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2005-10-19 Fifth Column

Probers Irked Over Holdout By Aide at UBS

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Posted by Whineling Thiling6595 2005-10-19 00:00|| || Front Page|| [5 views since 2007-05-07] Top

#1 Don't underestimate the power of the Dark Side.

Posted by .com 2005-10-19 01:30|| 2005-10-19 01:30|| Front Page Top

#2 David Aufhauser
Washington law firm, William & Connolly LLP. 1977 and 2001 as a securities litigator.

Treasury Department's general counsel.. March 2001 to November 2003 and provided "oversight and guidance" for The Executive Office for Terrorist Financing and Financial Crimes.

When, in April 2003, American troops liberating Iraq found $762 million in American cash in hideouts belonging to Saddam Hussein, the banknotes were traced to UBS and the ECI program. In the process of probing the origins of the Iraqi cash - which UBS has told congressional investigators was initially sent to the Central Bank of Iran - American investigators subsequently discovered that the Swiss bank had also provided $3.9 billion in American currency for Cuba, $1 billion for Iran, $30 million for Libya, and less than $1 million for Yugoslavia. Cuba, Iran, and Libya appear on the State Department's official list of state sponsors of terrorism.

As a result of an investigation by the Federal Reserve Bank of New York in cooperation with the Department of the Treasury, UBS was censured by the Swiss Banking Commission, and paid a $100 million fine to the Federal Reserve in May 2004

Mr. Aufhauser leaves the Treasury Department in November 2003.

UBS pays $100 million fine to the Federal Reserve, and is censured by the Swiss Banking Commission in May 2004.

The next month [June 2004] Mr. Aufhauser was announced as the new global general counsel for UBS's investment bank and UBS's general counsel for North America.

David Aufhauser July 31, 2003. .."Now, think for a minute. Al Haramayn is established by the Saudi royal family," said former Treasury Department general counsel David Aufhauser. "It strikes me that there is too much abdication of actual power and responsibility when you say you do not have the ability to actually close down these offices abroad and the best you can do is to freeze what assets they have within the jurisdiction and to prohibit further contributions."

"In the two and a half years I spent on this matter, I cannot remember a single Saudi who was held accountable for being a donor to terrorist financing," Aufhauser said. "Until we get to the donors, the exercise is a fool's errand."

This affair bears watching..?@?

Posted by Red Dog 2005-10-19 04:40|| 2005-10-19 04:40|| Front Page Top

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