Chapter 548: Chapter 277: Accept the Charges, UBS Group!_3
“Yes, Mr. Jace!”
…
Los Angeles IRS.
“Alright, regarding the issue of these two major products suspected of tax evasion, I can only say that’s secondary. Next, I will explain the real purpose of the Swiss Bank using these two products!”
David’s words once again piqued the interest of countless people inside and outside the venue.
The real purpose of using these two products by the bank?
Isn’t it just to attract custors to deposit and invest? What else could it be?
“I believe many of you have already guessed that the Swiss Bank launched these two products to attract deposits and investnts from all of you, and that is indeed true!”
“According to our investigation, the total amount invested in these two products nationwide has reached the scale of 50 billion US Dollars!”
“And with this asset, the Swiss Bank has gained returns of over 40 billion US Dollars by investing in various industries. And do you know where these funds have ultimately gone?”
“That’s right, they all flowed back to the headquarters of the Swiss National Bank!”
“If this continues, what kind of consequences will it lead to?”
“It will cause the outflow of national assets!”
“And if any turbulence truly occurs in the future, causing these two products to really crash, the Swiss Bank would just need to make preparations in advance, withdraw the funds back to their country, and then who would suffer the losses?”
David’s words were already very clear.
That is to tell the Arican people who bought these products that our IRS is now seizing the Swiss National Bank to restrict their capital from leaving the country.
So even if it crashes now, there would still be enough money to compensate you.
If our IRS did not impose restrictions, and it truly crashes later, the Swiss Bank would just walk away, and you probably wouldn’t even have a place to cry!
The dia reporters present were not fools.
And the people online were even less so.
They, of course, understood the implications in David’s words and realized the extent of their losses if what David warned ca to pass.
So at this point, the online public beca righteously indignant.
“Fuck, we misunderstood Director David! Looking at it this way, seizing the Swiss Bank is actually for our own good!”
“These two products, since they provide higher returns through tax evasion, are bound to have problems sooner or later, and even cause our assets to flow out of the country. It’s ti to step in!”
“I admit my mistake about Director David. Now it seems that seizing the Swiss Bank is necessary. At least we who bought into these two products won’t lose our investnts if they crash!”
“…”
With the reversal of online public opinion…
David guessed so of it and continued, “We are now formally charging the Swiss Bank with suspected tax evasion and regulatory misconduct regarding these two products. I hope the Swiss Bank will send a representative to us soon to make their defense!”
Swiss Bank headquarters.
“Fuck, that damn bastard!”
“How can David claim that our two major products have caused their national asset outflow, it’s sheer exaggeration and defamation!”
“Defaming us for causing their asset outflow, what a fierce thod of retaliation!”
The executives of the UBS Group were almost bursting with rage.
Because David’s words were incredibly leading,
Not only did he lay out their two products’ profit-making sches but also slapped them with the potential for a crash and national asset outflow. In the panic of the people who bought their products, it would be strange if their Swiss National Bank didn’t face criticism.
But facing criticism wasn’t the most important issue.
What mattered most was that after this incident, should the Swiss Bank reopen for business, those clients who had invested in these products would inevitably co straight to the bank to withdraw their principal.
The total principal, though only a few hundred billion US Dollars, was not sothing the Swiss Bank couldn’t afford with its deep pockets.
But what is a bank’s worst fear?
The worst fear is a run on the bank!
Once people co to withdraw the principal of these two products, it would inevitably trigger a series of chain reactions, causing a large-scale run on the Swiss Bank.
The Swiss Bank is a major institution.
But if a national bank run truly occurs, they might not go bankrupt, but at the very least, they’d be seriously wounded, a situation not to be taken lightly.
“Adrian, how much is the principal of investors in these two products currently?”
Unlike the others who were furiously cursing, Jace, as the helmsman of the UBS Group, didn’t have ti for such things, as the urgent matter was to co up with a plan to manage the crisis.
“Mr. Jace, as David ntioned, it’s about 50 billion US Dollars.”
“Inject 50 billion US Dollars from the group into our various Arican branches!”
“That’s not possible, Mr. Jace. The IRS is currently investigating our bank; transferring funds now would be like sending sheep into the tiger’s mouth.”
Adrian quickly advised.
“The capital injection is to maintain market confidence, giving Arican custors a sense of security so that it won’t trigger a bank run, understand?”
Neither the IRS nor Director David are robbers; they might have the authority to freeze any dostic funds, but they don’t have the right to plunder.
While the injected principal might be frozen and scrutinized, it could provide a sense of security to market custors. As long as the conflict with the IRS is resolved after the fact, it would stabilize the Swiss Bank’s business base in Arica.
So this 50 billion US Dollars is absolutely worth it and must be injected!
“Yes, Mr. Jace…”
Adrian dared not say anything more and could only agree.
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