The Shadow State 50 UBS - King of the Swiss Banks

1:21:59 · recorded 2025-08-08 · ▶ watch on Rumble

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0:16 Colonel Roxanne Turner Watkins and Warhamster Brady coming to you live today. And we're going to be covering UBS. How are you today, Brady? I am outstanding. Yourself? I'm fabulous. Busy. Yeah, I know you're busy. So for those who don't know, UBS stands for United Bank of Switzerland. It used to stand for Union Bank of Switzerland.

0:46 that history today um this should be fun we've previously you know banking's always been a part of this whole story of international intrigue and you know all wars are bank awards etc the connections to everything from operation gladio to some other shall we say uh undesirable events is it's very much clear we previously talked about the world's dirtiest sleaziest bank bcci we've talked about the vatican bank but today we're going to talk about one of the

1:14 oldest and bluest of the blue blood banks and we're going to find out the blood may not be so blue it may be red like everyone else's you ready to jump in yes okay uh let's see let's do the screen share um we're gonna try a little bit different presentation and uh there it is okay history of swiss banking uh medieval foundations in the 13th to 16th centuries

1:44 You see in there the kingdom of the Lombards. Lombard bankers and moneylenders operated in regions that are now part of Switzerland. We kind of talked about this with the Vatican Bank. You know, Italy was right on the border of Switzerland. So the Italians, the Vatican bankers, were bringing money right across the border. Well, the Lombards were there previously. Who were the Lombards? That's a Germanic tribe.

2:08 They invaded Italy after the collapse of the Ostrogothic Kingdom and the withdrawal of the Byzantine forces. So it's pretty much 568 AD to about 774 was led by a king, Alboin, and in 774 it was conquered by Charlemagne. And if you are familiar with London, Lombard Street is synonymous with banking and finance. There were Swiss cities like Geneva and Basel.

2:37 that emerged as important trade and financial centers because they were part of the whole trade route coming from east to west. Early banking activities were stuff like currency exchange, money lending, credit facilitation for merchants and traders. So that's up until the 16th century. In the 17th and 18th centuries, we had the rise of the Protestant banking ethos.

3:05 Now, this is important because you keep hearing a lot of this ridiculous stuff that, you know, to Jewish bankers around the world. Well, this is a Protestant bankers that established this whole system. Geneva becomes a haven for Protestant refugees, Huguenots, who are fleeing religious persecution in Catholic France. And here you can see the Holy Roman Empire. That's Byzantium. There's Switzerland tucked right in the middle of the trade. And they're getting into banking early.

3:35 Many of these people, the Huguenots that moved to what became Switzerland were financiers and goldsmiths and had the famous Calvinist work ethic. So we get to the 19th century and the Napoleonic Wars. Can I just add, I want to really kind of footstomp the centralization because back in those times, the.

4:04 people traveling around in the trade centers were critical to commerce. And we know, you know, the, a lot of the development that we're used to railroads and all that airplanes and stuff like that, none of that existed. And so a country like Switzerland, that's dead center of France, Italy, what we now refer to as Eastern Europe.

4:36 the upper part of Northern Europe. They are literally a trade hub. You just can't kind of foot stomp enough how critical that location is. Yeah, it makes perfect sense. You're a landlocked nation without a ton of natural resources. How are you going to make yourself invaluable? And obviously they have, the Swiss have a very high standard of living and they have for a long time. Yes. And neutrality hasn't hurt them either.

5:04 staying out of stuff okay so um and it's interesting this age of um um maritime empires that this landlocked small little country in the dead center of europe is able to sit you know near the top of the food chain that's i just think that's a critical point in this whole conversation yeah and you know carol quickly addresses that the difference between the um agrarian uh agrarian kings uh kingdoms and the um maritime and

5:35 Switzerland doesn't fit either mold. Correct. Yeah. Okay, so we get to the Napoleonic Wars. And Switzerland declares neutrality in 1815. Smart move by them. You can see on the map how close they are to Napoleonic France. They said, no, we don't want any part of this. And, you know, you have to get to the Habsburg Empire. You almost have to go through Switzerland. So that was interesting. Let's see.

6:06 The Federal Swiss Constitution of 1848 established a legal framework for commerce and finance. It's an interesting constitution. It's worth going through. We don't have time for it today, but it took a lot of good ideas from the American Constitution. Swiss banks become known for offering secure deposit services during periods of political instability. Does that sound familiar? Yeah, it sounds like a roadmap.

6:38 We have a couple of the oldest Swiss banking houses. If I can get this to move over here. And it's Lombard, Odier, and the other one, Pictet and C. And you can see even on their logos, they got the age they were founded, 1796 and 1805. They're very proud of their history to put that on their logo. And that's really the beginning of the 1800s is when this starts. So leading right into the Napoleonic Wars.

7:09 They're on their path. So we get to the 20th century. We'll get that in a second. Yeah. 20th century. They passed the 1934 Swiss banking law, which formally establishes. I'm going to butcher this pronunciation. Bankenheimness, which means banking secrecy. And that is the key to the Swiss banking success. It becomes a criminal offense for bankers to disclose client information.

7:42 This is in 1934. What's going on in 1934, Colonel? Well, we're right between World War I and World War II. And I chuckled when you said about their neutrality. Switzerland nor Sweden has ever been neutral. They are kind of the powerhouses militarily.

8:10 for Sweden and financial, economical for Switzerland as kind of the keys to the engine that drives this forever war machine going forward. And UBS is kind of in the driver's seat of a lot of this. The main instigator for the bank secrecy laws is.

8:38 So Hitler's rose into power in Germany, and they're trying to track down Jewish assets. And a lot of those Jewish assets fled Switzerland. So they created the Swiss banking law while they're, quote unquote, neutral. And it made it a lot harder for the Nazis to track down those assets. This attracts assets from all throughout Europe as the buildup to World War II is starting. People are getting scared. We don't want to lose everything to a bunch of tanks.

9:08 Swiss banks become a global haven for wealth preservation, tax avoidance, and asset protection. I would also make that the opposite argument. If you have somebody on the inside of Switzerland's banking, it makes it easier for them to find and hide assets too. Oh, very much so. They were open to business from all sides. Yes. That was the key here. Okay.

9:38 So now we get to UBS. Well, it came from two banks. There was a bank in Winterthur, Switzerland, and they played a key role. That was founded in 1862, played a key role in financing the railway boom and industrial development. And another bank founded in 1863 called Toggenberger Bank. In 1895, they would merge and become the Union Bank of Switzerland.

10:10 Union between these two old banks. And that's UBS. Okay, now this key logo isn't on the logo up until 1998 when there was another merger that happens we'll talk about. But those keys represent confidence, security, and discretion. Kind of key symbolism. So now Union Bank of... Yeah. So now Union Bank of...

10:43 Switzerland exists. And there's a lot of banks in Switzerland. They're not the biggest or the most important by any stretch. Until 1939. And Hitler invades Poland. We'll get to that in a second. Where am I? Okay. Switzerland again declares, air quote, neutrality and becomes a refuge for people and money. UBS shifts its roles. Instead of just handling money, it moves money.

11:17 It hides money. It cleans money. The Nazis needed a partner to store and clean looted gold. It's the Nazi gold train right here. UBS would accept stolen gold, melt it down, stamp it with neutral markings, and then puts it back into circulation as totally laundered. The unpracable gold. Where does this gold come from? Well, they got the conquered lands and the concentration camps.

11:51 They're taking gold fillings, personal jewelry, stuff taken off anybody that Nazis have captured. They're sending it to Switzerland, particularly UBS, to launder it into clean money. That is their business model. And by the way, that's exactly what Sweden did during World War I with the Tsar's gold. They melted it down, stamped it with Swedish stamps, and laundered it through Swedish banks. They have never been neutral.

