When Charles Satterfield joined Stanford Financial Group in 2005 as managing director of fixed income, he had no idea this meant peddling Certificates of Deposit.
“They wanted to tie my compensation directly to sales of the bank CD,” said Satterfield, a fixed-income investment strategist.
“When grandma came in and wanted stability and a little bit of income, my answer was supposed to be, “Oh, the bank CD.” “When a young guy came in and wanted to grow his principal, my answer was supposed to be, “Oh, the bank CD.” “No matter what the question was, I was supposed to answer, “the bank CD.’” Continue reading…
Tags: Al Lewis, Dow Jones Newswires Column, Ponzi Scheme, Stanford Financial Group
By Arden Dale
A DOW JONES NEWSWIRES COLUMN
NEW YORK (Dow Jones)–Zurich to Panama City, first class. That will likely be a simple travel itinerary for people trying to do something not so simple: Move their hidden money out of Switzerland.
In the turmoil over tax evasion and UBS AG (UBS), many other banks, including Credit Suisse (CS) and LGT Bank, are shedding American customers with undeclared accounts. It is leaving these people with the problem of moving a lot of money to some other place or declaring it to the Internal Revenue Service themselves.
Finding a new hiding place won’t be hard. Panama, the Cayman Islands, Dubai, Singapore and Hong Kong are among prime destinations for tax evaders, despite a push by global authorities to change that.
Continue reading…
Tags: Dow Jones Newswires Column, Getting Personal
