Skip to main content

Tax-Evasion Bankers: The World’s Second-Oldest Profession

Tracing its roots to the great state of New Jersey!
  • Author:
  • Updated:

You may be as surprised as we were to learn that a history of Switzerland and a history of tax evasion are not, in fact, the same thing. In one of history’s greatest and not-at-all-nefarious coincidences, the Swiss only got into the asset-shielding game shortly after Adolf Hitler got the top job in Germany. What is perhaps less surprising as we write the latest chapter in tax fraud’s proud history, and cross another name off the list of “good places to hide your money,” is that the Garden State is no stranger to those pages.

Back in the 1880s, at the prompting of prominent corporate lawyer James Dill, the state of New Jersey slackened its standards for corporate disclosures and regulation. Before long, giant trusts like the Standard Oil had relocated there, creating the potential for “transfer pricing,” in which subsidiaries sell goods to parent companies — a technique that can enable firms to minimize tax burdens across borders.

Panama Papers: A History of Tax Evasion from Ancient Rome to the French Revolution to 19th-Century New Jersey [WSJ]


UBS Tax-Evasion Clients Keeping German Prosecutors Busy

2000 tax-avoiders should gird their loins right about now.

paul mora

Cum-Ex Banker Not Gonna Come To Germany

It’s a bad idea for a whole lot of reasons and you can’t make him, as long as he remains marooned in the south Pacific.

frankfurt police

Frankfurt Police Making The Rounds Of All The Banks

It’s nice that they’re all so close together, and maybe also committing the same crimes.

By Federal Bureau of Prisons ( [Public domain], via Wikimedia Commons

83-Year-Old Gets Four Years For Crimes Of All Panama Papers Characters

‘It’s not even a close question that von der Goltz be incarcerated.’

By Swiss Banker [Public domain], via Wikimedia Commons

Israeli Bank Very Impressed By How Nazi Banks Did Things

Bank Hapoalim went native in Switzerland.

McAfee Dealbreaker

McAfee The Company Really Wishes McAfee The Man Could Have Found Some Other Moment To Be Arrested For Tax Evasion

It’s not the entire reason MCFE shares priced so low, but it can’t have helped.

frankfurt police

It’s JPMorgan’s Turn To Play Host To The Frankfurt Police

Let’s have ein Kaffee and talk Cum-Ex, Jamie.