12:24 Well, it's pretty big business. The estimates are between 1939 and 1945, over $400 million of gold purchases from Germany, which is about a third of the Swiss Central Bank's total assets at the time. So it was huge. It is. It was a big amount of money. And of course, Switzerland stays out of the fighting and they're useful to both sides. Correct. Useful to both sides. Well, who else was in Switzerland in the Durham World War II? Oh!

12:54 That looks like Alan Dulles. Yeah. So Dulles is doing it. He's in the OSS, and he immediately goes straight to Switzerland. He's not in London with the rest of the OSS and Wild Bill Donner, but he sets up his own shop in Switzerland. And we've told this story a million times, but let's just go ahead and tell it again. What's he doing with these Germans he's meeting with? He's setting up Operation Paperclip and a few other things. Operation Gladio. He had a secret meeting in northern Italy.

13:24 And with SS German Nazi General Wolf, of which werewolf units, there's a connection there, and major general at the time, eventually a four-star general, Lyman Lemitsker, who was the logistics chief on General Eisenhower's staff in Germany, secretly meets with Allen Dulles and the Nazis.

13:52 to decide who's going to not be held accountable at nuremberg and how they're going to navigate the rat lines because they had their logistics chief there and for those of you who don't know logistics is supply um how to use the train system how to use the entire supply system to take weapons that are in theater and

14:15 ferret them off into stay-behind units to set up Operation Gladio. That meeting was held in northern Italy before the end of the war. Which is right across the border from Switzerland. Correct. Where Alan Dulles is hanging out with his Nazi buddies and other lovely individuals. General Reinhard Galen, all of them. Yep. All right. So UBS expands after the war.

14:48 Look at this period of 1956 to 1975. UBS is expanding. They're buying up smaller banks across the country. It's kind of a map of their expansion. They become Switzerland's largest bank. In 1960, they acquire something called Argor SA. This is the nation's largest gold refinery. It gives UBS vertical control over the flow of gold, not just horizontal.

15:23 And it's a move to institutionalize their control over gold and gold markets. And by 1970, Zurich surpasses London as the global gold trading leader. Now, what else is UBS doing from that 1950 to 1970s period? Go get them. Go get them, Colonel. This is yours. Well, I'm going to tell you just a few of the things. We'll get to more of them later.

15:53 But the old Swiss bank secrecy protection allowed it to be used by Alan Dulles' now CIA, not OSS, to work as a cutout with BCCI, the Bank of Credit and Commerce International, Nugent Hand Bank in Australia, to launder covert...

16:23 illicit drug trafficking, weapons trafficking, and human trafficking money. Documentation from 1970 to 1991, UBS handled letters of credit and correspondence banking for a network of BCCI front companies, most visibly Capcom Financial Services, which was a London-based commodity brokerage.

16:49 implicated in laundering arms sales proceeds, including Pakistan's nuclear black market procurement. Declassified U.S. Treasury papers from 1991 to 93 show UBS New York processing wire transfers totaling $400 million for BCCI numbered shell entries.

17:16 You want to explain what the numbering system is? Because UBS is one of the, as opposed to like UNI's bank account. Yeah. So the people that bank in Switzerland care about their privacy quite a bit. Mostly it's privacy from their own government. So they won't open up an account in their own name. They will just have a passcode or a number. You see it in modern times. They wouldn't even, you know, they don't get written statements. They don't get electronic statements. There's no online banking.

17:45 you basically are trusting the bank to manage your assets because that's how the secrecy is protected. It's not written down anywhere. I just wanted a real quick reminder that Alan Dulles, who's one of the stars of most of our shows, does everybody remember what he did for a living prior to World War II when he was working for Sullivan and Cromwell? He was an international investment banker. So when he's in Switzerland, he's in his element with people he already knew.

18:15 Correct. It just paints it. Yeah. So Nugent Hand Bank and CIA Air America narcotics money in the late 1970s, Nugent Hand, which was headquartered in Australia, but also had locations all over the world. A large one in Phoenix, Arizona, actually. It went out of business in 1980. Its treasurer, Frank Nugent, had a $300,000.

18:45 unsecured line of credit at a Geneva subsidiary of UBS and technically at Swiss Bank Corp, which was bought by UBS. And according to Jonathan Kittney's Crimes of Patriots that was published in 1987, USB, the Swiss Bank Corporation that UBS bought,

19:11 provided overnight liquidity for Nugent Hands Cayman Island Treasury account used to process heroin proceeds routed through Hong Kong on behalf of Air America pilots. After the merger, UBS quietly took over all of the loan exposure. There was an Alfred Hartman BCCI UBS pipeline that cleaned money.

19:41 Alfred Hartman acted as the Swiss fixer between the bank and Abraham Shafi's, BCCI's head of global money laundering. And just a couple highlights from that. UBS accepted $2.9 billion, with a B, deposits from Saddam Hussein's central bank during the UN oil for food embargo.

20:12 Doffler report published in 2004. The same relationship handled Saddam's $5 billion line of credit, which is completely separate, to buy French Mirage jets and Russian missiles in defiance of sanctions. Nazi gold and Holocaust-era assets. Published in the 1998 independent UBS Borgere report, UBS absorbed.

20:42 $5.3 billion, and that was in 1997 money, in Nazi gold and looted assets deposited between 42 and 45. The same report admits UBS took possession of securities without identifying beneficial owners. To include art, which is why that train system is so important, they weren't just looting gold. They were looting all types of artifacts, just like

21:11 the Japanese did and buried them in the Philippines in Operation Golden Lily. Switzerland was the European version of the Philippines, just so that everybody understands that picture. Yeah, the gold train is real. That was happening. Yes. They've made movies about that, and yes. So, Yugoslav arms embargo.

21:38 During the Bosnian War from 92 to 95, the Swiss Federal Banking Commission fined UPS, fined them so they know they're guilty, fined them $11 million, which is hilarious because you want to know how much money they processed? $500 million. I don't do math out loud. 2.2%. Yeah, that's nothing. 2.2%.

22:05 In letters of credit linked to Victors in Norinco and Croatian arms importer CMM in direct violation of the UN embargo. They also, under the CIA rendition support.

22:24 There was court filings in a lawsuit in the Southern District of New York in 2009 that accused UBS of maintaining numbered accounts for Aviation Worldwide Service, the company that provided civilian-lease Gulfstream jets used in the Extraordinary Rendition Network. UBS settled that out of court, paying $8.3 million. Oh, excuse me.

22:52 The fine that they paid was undisclosed. The affidavit showed $8.3 million in wire transfers from a shell company to UBS. Okay, hold on a second. What year is this again right now? That is 2009 was the court case. Hold that thought. You're jumping ahead on the timeline. Let's lay some more groundwork that leads up to that.

23:22 This is just CIA related. I have one more. Aiden Khashoggi. In the Iran-Contra pipeline, Khashoggi Triad International Finance Corporation, that was the name of his shell company, had a Zurich branch that banked at UBS. The Treasury Benson documents from 1988 cited $1.1 billion.

23:50 in bear share certificates moved through UPS in Lichtenstein nominee trust proceeds from the Saudi AWACS kickbacks in the cell of F-14 parts to Iran, which would have been during the Iran-Contra or Iran-Iraq war where we were actually funding Iraq.

24:16 but sending crap through Adan Khashoggi in Israel to Iran at the same time. And who is Khashoggi's international matchmaker and guy setting up all the trusts? Jeffrey freaking Epstein. Correct. His only client at the time. Correct. Which is why you know that the IDF and Mossad.

