too much work for a busy guy such as yourself
Posted by guest , Jul 27, 2009 2:15PM
Psst Greg! I hear www.catfancy.com is looking for a web editor. Good luck to you and I'm sure Bess will waive the whole two weeks notice thing.
Posted by guest , Jul 27, 2009 3:05PM
@4 didn't you hear? Greg likes Cox