Corporate Scandal, Vol. 4: The Clearstream Scandal Including Money Laundering, Tax Avoidance And Tax Evasion
by Dakota Stevens
2021-01-02 20:48:30
Corporate Scandal, Vol. 4: The Clearstream Scandal Including Money Laundering, Tax Avoidance And Tax Evasion
by Dakota Stevens
2021-01-02 20:48:30
Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Clearstream Banking was created in January 2000 through the merger of Cedel International and Deutsche Borse Clearing, par...
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Clearstream Banking was created in January 2000 through the merger of Cedel International and Deutsche Borse Clearing, part of the Deutsche Borse Group, which owns the Frankfurt Stock Exchange. Cedel, established in 1971, specialized in clearance and settlement. In 1996 it obtained a bank license. In July 2002 Deutsche Borse purchased the remaining 50% of Clearstream International for 1.6 billion. Deutsche Borse's strategy is to be a vertical securities silo, providing facilities for the front and back ends of securities trading. In 2008 Clearstream contributed 489 million to Deutsche Borse's total Earnings Before Interest and Taxes (EBIT) of 1.5 billion. It handled 114 million transactions, and was custodian of securities worth 10.6 trillion (Deutsche Boerse Annual Report, 2008). In Revelation$ (2001), by investigative reporter Denis Robert and ex-Clearstream banker Ernest Backes, Clearstream was accused of being an international platform for money laundering and tax evasion via an illegal system of secret accounts (the "Clearstream Affair"). Robert has been repeatedly sued by Clearstream under Luxembourg and French laws, with various verdicts. The book is about the controversies that Revelation$ uncovered and the international money laundering behind it all. Project Webster represents a new publishing paradigm, allowing disparate content sources to be curated into cohesive, relevant, and informative books. To date, this content has been curated from Wikipedia articles and images under Creative Commons licensing, although as Project Webster continues to increase in scope and dimension, more licensed and public domain content is being added. We believe books such as this represent a new and exciting lexicon in the sharing of human knowledge.
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