24:42 is linked to all of this because all of those 1980 transactions into Iran, both in support of the deal, the October surprise prior to Reagan getting in to basically ensure Carter didn't. And then the second one that was because there was two and most people don't.

25:00 They think there was only one. There were two major missile shipments into Iran, along with the F-14 parts, because we had actually provided them with F-14s. There were two major shipments, a whole bunch of others, but two major missile shipments into Iran while we're funding Iraq. And both of those transited Israel as the cutout into Iran because Epstein was involved in both of them.

25:31 And here I am setting the table of how they become one of the world's most renowned and prestigious banks while all this stuff is going on throughout the decades. So there's another one that happened.

25:46 with the Saudi government back in 1991. And keep in mind, this is at the tail end of Nugent Hand and BCCI. UBS Geneva acted as an arranging bank for the BAE system bribery fund per the UK Serious Fraud Office files called Operation Berenice.

26:11 Money was wired through UBS Cayman Islands accounts to consultants later indicted for facilitating tornado and hawk trainer sales to Saudi Arabia. One more. South African arms sanctions from 1979 to 1990. UBS Basel handled Arms Corps $6.7 billion trust.

26:41 that financed the ChemSafe chemical weapons stockpile that was discovered in a declassified South African Defense Force file in 1991. Well, they got the Swiss Bank secrecy laws. You can get away with that, can't you? Is that crazy? No, that's exactly why we're having this conversation today. They've been all over the place. All right, let's go back to the screen share real quick before I do that.

27:10 We're getting up to the 1980s in the timeline I'm drawing out. And as the colonel is describing, the banking system is going global. International banking is becoming a big thing. Technology is here. We're able to do it a lot more efficiently. So UVS needs someone to lead them into this new age. And let's just go ahead and get the screen back up. Enter a guy by the name of Robert Studer. He gets named CEO of UVS.

27:42 and that's in the 1980s this guy came from ubs in the 1960s he's considered very disciplined very cautious very legitimate he previously worked globally both in new york and beirut should i let that hang there for a second yeah because beirut was one of the major weapons trafficking

28:09 Yeah, so to compete globally, UBS has to grow fast, and this is the guy they picked to do that. He wants to turn him into, and this is his own words, into a new kind of bank. So he splits the bank up. Instead of just being this top-down thing managed out of Zurich, he just has all these different regions, and they all have their own CEOs, and they don't really report to each other. That makes him more agile. It also makes him more open to all the cross-border shenanigans that the colonel just described. This was intentional. But...

28:42 It gets more interesting. Oops. Is that the guy I want? I'm going to get the picture of the next guy. So hang on. Enter a gentleman by the name of Ramey Goldstein in the 1990s. This guy's an Israeli-American trader. He's known to be brilliant with numbers. 1990s is when the whole derivatives markets explodes because of the Black-Scholes model, which allows us to price properly derivatives very easily and on the fly.

29:12 are not actual assets they are fractions of an asset and you can use leverage so with like 10 of the money down you can control an entire asset what's the problem with that well when you're using leverage and things go south it goes twice as fast start with 100 you make 50 the first year you got 150 bucks you lose 50 the second year everyone goes well if i made 50 and lost 50 i should be a break even but no 50 150 you're down to 75 bucks leverage always goes twice as fast on the downside

29:41 And that's why these banks implode. Ramey Goldstein's doing that. He's specializing in complex options, convertible bond arbitrage. This is the 1990s, okay? So my next sentence is important. Particularly in the Japanese bond market. And what happened in Japan? In the 90s? Yeah. It was actually more of an explosion than anything else or an implosion. Well, that was the missile and then the implosion.

30:12 Yeah. So Ramey's doing these complex, exotic and long dated models. Few people understood it. Obviously, the EBS in Switzerland barely has an eye on it. This guy's sitting on a trading desk in Japan. He's making money on paper, but the risk is totally mispriced. The desk would keep booking profits based on internal models instead of market prices. And then when you back to the market discovery, you find out they're losing money.

30:42 Effectively, he was doing all these trades, leveraged trades, unhedged. There's no real oversight due to the fractured management and the profits were all free from oversight. He's basically running a rogue operation. Well, maybe, because there's a lot of people in the financial world that believes that Japan's market was imploded on purpose.

31:10 than to have somebody that's disassociated with your main bank. Yeah, but what I'm talking about is the derivatives universe that underlies the whole thing, and that is completely unregulated. We've got the Bank of International Settlements, and you can look this up. Go to bis.org, Bank of International Settlements. Type in their global derivatives. You're going to find that just in interest rate swaps alone today, there are over $600 trillion over the counter, which means it doesn't count about the side deals.

31:40 And interest rate derivative swaps. Everyone says it's fine because if bank one is the counterparty to bank two, who's the counterparty to bank three? As long as they're all offsetting the risk, everything is net zero. But what happens when net becomes gross, as we found out in 2009? The whole thing goes tumbling down. The whole daisy chain breaks. And that's the problem with this totally connected banking system. All right. So into the picture, we get a gentleman.

32:12 by the name of Martin Ebner from something called BZ Bank. This guy is a character. He's an activist investor. He's a corporate raider. This is the 1990s. He's loud. He's aggressive. He's all about pure profits. Called himself the ultimate capitalist. So in 1991, Ebner starts buying shares up in UBS stock. Ends up becoming the largest shareholder.

32:44 of the company and gets a seat on the board of directors in 95 costs are soaring but the profits aren't following and even blaine blames the ceo studer he said ubs was old big and slow and it just suffered a paper loss of over six billion dollars a lot of that came from the desk of mr rami goldstein so evener's an activist investor he's on the board and he basically tells the shareholders their shareholder meeting goes we need to do something different so he says ubs should merge

33:17 with Credit Suisse. That is UBS's biggest domestic rival. Credit Suisse is smaller than UBS. It's faster. It's already more technologically proficient, and it's already expanding overseas. Credit Suisse is ahead of the game in trading and investment banking, and they're doing a lot of work in credit derivatives. They've got a presence in London and Wall Street already. So the banks meet, and Credit Suisse says, thank you, but no thank you.

33:49 And this matters because this exposed Studer as a dinosaur in the industry. He couldn't keep up with a modern banking system that was developing right in front of him. Studer gets removed as the CEO and he stays on as the chairman. So we need a new CEO or president. Oh, here's Credit Suisse. They're gaudy awnings. Another person that comes up often in money laundering. Indeed. So our new CEO is going to be a gentleman by the name of.

34:24 Mathis Cabialaveta. And here's him talking with Credit Suisse's Marcel Auspil. I think he was with Credit Suisse at the time. But Mathis Cabialaveta, his name is Studer's successor. This guy's a trained economist. He had worked at the UBS private banking division. And he's pushing the bank to compete on the global markets. So he expands aggressively into securities and trading.

34:54 He needs a game changer to make this work. You know, we're still an old, stodgy bank. And they're not ready for the, you know, not quite ready for the 20th century. And we're up here in 96. So the world's changing. We're about to get Y2K. So he approaches one of their more formidable rivals based in Basel, Switzerland, something called the Swiss Bank Corporation. And, okay, that's where Oswald was from, the Swiss Bank Corporation.

35:29 You know the keys that UBS have? That was the logo of SBC, the Swiss Bank Corporation, which was founded in 1872. It was known for international expansion and financial innovation. And of course, it worked with American and European clients. SBC is smaller, hungrier, more profitable. You combine them, you get a global super bank. It's UBS's vast wealth management empire and SBC's trading edge. And boom, you got a modern day behemoth.

36:00 So the deal nears the finish line. 1997, as we mentioned earlier, Japan's imploding and Ramey Goldstein's book, trading book implodes. He's running the equity derivatives desk. Japanese markets turning. Interest rate volatility ticks up and Goldstein's derivatives start to collapse. This is the middle of a deal, merger deal. This happens and UBS has to go public and announce.

