Banking Bailout News ArticlesExcerpts of key news articles on
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Julian Assange, the WikiLeaks founder, today pledged to make public the confidential tax details of 2,000 wealthy and prominent individuals, after being passed the data by a Swiss banker who claims the information potentially reveals instances of money-laundering and large-scale illegal tax evasion. Rudolf Elmer, formerly a senior executive at the Swiss bank Julius Baer, based in the Cayman islands, said he was handing the data to WikiLeaks as part of an attempt "to educate society" about the amount of potential tax revenues lost thanks to offshore schemes and money-laundering. "As [a] banker, I have the right to stand up if something is wrong," he said. "I am against the system. I know how the system works and I know the day-to-day business. I want to let society know how this system works because it's damaging our society," he said. Elmer will appear in a Swiss court on Wednesday charged with breaking Swiss banking secrecy laws, forging documents and sending threatening messages to two officials at his former employer. He denies the charges. Assange ... said he would pass the information to the Serious Fraud Office(SFO), examine it to ensure sources were protected, and then release it on the WikiLeaks site, potentially within "a couple of weeks".
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Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter. 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008. Most disturbing is that all foreclosures -- not just repossessions -- are rampant despite efforts to corral them. There are no firm statistics for it, but many industry watchers claim the percentage of REOs [properties possessed by the mortgage company after an unsuccessful foreclosure auction] caused by borrowers voluntarily walking away from their homes is skyrocketing. The foreclosure crisis may not diminish anytime soon.
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