Not Asian news but trust related. A comrade is in trouble. Josef Dörig was part of the Credit Suisse Group at one time. He was founder of Dörig Partner AG, a Zurich trust company and serves on the board of a couple of Swiss companies so he's not a total nobody. The company website is now conveniently offline. Try Moneyhouse.
Apparently Josef's relationship with CS was intimate enough for him to be indicted in connection to the CS-US tax evasion war. CS already has about 6 or 7 staff under indictment so that is likely to end up where the UBS-US tax war ended. Book that provision now.
So another stark reminder for all you independents, being a "preferred provider" of trust and related services to the banks is not all that it is cracked up to be. Just like the old movie/book cliché, these days, the sidekick can and will be killed. You spend precious time and resources buddying up to the banks, only to get the "high risk" stuff they can't or won't do in-house. The old joke for bank trustees has been: "you send the shit out-house". You get peanuts in comparison to their fees. Perhaps time to re-think the business model?
No comments:
Post a Comment