36:28 a $959 million loss. Okay. I think if I switch this, this is a good time to show a graph here. I'm going to stop sharing. This is worth looking at. So $959 million is a lot of money, but today we talk in billions quite often. Well, that's because we've really expanded. These are global financial assets. This is from 1990 all the way up here to 2012.

37:06 But this was the 90s period of explosive growth in global financial assets. And a lot of that has to do with derivatives. Okay. Going back to the main slideshow. I should get a producer to do all this clicking for me. Okay. That should be up. Okay. So in the middle of this deal, now it's a $959 million loss. It threatens the entire deal.

37:46 The deal still goes through, but instead of the bigger UBS purchasing the smaller SBC, it's actually the other way around. They kept the UBC name, but they considered a merger of equals. But SBC actually just swallowed up UBS. They kept the UBS name and then added the other keys for the logo. So that's how UBS became United Bank of Switzerland instead of Union Bank of Switzerland. People get the two mixed up. That's the 1998-99 deal.

38:21 Okay, so are we ready for him? No. So 1999. Yeah, go ahead. Well, I just wanted to throw in there, because you're at the 98, 99 timeframe, hidden behind all of what you just talked about is something that's going on with UBS. And they basically had hundreds of millions of dollars.

38:51 that was being carried on UBS's books during this time that had to do with the South African Special Forces Benevolent Fund. And it was basically laundered money. It was never intended for the actual, it was just like a shell. And that it was almost like half a billion dollars.

39:17 that that got exposed in a an investigation that had panama involved in it because it was laundered money for drugs and um that was all basically written off during this transaction that you're talking about where they merged yeah bank mergers bank mergers are really interesting because you want to bring in the good assets and kind of carve out the bad ones

39:47 The toxic ones. And that's going on quite a bit. All right, so we get to 99. Remember we talked about the UBS's history in World War II? Yeah. It's going to come back to bite them. Because they've been taking personal items, dental fillings, jewelry and stuff like that. You know, we told about how they were laundering that stuff. Well, the World Jewish Congress has got some serious international legal muscle. And they're investigating this stuff.

40:16 The World Jewish Congress is out of New York, and they launched a coordinated campaign to go after UBS. They're lobbying politicians. They're basically talking to the media, planting stories. This results in public hearings, protests outside of UBS branches. So under this kind of pressure, UBS caves, and they settle $1.25 billion in restitution to the victims of the Nazi era.

40:47 They can afford the fine, but the reputational damage was done. Instead of being this pristine bank you can trust, well, now the scandals are starting to build up. The ones you've talked about with the CIA don't come to light for years later, most of them. So 99, they need another big score to resuscitate their reputation. So what do they do? Let's see, where am I? We'll get to Peter Wofley.

41:22 We'll see, we'll get there in a second. I go out and purchase Payne Weber in 99, 2000. I was working at Payne Weber at the time. I was a rookie sitting in an office in downtown La Jolla where a bunch of, La Jolla is where 30 year veterans go to retire. And these guys aren't working very hard. I'm the youngest guy in the office by 25 years. So my stock options, I made about 800 bucks. These guys made millions.

41:57 let's see where am i here uh okay i'm gonna i skipped ahead of something so we'll get to the manager in a second here so 1999 we're still there ubs announced a 721 million dollar quarterly loss that was came from long-term capital management which was a hedge fund that blew up in america almost took down the whole system but they're merging with market losses equities old ubs and younger sbc are clashing the two different cultures so they bring in a new ceo

42:29 That's why I had him here, Peter Wolfley. Wolfley's background is not in banking. No, his background, he came from the McKinsey Company. Yeah. Very analytical guy. Yeah, analytics driven. Go ahead. Which the CIA uses routinely. And he comes in with a strategy. He says, UBS's strength is managing wealth for the wealthiest people in the world. That's what we're going to do. That's our core.

43:00 and that's what we're going to focus on. Get out of this darn derivatives game. It's too dangerous. And that's when the Payne Webber deal is announced. Payne Webber is a very reputable firm. That's why I went to work for them. They have a better reputation than the competitors like Merrill Lynch, Morgan Stanley, Smith Barney, all them. Payne Webber is around a fourth or fifth biggest, but had one of the best reputations, which is why UBS came. Now, the story of how this deal came about is great because you had this table, apparently.

43:32 over in Switzerland of about 12 wealthy Swiss bankers on the DBS side and one guy on the Payne Webber side. And it's a guy by the name of Joe Grano. And Joe Grano was a Brooklyn street kid. And he worked his way up to be an army captain in Vietnam, comes back, goes to work as a floor trader, and then works his way all the way to top to be CEO of Payne Webber. And he sat there and negotiated one of the greatest deals in banking history against these sophisticated Swiss bankers all by himself.

44:02 And he comes back. Well, let me put it this way. The deal is for $11.5 billion, 50% cash, 50% stock. Those old veterans I'm working with, Payne Weber, the stock jumped in one day by 47%. You want to talk about an office partying when this got announced? The champagne was flowing for a month. And I'm sitting there, you know, I got 800 bucks out of it. These guys made millions. But UBS became one of the world's largest wealth managers.

44:32 uh because of that deal and it becomes obviously ubs payne weber and now you only see ubs the payne weber name has disappeared from it but payne weber had that good of a reputation so it stuck around there for a bit okay so now boy wolfley the guy from mckinsey decides to get aggressive and he gets involved that's it we don't want him yet gets involved in mortgage products in the early 2000s

45:04 when we're giving out subprime mortgages and packaging them and collateralized debt obligations. And UBS decided they're going to get involved in that. Think that's going to work out well? No. Now, the risk starts compounding beneath the surface. By 2006, UBS has $3 trillion in assets under management. Then things start to go downhill. We get to the great financial crisis. The first domino to drop was a bank called BNP Paribas.

45:36 And they freeze withdrawals from several of their branches as the subprime dangers are revealed. This starts freaking out the whole financial system because BNP Paribas is a very legitimate player in the international banking scene. And if they're in trouble and having to freeze their assets and the rest of us have these toxic assets on our books, what's next? What's the next domino to fall? And that's what set off the great financial crisis.

46:03 UBS has been exposed to mortgage-backed securities, collateralized debt obligations, billions fluent of products believed to be safe. They were sold as sophisticated risk management, which turned out to be a fragile edifice. Now, at this point in time, 2006, I'm already working for Citibank and Smith Barney. I've left UBS. The banks are pushing.

46:29 things called auction rate securities as a cash alternative and what these are are long-term municipal and which are tax-free and corporate debt that go to auction every 30 60 or 90 days and for the price resets and the banks were pushing the wealth managers and the financial advisors like myself to push these to our clients as a cash alternative you know they're yielding five percent your money markets are yielding two two and a half it's a low interest rate environment it made a lot of sense for people to do that

46:58 But you don't treat something like cash if it's not cash because cash has to be liquid. So I never did it. I've got colleagues that got sued for years because they sold this stuff as cash. The whole market freezes the auction rate securities, ARCs, ARS as they're called. And they're wealthy clients. All of a sudden, you know, they needed a million dollars liquid. Well, now they don't have it. And it took them years to get that money back. And a lot of bailout, a lot of the financial bailout rescued these securities. I got lucky. I didn't fall for it.

47:31 UBS ends up writing down $50 billion in losses, which is the most in the European Union. So we were talking about hundreds of millions earlier. Now we're talking $50 billion. These numbers are growing awfully fast, aren't they? Very fast. In 2008, the Swiss government has to step in to save UBS with a $6 billion capital injection.

