Dec 15 2011

Bernie Madoff scandal: tax haven Luxembourg in the frame

Posted by: Nick Shaxson in: Thoughts

This searing letter on to Luxembourg Finance Minister Luc Frieden, on behalf of 2,500 ripped-off Madoff investors kind of speaks for itself. Three years on, and:

“none of these institutions has been held accountable to date.”

Note that the defrauded investors have fought battles in courtrooms around the world – but keep getting directed to Luxembourg. And in Luxembourg, the financial sector has closed ranks and continued to hide behind the classic offshore attitude, elegantly summed up by Jerome Turquey, a Luxembourg critic:

“Up yours! Let’s make money!”

2 comments so far

[…] bit over year ago I wrote a short blog pointing to a letter from recovery specialists Deminor to Luxembourg’s Finance Minister, on […]

[…] the most corrupt bank in world history, and running through to more recent episodes such as the Bernie Madoff scandal (originals here, here and […]

Leave a comment

*