Pssst! How would you like a 250 times return on your investment??? Can’t verify most of the numbers but the trend is clear. Now if I was advising the sovereign wealth funds, I would say screw the financial markets, client data CDs is where the money’s at.
In 2008, the German government used about €5 million to buy the infamous LGT CD. That stolen client data was used to gross about €200 million in back taxes and fines. So a ROI of 40 times!!!! http://www.spiegel.de/international/germany/0,1518,675723,00.html
Now I can’t keep track of all the CDs on the market and all the “over-the-counter” CD transactions, but consider the Julius Baer German Tax settlement. The return was a whopping €50m!!!! Was the purchase price of this CD only €180000??? Perhaps a little disappointing since there were estimates of recovering some €75-100m in taxes…but 50 cents on the dollar isn’t bad.
http://www.businessweek.com/news/2010-06-09/germany-buys-cd-containing-data-on-20-000-swiss-bank-accounts.html
http://www.ft.com/cms/s/0/6890fb9e-11a7-11df-bceb-00144feab49a.html#axzz1Jpn7U2Yg
http://www.ft.com/cms/s/0/d55bb1d2-665c-11e0-ac4d-00144feab49a.html#axzz1Jpn7U2Yg
The economics of law: no crime was charged, the bank wasn’t admitting guilt, yet we have a huge “extraordinary charge” on the books. Just another cost of doing business fee?
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