48:00 And they moved $39 billion of toxic assets into a state-owned bailout fund. Very similar to what we did here in America. The Swiss saved their own. The Swiss government takes a 10% stake in UBS. So now it's public-private. So think about this. Some of these shenanigans that the Colonel was describing, working with the CIA and other illicit operators, the Swiss government's involved in a company who's helping them launder money. That's exactly right. Yeah.

48:29 Credit Suisse also got bailed in, not bailed out. What's interesting is the shareholders got rescued. The bondholders did not. They got major markdowns. And that's not the way it's supposed to happen in the capital markets. You have something called the capital structure. When you loan a company money, you're first in terms of the order of who gets paid back. The stockholder, the shareholder, gets to participate in the profits.

48:59 So they got the lowest claims in the case of default or restructuring. Yep. The Swiss turned that upside down. Okay. Now comes the big one. In 2008, the U.S. Justice Department threatens UBS's banking license to operate in the United States. Why did they do that? Mr. Bradley Birkenfeld was a banker for UBS who handled a lot of money.

49:36 He had tried to alert the Swiss authorities to some of the money laundering and tax evasion he saw going on, even though he's participating in it. They don't listen to him, so he comes to America, knocks on the door of the Department of Justice, and he starts giving up a lot of secrets. And, well, let's see, what was he talking about? He reveals that the wealthy U.S. clients were using UBS to avoid taxes. Shocker, right?

50:03 He talked about how they didn't use names. They just used the ID codes, like the colonel said. They're using shell companies. They're using offshore tax havens. He identifies over 19,000 American clients that are banking at UBS. Approximately $19 billion of assets. And he estimated about 90% of them are trying to avoid taxes. They got all kinds of... These guys are so tricky, these Swiss bankers.

50:33 They're smuggling diamonds in and out of the country in toothpaste because it's hard to move more than $10,000 out without alerting the American authorities, the regulators, the OCC. Like I said, they're using no electronic banking. They're using cell corporations. Like a Swiss banker isn't licensed to operate in the United States. They've got their employees that work for Payne Weber.

51:02 that can operate and their licenses in America. But these Swiss bankers don't have American licenses. So when they're approaching the wealthy people in America, they've got to be really subtle about it. So like Newport, Rhode Island, where I was last weekend, they'd set up yacht races, social events, and basically they show up in America. Yeah, exactly. And they'd show up with encrypted laptops, no paperwork. And, you know, nobody could break any of these encrypted laptops. And that's how these guys did business. Well.

51:34 Birkenfeld makes a mistake. His biggest client is a guy named Igor Yagelnikov, who he didn't name because he didn't want his employee to get in trouble. Igor Yagelnikov, who is obviously Russian, big real estate guy in California. Because he didn't disclose that, the Justice Department goes after Birkenfeld. Yagelnikov gets off scot-free. In 2009, Birkenfeld...

52:11 Was that 2009? Yeah, we're at 2009 now. And so what happens? Barack Obama comes into office and inherits this. Birkenfeld actually ends up going to jail. Got 40 months in prison and sentenced to a $30,000 fine. He would then be exonerated and receives a record $104 million whistleblower award from the IRS. And they did this specifically because by jailing Birkenfeld as a whistleblower.

52:40 the irs realized no more whistleblowers are coming forward because he just scared the hell out of him so instead they turn around and pay the guy off with 104 million do it very publicly and so whistleblowers will come again so the the guy that was actually nefarious was fine and keep in mind what's going on politically because this is the reset button with russia they're going to go in and try to exploit

53:08 um russia so there's no way they're going to touch the russian what else is going on obama's department of justice goes after ubs and swiss diplomats are freaked out they end up getting a settlement a 780 million dollar record settlement from ubs and the ubs releases for the first time in swiss banking history thousands of names of u.s account holders the veil of secrecy has been busted open

53:41 Americans no longer can take their money to Switzerland with the expectation of it being secret because of Bradley Birkenfeld. Billions of money, Americans withdraw their money and find other tax havens, et cetera. Thousands of people come forward. America actually gave some kind of a grace period. If you want to come report your assets and pay your taxes over a five or 10 year period, we won't charge you. So a lot of Americans ended up doing that. It was a massive haul.

54:12 for the U.S. government, Department of Justice? Well, let me just say that, remember during the Obama administration, they set up that fund for the quote-unquote fines? And that slush fund was being sent to the nefarious groups around the United States.

54:42 that was supporting primarily the Democrats and the foot soldiers. Yeah, they're absolutely weaponizing the government and feeding it off to their NGOs and laundering it right back in. So I just want to make clear, yeah, it wasn't that the DOJ was doing what was right. They're looking to collect money from these people to basically launder it.

55:14 um through the fines into their own coffers yeah i saw that with you know you notice how no america during a great financial crisis not a single american banker went to jail they actually had charges prepared against the um uh bank of international settlements who's that central banker central bank but because the bis has immunity as if they're a sovereign entity none of those the doj got called off on that too and that's where they came out with the settlement issue

55:41 And just basically Eric Holder got to choose who got the money. And it wasn't the shareholders who lost. It was whatever little cause they wanted to give it to. And that's a major scandal that we have not recovered from. All right, so UBS is a mess. They need someone to come and fix it, don't they? And in comes a gentleman by the name of Sergio Urmaki. He's a handsome lad. Hold on a second. Before I jump into Sergio. Okay, yeah, here he comes in.

56:16 He's born in Switzerland's Italian-speaking South. He is not as aristocratic. He worked his way up through the ranks, and he is known for his discipline. At the time, UBS has shown a $2.3 billion loss. This is 2011. By the way, 2009, when I stopped working for the Wall Street banks and worked as an independent wealth manager, I could not look myself in the mirror knowing I'd worked for these creeps once all the dirt came out and I'd seen behind the curtain. So to my credit, I left in 2009. Left a lot of money on the table, too.

56:46 something I'm very proud of. Because not often do you have to make a moral decision where you choose the right thing over money and actually do the right moral thing. So that's why I talk about it. And I do that to encourage other people to make the right decision too in your lives. It's worth it. Yes, it is. Money cannot buy your self-respect. So Ramadi comes in there, slashes the investment bank, reorients the bank around the company's strength, which is wealth management. And he's got them on the right path.

57:18 Until another crisis approaches, because of course it does. All right. There is a guy by the name of Tom Hayes, 26-year-old, sitting on another desk in the UBS Trader in Tokyo, Japan. And he's placing multi-million dollar bets on interest rates on the desk. But he's not actually betting on rates. He's fixing them.

57:45 He gets on the phone with a bunch of his cronies of traders all around the company. And instead of betting on which way LIBOR is going to go, that's the London Interbank Offering Rate, which a lot of major interest rates are set upon on a daily basis. He's fixing it. He's bribing brokers to manipulate LIBOR. And they're only doing like fractions of a percentage, but their bets are so big with the derivatives that they're making millions a day by rigging LIBOR.

58:13 It's also screwing other people out because we're not getting an honest interest rate. You know, here a lot of mortgage rates around the world are set on LIBOR. So in 2012, global regulators exposed this scheme and UBS ends up paying a $1.5 billion in fines. How many times have they paid fines? How do they stay in business? Because they're fined for a fraction of what they're hauling in. Exactly right. You know, you've talked about the $11 million out of a $500 million. I told you that's 2.2%.

58:44 Yeah, they're making more. They're making more interest annually just in one year than they pay in fines. So it's worth the risk. Correct. And they've got to get out of jail free card. Hayes goes to jail. Hayes goes to jail. This kid, as the library rigging guy, appeals all the way to the Supreme Court. And he served about five years already. Just last month, Supreme Court overturned his conviction and he got let free.

