One Response to “The Black Trillion : A news report from Tehelka”

  1. Kaushik Saha May 4, 2009 at 5:45 pm #

    This is imp mail, a reply from a Swiss banking association to query sent by an uncle of mine.You should hear him, U will LOL
    Read my analysis below
    Subject: AW: swiss bank
    Date: Thu, 30 Apr 2009 12:06:36 +0200
    From: James.Nason@SBA.CH

    Dear Mr. Mitra,

    Many thanks for your mail of 30 April 2009.

    We have had many inquiries from India concerning a report we are supposed to have issued in 2006 with the amount of funds Indian citizens have with Swiss banks. I believe this canard was originally launched in a report broadcast by CNN-IBN around April 2008, but I have not been able to confirm this.

    I would like to make it clear that the Swiss Bankers Association has never issued a report with figures about the funds of Indian clients at Swiss banks. We simply do not have such figures. In the run-up to the current elections in India I note that some incredible figures were bandied about in the Indian media as though they were gospel truth. In fact, any figures mentioned in this context are at best pure speculation, and at worst pure fantasy. Nobody has explained the methodology used to obtain the figures now being thrown around.

    We take all our statistics from the Swiss National Bank (Switzerland’s central bank ). The Swiss National Bank’s figures about assets under management (actually the value of securities held in custody accounts) in Switzerland are not broken down according to the nationality of clients. There is a country-by-country breakdown of the balance sheet assets and liabilities of Swiss banks (which is something entirely different), but these figures would include government, central bank, commercial bank, corporate and commercial assets and liablilties and not just private client money. Contrary to what some journalists and commentators have alleged, this has absolutely nothing to do with Switzerland’s bank-client confidentiality law; it’s simply the way the Swiss central bank collates and presents the statistics.

    May I take this opportunity to ask you a question? Is the fuss about what is being called “black money” due to the fact that the money has been illegally acquired (e.g. from corruption or other crime) or to the fact that it has been illegally transferred abroad? If the money is being transferred abroad illegally, why do the authorities not stop Indian banks from making international wire transfers of funds? I can’t imagine money is being sent abroad by carrier pigeon – it must be going through the banking system.

    Many thanks and kind regards,

    James Nason
    Head of International Communications
    Swiss Bankers Association (SBA)
    Aeschenplatz 7, P.O. Box, 4002 Basel, Switzerland
    Tel. + 41 61 295 93 93
    Fax + 41 61 272 53 82

    MY ANALYSIS to my uncle

    Dear Kaku

    People are also talking about the Swiss banks.
    1)The Supreme court is dissatisfied by the centre’s affidavit to the PIL on black money in Swiss banks. The apex court was given a sealed document along with the affidavit by the centre. The court believes that hardly anything has been done.and given them till July.
    2)Congress is upset things kept coming up this late, they should have been alert, just as in the case of 26/11.
    God willing things will change till July.
    3)The Congress Govt figure Reema Khan’s 72000 crore account were part of the open details given by the centre in this same PIL case, as some work done on the Swiss bank black money. You still need proof or u do not believe Congress & its Govt.or you would believe the flip flop of the Swiss association who are still living of blood money from the Nazis. By the way many of those Nazis still have Interpol red corner notices without trial since World War II.
    4)Pl ask the naive (sic) Mr Nason he has not heard of arms deals , govt contracts,export frauds arms and the Swiss banks accept cash money.HOW innocent he missed that one.
    5)Nason say” There is a country-by-country breakdown of the balance sheet assets and liabilities of Swiss banks (which is something entirely different), but these figures would include government, central bank, commercial bank, corporate and commercial assets and liabilities and not just private client money”
    The world highest deposits in Swiss banks $ 145 trillion are Indian nationality, more than USA, UK,China, all Europeans countries,Saudis, Arabs states,even the Russian and their Mafia. .$ 145 trillion belonging to Indian govt, RBI, Indian banks, Indian corporates lie in Swiss Banks.You would like to believe that.they have special interest rates for INDIANs!!!!!
    I have forwarded your note from Nason to Jethmalani and entire blogs following this issue.MR Nason would have to hole up in the Alps

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