Warning signs of the instability of the global financial system abounded in the months leading up to the 2008 Lehman Brothers crash. Among these early signs were the astounding revelations about UBS, the world’s largest private bank, by Stephanie Gibaud, who was employee at the bank’s French division. Gibaud refused instructions given to her and other employees to delete all their company files. In doing so, she helped reveal a vast web of corruption and fraud linking UBS to a shadowy tax evasion scheme. More than 15 years later, Gibaud has endured harassment, professional ostracization, lawsuits, and threats. She joins The Chris Hedges Report to speak on her ordeal and the extent of corruption in the international banking system.
Studio Production: David Hebden, Cameron Granadino, Adam Coley
Post-Production: Adam Coley, Kayla Rivara
The following is a rushed transcript and may contain errors. A proofread version will be made available as soon as possible.
Chris Hedges:
(Singing). Stephanie Gibaud in June, 2008, was ordered by one of her managers at the UBS Bank in Paris to destroy all her computer files that related to customers with offshore accounts in Switzerland. The order came in the wake of the 2007 American banker, Bradley Birkenfeld disclosure of client information to the US Department of Justice that suggested that UBS was facilitating massive tax evasion schemes for its American clients, which ultimately led to a penalty of $780 million. Swiss...
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