59:11 and I think he got some kind of reparations for time served. Apparently, he was a patsy, and his managers were the ones really doing the rigging, but they got to keep their bonus and never got prosecuted. So that's the story of Mr. Tom Hayes. Obviously, it's another huge scandal for UBS. So what happens? Well, Armani's panicking, so he cuts jobs. He eliminates trading desks, focuses just on wealth management and private banking. He goes, enough of this derivatives and trading garbage.

59:41 We're going to have capital discipline. And he goes out there and tries to rebuild trust one client at a time and does a pretty good job of it. But haven't we heard this story in this story already once? Well, just when you think they're out of it, the turnaround is complete in 2018. They're up to $2.4 trillion in assets. They announced $4.9 billion in earnings in 2018. Things are going great, right? So Irmadi steps down.

1:00:14 and he's succeeded by a guy that worked for ING by the name of Ralph Hamers. Do I have that picture of Ralph? Nope, I didn't get Ralph up there. Well, retirement doesn't last very long. So Credit Suisse, well, you heard about Silicon Valley Bank crashing a couple years ago? Well, Credit Suisse was one of their biggest shareholders, and Credit Suisse's shares crashed 30% overnight. It turns out that Credit Suisse, who was about to merge...

1:00:46 20 years earlier with UBS, remember? Yeah, they were rivals. They're a very big bank. It turns out they're the weakest link in the whole global chain. The Credit Suisse that was all linked to derivatives. That's why they were so successful. Credit Suisse has to borrow 50, let's get to them, gets to borrow $50 billion from the Swiss National Bank, but the damage is done. And the only entity in the world big enough to save Credit Suisse is UBS. So they step in.

1:01:16 Made a secret deal over one weekend and made a $3.2 billion purchase to take over under duress. That is a discount price to where Credit Suisse was trading just weeks before. And now they completely engulf Credit Suisse. That's why you see the UBS Credit Suisse up there on the screen. That is now a merged company. The Credit Suisse name will probably disappear at some point. Now UBS has no domestic rivals.

1:01:44 But they had to bring Armadi back in to manage the integration and the disposition of all the toxic assets, which is going on to this day. So the question I leave you with is, are they now too big to fail? We shall see. Well, they're definitely too big to fail. And we've got one money launderer buying another money launderer. Uh-huh. And we haven't seen a whole lot of accountability, have we? None. Except for the one scapegoat. Yeah, well, two of them now.

1:02:20 The bankers, international bankers, seem to get off scot-free on all of this, and I don't know how to fix that. Does the DOJ ever have that kind of power? Well, not internationally, and that's why all of these transnational organizations are nefarious, because no one is there to hold them accountable.

1:02:45 And then, of course, now they're getting involved in digital currencies and blockchain, Bitcoin and blockchain and all that. And again, it's really opaque and we can't really see what they're doing. We don't know who holds what, who doesn't. There's no transparency. There's no accountability. And it's almost guaranteed that we're going to see another great credit crisis. It's going to rock the entire financial system. And again, go back to 2009, the great financial crisis. The entire banking system almost collapsed because of about $23 billion.

1:03:14 and credit default swaps that were imploding. I'm talking about just the interest swaps alone. In fact, let me just look this up. I filled some time for about 30 seconds. I'm going to do something fun. I just want to tell you just how precarious this is. Yeah, and then I'm going to close with another really nefarious chain involving UBS. Excellent. Okay, let's go ahead and share the screen as I find this.

1:03:53 So I just typed in BIS, Global Derivatives, Bank for International Settlements. You go to derivative statistics. And I want credit. Derivatives, that's what I'm looking for. And let's see where the global price is. Give me one second. I haven't been on the site for a bit. Exchange traded derivative statistics. Let's view all. Give me the, come on.

1:04:43 What I'm trying to show you, and I should have had this prepared. Forget it. I'm not going to muck around anymore. Let's cancel the share. There are over $600 trillion in interest rate swaps. $600 trillion, that's 40 times bigger than the credit default swap. There's also currency swaps in the hundreds of trillions. The whole amount of outstanding derivatives.

1:05:11 is close to, I think it's, I don't know, it dwarfs anybody's ability to pay it back because you're leveraging yourself up by 90%. And again, my example, you make 50% one year, you lose 50% the next, people think, oh, I'm break even. No, you're down 25% because when things go down, they go down twice as fast. And there is no way to plug this hole. There's no way to unwind it. So is that how you bring the whole banking system down? That's how the banking system will go down.

1:05:39 that there's no way it can survive it if any if any part of the daisy chain breaks you know it's there's not enough money in the world so if you wanted to say perhaps i don't know have a great reset and replace it with a global digital currency would you be doing anything differently no and it scares this scares the hell out of me that's why people who understand this stuff do things like buy physical gold and silver real estate you know it's a hard tangible aspect

1:06:07 If you understand how corrupt the banking system is and the good guys wanted to bring it down, this is how they would do it as well. Yeah, you want to more gentle unwind if the good guys do. If a benign force wanted to step in and say, look, this whole banking system, this whole Federal Reserve banking system, fiat currency, all that, this system is unsustainable. It's always been about boom or bust and was created allegedly to stop booms and bust. I haven't gotten into the creation of the Federal Reserve, but we can do that another time.

1:06:38 But if you wanted to fix that system, you've got to slowly unwind this bubble. And I think it would take 10 years to do it right. And it would take global coordination. And this is assuming you don't have any bad actors cheating on it, which we know that's not going to happen. That's all I've got for today. You want to wrap us home with it? Yes. So back to what I was talking about. The UBS was instrumental in.

1:07:08 the movement of money. Because in addition to the front banks like BCCI and Nugent Hain that we talked about, you have to have institutional banks as well in the money laundering chain in order to get it to the end state of quote unquote clean money. Obviously, we've established that UBS is in that chain of events as was Credit Suisse.

1:07:37 But I want to just lay out this one kind of thread that hole that I went down. There's a lot of them. I could have went through any one of the ones that I was mentioning. But this one was very interesting to me because of the labeling of the one in South Africa. And keep in mind that back in the 90s, South Africa.

1:08:06 was instrumental, not just in Operation Gladio on the African continent, but the link to weapons trafficking, and before that, the nuclear test for Israel. They were really a pivotal place. And so I mentioned that they set up this South African Special Forces Benevolent Fund. Well, when you start looking into that,

1:08:35 Basically, and again, it was on UBS's books in 1998. It was layered under a Pandemanian foundation with two British Virgin Island front companies and a bank called Bank SCS Alliance in Geneva. It was a Credit Suisse.

1:09:04 Private banking bank. So again, now we just tied the, Brady did an excellent job in tying those two together. And now you see that they were operating on a joint money laundering operation. So it's not surprising that they come to each other's because there was probably a lot more crossover than we ever knew about. The Panama layer was called Funcion Carillon.

1:09:34 It was registered in a trade-free zone. There were two people on the books that were in charge of that. Dr. Michael Ruprek, who was a Swiss resident and general manager at UBS Private Banking. Now, he's in Panama at the other end of the money laundering chain.

1:10:02 And remember, Panama was instrumental in the drug laundering operations that were now cranking up at the end of the 90s because we're moving out of Afghanistan into Latin America. And this is the time Operation Condor and all of that stuff's going on in Latin America. The second guy, Demetrius Jimmy Polos, P-O-U-L-O-S. He's a Panama lawyer.

1:10:32 He was what we would refer to as a fixer for both MI6 and CIA. His name was on several quote unquote trusts for both of those intelligence agencies where they would park money, illicit money. He also was part of the British Virgin Island company called, I mean, there's like 10 companies here. I'm just going to name a couple. Harpoon Holdings.

1:11:01 Tercel Trading Limited, where he would show up as like a 50% owner. They were tied to First Global Corporation Services in the British Virgin Islands. They had a Geneva depository where at the time they were investigated, there were over $270 million on deposit.

