Comments
mechalenchon t1_je12gbm wrote
If HSBC could be raided we would be surprised to find anything else than money laundering.
olzd t1_je1960d wrote
Well, they are one of the raided banks.
Backdoor_Delivery t1_je0vkx7 wrote
The difference is that adjective, “massive”.
JuniorSeniorTrainee t1_je2uecm wrote
They're probably just raiding the ones that didn't pay their fraud fees.
walleaterer t1_je2exmv wrote
see, easy to find pension money when u want to
OathOfFeanor t1_je2pu12 wrote
The problem is the way pensions work, they just cost continually more and more money.
So we would have to permanently solve the fraud to fix the deficit. A one-time injection from a specific criminal case can't do the job.
MisterBadger t1_je2rmkz wrote
So you're saying the solution is to consistently uphold the law. Hmm. That sounds like an interesting challenge.
[deleted] t1_je3e9ea wrote
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krad-31337 t1_je3pqzq wrote
Nothing about it is fiscally impossible let alone mathematically destined to run out of funds.
The US is not unusual. Most countries in the Western Europe use a social insurance system where current workers pay current beneficiaries - including France.
OathOfFeanor t1_je4xy6m wrote
> Something various nations have been able to avoid with their own funds.
The same way ALL pensions do, the same way France is doing now, and the same way Social Security will do: by reducing benefits.
Without that, ALL pensions are mathematically destined to fail because people withdraw more money than they originally contributed.
As time goes on all pensions increase restrictions like income caps, longer vesting periods, and reduced benefit amounts.
purpledust t1_je3nzhy wrote
Except the fed can make more money and I’m absolutely sure they will before mass strife, and the poors will be royally fucked.
To be clear: I’m a poor
[deleted] t1_je3oc46 wrote
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purpledust t1_je5ck8l wrote
It kind of does. Wait for 40 years (not kidding); you’ll see that our money has somehow “changed” because we are, in fact, going to spend like nuts.
PoorsRFuck
Inflamed_Hemorrhoid t1_je18fvu wrote
All banks should be raided.
mac_duke t1_je3vhee wrote
Pretty sure modern society would collapse, unfortunately.
autotldr t1_je0p0ab wrote
This is the best tl;dr I could make, original reduced by 79%. (I'm a bot)
> Paris - French authorities raided five banks on Tuesday as part of an investigation into suspected cases of massive tax fraud and money laundering, prosecutors said.
> The raids follow five preliminary investigations that were opened in December 2021 in connection with suspected money laundering and aggravated suspected tax fraud related to dividend payments, the statement said.
> A German court in December sentenced lawyer Hanno Berger to eight years in prison over the "Cum-ex" tax scam, convicting him of three counts of aggravated tax evasion.
Extended Summary | FAQ | Feedback | Top keywords: tax^#1 fraud^#2 bank^#3 raids^#4 suspected^#5
Negative_Band183 t1_je1ue1i wrote
The wut
1lluminist t1_je2b6ud wrote
Cum-ex
They raided a sperm bank by mistake and found the Kleenex.
Calavant t1_je3kf36 wrote
An easy mistake. Both locations are cocked up beyond belief, utterly filled by dicks. We're all very salty about their output. See, man?
SpaceGoonie t1_je26br3 wrote
You don't read Latin?
TonySu t1_je36hzw wrote
It was an exchange established to help maintain liquidity during the seasonal shortage month of November. Due to the under-the-table nature of most transactions it’s rife with tax frauds.
The-Entity t1_je0qs7w wrote
Good! Start getting on all of em!
EWOKBLOOD t1_je1sqek wrote
We need the French
trebory6 t1_je2kl8f wrote
Maybe this is the shit they should focus on to get money for pensions instead of raising the retiring age.
7evid t1_je32b8q wrote
So it turns out that if you just tax the people dodging paying their share you don't have clean up an4 week accumulation of fucking TRASH cause your dumbass didn't solve the problem to begin with instead of loading it on everybody.
SpaceTabs t1_je4eilw wrote
Paris (AFP) – French authorities raided five banks on Tuesday as part of an investigation into suspected cases of massive tax fraud and money laundering, prosecutors said.
Some 150 investigators conducted searches in Paris and the financial district La Defense, the financial prosecutor's office (PNF) said in a statement.