1:11:31 in Switzerland, in both UBS and Credit Suisse, the subaccount did not appear on the bank's public balance sheet because it was booked as a custody mandate for a pandemonium foundation that, quote unquote, fell through the cracks. All right. So I ask about

1:12:01 Well, I did some research on polis, and the one article I read referred to him as a midwife for MI6 and CIA. He's from Greece. He was born in Athens and moved and got pandemonium citizenship. He was educated in Britain.

1:12:32 And let's see. Here's just a sampling of this MI6 FRUTS, Corporate Research International Limited, which was registered in Panama City, in Panama. And it was an MI6 proprietary ship registry firm during the Iran-Contra Maritime Network running weapons into

1:13:02 the Contras. He was also part of the British Antarctic Survey Research Yacht financing. And that yacht, by the way, was retrofitted with all kinds of SIGINT platforms and parked off the coast of Angola when they were illicitly moving diamonds out of Angola.

1:13:28 During the 1980s, when Reagan was president, we went into with the Cuban exiles into Angola. He also was involved in money laundering out of the Falkland Islands with a company called Antares Maritime Services that was found in a UK national audit for the CIA. He was involved in the Contras financing with.

1:13:58 drug money and weapons money in a company called Pacific Carriers Limited, which was registered in Panama. It processed $27 million in CIA budgets with a bank in Hong Kong. He was involved in cocaine civil combatant logistics in Colombia under a firm called Patriot Maritime Holdings.

1:14:29 which appeared in the USDA money laundering case. And associated with that investigation was the Medellin Cartel co-founder, Luis Saldeguera. He was also involved in Operation Rubicon Roof, which was found by Doug Farah in 2001. He helped set up a...

1:14:58 British Virgin Island company called Orenco Petroleum Trading that funneled $6 million for the CIA for Venezuelan petroleum swaps used to offset Soviet-era Cuban loans. Now, that was kind of confusing to me. I was like, what the heck is that? Well, basically what they were doing is the CIA was buying up Cuban debt.

1:15:28 all over the world with covert funds to control Cuba. So these are the kind of people that UBS and Credit Suisse was doing business with all over the world. And yet they have this reputation of being so pristine and trustworthy that the wealthiest people in the world are giving their money to them.

1:15:59 Without any documentation, because we trust you so much. But I would argue that in my model, those same oligarchs are the ones running the CIA. So what better place would you have all of your money parked than in this and then use your bank, your private wealth bank, to launder?

1:16:27 your private intelligence that's posed as the CIA and MI6 because they don't work for the people. They work for those oligarchs. So the oligarchs' money is parked in the same place where the CIA and MI6 are using to launder all of their illicit stuff because they're working on behalf of the oligarchs. It makes perfect sense to me.

1:16:51 Well, it's even better when you own the regulators. And we've talked about that, you know, Export-Import Bank, OCC, all these skull and bones people who are in those key positions of oversight and regulation. You know, we've had SEC chairman, chairmen of the Federal Reserve, all that stuff. But, you know, like I said, yeah. So if you're the oligarch and you're basically controlling that bank with your wealth.

1:17:17 and you control the CIA and the State Department, as you've laid out articulately with the Skull and Bones and the DOJ, how are they ever going to be held accountable for the money laundering and the derivatives garbage and everything else where they profit off of it? And as you pointed out, it's the regular people that get screwed on every one of the deals. Yeah, so what actually happens at that level, at the millionaire's level, is if I've got dirty money, I want to hide it with people that have clean money.

1:17:46 So we're going to all go to UBS, which has this pristine reputation. And nine out of the 10 of the UBS bankers are going to be completely legitimate wealth managers. But I'm the guy with the dirty money. And I'm going to find the guy who knows how to do the offshore trust, the money laundering and all the other stuff. So you hide the dirt among the clean stuff. And that's how it gets through scrutiny. And that's how no one's ever held accountable. I want to address a comment in the chat from William Gilchrist.

1:18:17 And he says, not forgetting the new natural asset companies, courtesy of the Rockefeller Foundation, talking about the NACs, where we actually addressed this last year. And he's got everything he said is accurate in that comment, except for one small part. I'll go ahead and share the screen. This is the show that the colonel and I did last year, talking about the corporate side of Operation Gladio. Can you pull that up on screen?

1:18:46 The good news on the national asset classes is the New York Stock Exchange pulled their application for NACs to become a new asset class. That idea is DOA right now, just like ESG financing is gone for now. I fully expect these ideas to come back under a different form at another time. But as of right now, we got off the hook on the natural asset classes. And the point William Gilchrist is making is.

1:19:14 These new natural asset classes, which is basically forming derivatives on the water we drink, the air we breathe, the land we walk on, and all over the world, investors now have a claim on it because they've purchased stock in it somehow. It would have created a market that is about eight times bigger than the entire $500 trillion global economy is right now. So I'm glad you brought that up. It's a big deal, but we dodged that bullet for now. But we address that in this video.

1:19:42 It's the second video that Colonel and I ever did together. So it's on my channel. Look up Shatter State Part 8 if you want to get more detail on that. But Mr. Gilchrist has obviously done his homework because your numbers are really close to the same ones I have. But good comment. Appreciate it. Yeah. Isn't that amazing, the territory that we've covered? Oh, yeah. Yeah. We're just getting started. We're going to be doing these shows. And speaking of which, we're going back to Secret Societies next week, right? Yes.

1:20:13 I think we probably need to do Scroll and Key next before we leave Yale University. And then we got some other fun stops. I'd like to get into Columbia as well. I really want to do the Pilgrim Society to get the bridge to England. And then we can look at a couple over there. Okay. So let's have this for a rough plan. We'll do Scroll and Key. We'll hop on up to Columbia because of all the CIA connections there. And since they've been in the news lately.

1:20:38 That won't take too long. And then we can do Pilgrim Society. We may want to mix in Richie Boys before we jump. We'll figure that out. Yeah, Richie Boys is a good place to go, too. Yeah, it really is. I've got the expert on the Richie Boys as a very good friend of mine. Yep, and you've introduced them. Yeah. So we're definitely going to do that one. I'm just only halfway through my research, so I'm not ready for that one because there's a lot to it.

1:21:07 Anyway, that's our plan of action, I think. And just usually every Thursday or Friday, I think I can make it. Okay. Sounds good. And thanks everybody for joining in. I appreciate it. I hope you enjoyed this as much as Brady and I do. Never a dull moment. And there does not seem to be too much separation between any of these topics and Operation Gladio, unfortunately.

1:21:35 No, they all kind of seem to end up around the same spot for the same reasons. Yeah. All right, everyone, cheers. See you next week.

Entities here

UBS25 Switzerland25 United States15 Credit Suisse10 World War II7 U.S. Department of Justice6 Geneva6 West Germany6 Brad Birkenfeld6 Operation Gladio6 PaineWebber6 Bank of International Commerce6 Japan6 Italy5 London5 Sergio Ermotti5 Swiss Bank Corporation5 Panama5 Allen Dulles5 France4 Peter Wuffli4 Ramey Goldstein4 Nugan Hand Bank4 South Africa4 New York City4 Iran4 Zurich3 Tom Hayes3 LIBOR Scandal3 Napoleonic Wars3 Moritz Steinliner3 Funcion Carillon3 Barack Obama3 Swiss authorities3 Saudi Arabia3 U.S. Virgin Islands3 Cuba3 Basel3 Russia3 Bank for International Settlements2

Claims made here

Moritz Steinliner removed_from_power UBS documented ▶ 33:49

“And this matters because this exposed Studer as a dinosaur in the industry. He couldn't keep up with a modern banking system that was developing right in front of him. Studer gets removed as the CEO a…”

Mathis Cabialaveta succeeded Moritz Steinliner documented ▶ 34:24

“Mathis Cabialaveta. And here's him talking with Credit Suisse's Marcel Auspil. I think he was with Credit Suisse at the time. But Mathis Cabialaveta, his name is Studer's successor. This guy's a train…”

UBS funded Swiss Bank Corporation documented ▶ 37:46

“The deal still goes through, but instead of the bigger UBS purchasing the smaller SBC, it's actually the other way around. They kept the UBC name, but they considered a merger of equals. But SBC actua…”

UBS funded South African Special Forces host_asserted ▶ 38:21

“Okay, so are we ready for him? No. So 1999. Yeah, go ahead. Well, I just wanted to throw in there, because you're at the 98, 99 timeframe, hidden behind all of what you just talked about is something …”

UBS laundered_money_for South African Special Forces host_asserted ▶ 38:51

“that was being carried on UBS's books during this time that had to do with the South African Special Forces Benevolent Fund. And it was basically laundered money. It was never intended for the actual,…”

UBS paid World Jewish Congress documented ▶ 40:16

“The World Jewish Congress is out of New York, and they launched a coordinated campaign to go after UBS. They're lobbying politicians. They're basically talking to the media, planting stories. This res…”

World Jewish Congress exposed UBS documented ▶ 40:16

Peter Wuffli succeeded Mathis Cabialaveta documented ▶ 40:47

“They can afford the fine, but the reputational damage was done. Instead of being this pristine bank you can trust, well, now the scandals are starting to build up. The ones you've talked about with th…”

Peter Wuffli member_of McKinsey & Company documented ▶ 42:29

“That's why I had him here, Peter Wolfley. Wolfley's background is not in banking. No, his background, he came from the McKinsey Company. Yeah. Very analytical guy. Yeah, analytics driven. Go ahead. Wh…”

Joe Grano Jr. headed PaineWebber documented ▶ 43:32

“over in Switzerland of about 12 wealthy Swiss bankers on the DBS side and one guy on the Payne Webber side. And it's a guy by the name of Joe Grano. And Joe Grano was a Brooklyn street kid. And he wor…”

UBS funded PaineWebber documented ▶ 44:02

“And he comes back. Well, let me put it this way. The deal is for $11.5 billion, 50% cash, 50% stock. Those old veterans I'm working with, Payne Weber, the stock jumped in one day by 47%. You want to t…”

UBS paid Swiss authorities documented ▶ 47:31

“UBS ends up writing down $50 billion in losses, which is the most in the European Union. So we were talking about hundreds of millions earlier. Now we're talking $50 billion. These numbers are growing…”

Brad Birkenfeld member_of UBS documented ▶ 48:59

“So they got the lowest claims in the case of default or restructuring. Yep. The Swiss turned that upside down. Okay. Now comes the big one. In 2008, the U.S. Justice Department threatens UBS's banking…”

U.S. Department of Justice exposed UBS documented ▶ 48:59

Brad Birkenfeld exposed UBS documented ▶ 49:36

“He had tried to alert the Swiss authorities to some of the money laundering and tax evasion he saw going on, even though he's participating in it. They don't listen to him, so he comes to America, kno…”

UBS paid U.S. Department of Justice documented ▶ 53:08

“um russia so there's no way they're going to touch the russian what else is going on obama's department of justice goes after ubs and swiss diplomats are freaked out they end up getting a settlement a…”

Sergio Ermotti succeeded Peter Wuffli documented ▶ 55:41

“And just basically Eric Holder got to choose who got the money. And it wasn't the shareholders who lost. It was whatever little cause they wanted to give it to. And that's a major scandal that we have…”

Tom Hayes carried_out_attack LIBOR Scandal documented ▶ 57:45

“He gets on the phone with a bunch of his cronies of traders all around the company. And instead of betting on which way LIBOR is going to go, that's the London Interbank Offering Rate, which a lot of …”

UBS paid LIBOR Scandal documented ▶ 58:13

“It's also screwing other people out because we're not getting an honest interest rate. You know, here a lot of mortgage rates around the world are set on LIBOR. So in 2012, global regulators exposed t…”

Credit Suisse funded Silicon Valley Bank documented ▶ 1:00:14

“and he's succeeded by a guy that worked for ING by the name of Ralph Hamers. Do I have that picture of Ralph? Nope, I didn't get Ralph up there. Well, retirement doesn't last very long. So Credit Suis…”

Ralph Hamers succeeded Sergio Ermotti documented ▶ 1:00:14

Swiss National Bank provided_bridge_financing_for Credit Suisse documented ▶ 1:00:46

“20 years earlier with UBS, remember? Yeah, they were rivals. They're a very big bank. It turns out they're the weakest link in the whole global chain. The Credit Suisse that was all linked to derivati…”

UBS funded Credit Suisse documented ▶ 1:01:16

“Made a secret deal over one weekend and made a $3.2 billion purchase to take over under duress. That is a discount price to where Credit Suisse was trading just weeks before. And now they completely e…”

South Africa trafficked Operation Gladio host_asserted ▶ 1:08:06

“was instrumental, not just in Operation Gladio on the African continent, but the link to weapons trafficking, and before that, the nuclear test for Israel. They were really a pivotal place. And so I m…”

South Africa carried_out_attack Operation Gladio host_asserted ▶ 1:08:06

South African Special Forces front_for UBS host_asserted ▶ 1:08:35

“Basically, and again, it was on UBS's books in 1998. It was layered under a Pandemanian foundation with two British Virgin Island front companies and a bank called Bank SCS Alliance in Geneva. It was …”

Funcion Carillon front_for UBS host_asserted ▶ 1:09:34

“It was registered in a trade-free zone. There were two people on the books that were in charge of that. Dr. Michael Ruprek, who was a Swiss resident and general manager at UBS Private Banking. Now, he…”

Michael Rupert member_of UBS documented ▶ 1:09:34

Demetrius Jimmy Polos member_of Harpoon Holdings host_asserted ▶ 1:10:32

“He was what we would refer to as a fixer for both MI6 and CIA. His name was on several quote unquote trusts for both of those intelligence agencies where they would park money, illicit money. He also …”

Demetrius Jimmy Polos member_of Tercel Trading Limited host_asserted ▶ 1:11:01

“Tercel Trading Limited, where he would show up as like a 50% owner. They were tied to First Global Corporation Services in the British Virgin Islands. They had a Geneva depository where at the time th…”

Corporate Research International Limited supplied_arms_to Contras host_asserted ▶ 1:12:32

“And let's see. Here's just a sampling of this MI6 FRUTS, Corporate Research International Limited, which was registered in Panama City, in Panama. And it was an MI6 proprietary ship registry firm duri…”

British Antarctic Survey supplied_arms_to Angola host_asserted ▶ 1:13:02

“the Contras. He was also part of the British Antarctic Survey Research Yacht financing. And that yacht, by the way, was retrofitted with all kinds of SIGINT platforms and parked off the coast of Angol…”

Patriot Maritime Holdings trafficked Medellin Cartel host_asserted ▶ 1:13:58

“drug money and weapons money in a company called Pacific Carriers Limited, which was registered in Panama. It processed $27 million in CIA budgets with a bank in Hong Kong. He was involved in cocaine …”

Pacific Carriers Limited financed_via Contras host_asserted ▶ 1:13:58

Doug Farah exposed Operation Rubicon Roof documented ▶ 1:14:29

“which appeared in the USDA money laundering case. And associated with that investigation was the Medellin Cartel co-founder, Luis Saldeguera. He was also involved in Operation Rubicon Roof, which was …”