The raids follow five preliminary investigations that were opened in December 2021 in connection with suspected money laundering and aggravated suspected tax fraud related to dividend payments, the statement said.
The operation "required several months of preparation", the statement said, and involved 16 investigating magistrates and more than 150 financial investigators.
Prosecutors from Germany, where similar tax frauds came to light in recent years, were also involved in the raids, the statement added.
A spokesman for Societe Generale confirmed to AFP that the French bank was being searched by authorities, but he said he did not know the reason.
French rival BNP Paribas and its Exane unit, financial group Natixis and British banking giant HSBC are the other targets of the raids, according to Le Monde newspaper. Disappearing dividends
A group of European news outlets published an investigation dubbed the "CumEx-Files" into the tax fraud in 2018.
Its title referred to trading of shares with ("cum" in Latin) and without ("ex") dividends.
The amounts involved are suspected to have reached 140 billion euros ($151 billion) over a period of 20 years, the media group said in 2021.
Tuesday's raids stem from so-called "Cum-Cum" tax fraud.
"The fraud involves a foreign shareholder in a company listed in France temporarily transferring the shares he owns to a French banking institution, around the date the dividend is paid out," the PNF said.
The aim is "to avoid paying the tax applicable to the payment of this dividend," it added.
Banks are suspected of acting as intermediaries in the practice and even charging a commission to the investors taking part.
A German court in December sentenced lawyer Hanno Berger to eight years in prison over the "cum-ex" tax scam, convicting him of three counts of aggravated tax evasion.
The regional court found that the 72-year-old -- believed to be the original mastermind of the scheme -- helped arrange fraudulent transactions at German bank M.M. Warburg between 2007 and 2013 that cost Berlin's treasury 278 million euros.
In addition to the jail time, the court ordered 13.7 million euros ($14.8 million) of personal revenues from the scheme to be confiscated from Berger's accounts.
Berger only partially admitted wrongdoing during the proceedings, insisting that some of the transactions were legal at the time.
[deleted] t1_je1w135 wrote
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ToughQuestions9465 t1_je3m4tw wrote
They do not take kindly to me raiding banks due to tax fraud suspicions. And I am legit very suspicious.
Constant_Fun_7326 t1_je2cmzv wrote
They won't see a day in jail.
primatepicasso t1_je2ckfn wrote
Useless, no one went to jail
Exodus2791 t1_je3ey4x wrote
They've just conducted the raid. You expect jail already?
mac_duke t1_je3vl56 wrote
You’re right but they are just predicting the future, probably accurately based on historic precedent.
Princeof1nd1a t1_je1vbnf wrote
So this is where South Park Banks money goes to
[deleted] t1_je2dlix wrote
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Silent0n3_1 t1_je1pgme wrote
Addendum - the very same French authorities who did the raiding, and after processing the alleged fraud and laundering suspects, will be found driving new cars to their new summer villas.
The French authorities on the take is tradition. The only reason the bank got raided is probably because they didn't cough up enough for the pay to play rules for Macron's New Shoes Fund.
Has_hog t1_je22eza wrote
These guys are criminals, and you’re like “actually the authorities are the ones who want to do crime more, the banks were smart because they didn’t abide by the law for a something something (I made-up) shoe fund”. Crazy logic
Whereas in america, they will never be held to account for anything. Certainly no jail. Atleast France has the wherewithall to attempt to hold these guys accountable without a pretense of political pressure.
Le_Flemard t1_je2kaa5 wrote
> wherewithal (countable and uncountable, plural wherewithals)
> The ability and means required to accomplish some task. I would like to help your project, but I do not have the wherewithal.
TIL, thanks for enriching my englis vocabulary :3
[deleted] t1_je2k548 wrote
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Silent0n3_1 t1_je2fzuq wrote
And yet all "bankers and banks are criminals" adds to to the conversation. Lol
Emotional-Coffee13 t1_je0zw57 wrote
Always western “democracies” who commit the most financial crimes we r the definition of who not to mimic unless u want to destroy ur country
Mamacrass t1_je17dta wrote
How is France holding banks somewhat accountable leading you to that conclusion?
Negative_Band183 t1_je1ua4f wrote
He's a right wing delusional lunatic. Don't waste your time seeking logic out of a fool like that.
[deleted] t1_je4iedt wrote
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tickleyourfanny t1_je0r0qj wrote
You could probably just pick any bank really and find tax fraud and money laundering..