018 - Bradley Birkenfeld: Banking Whistleblower to Prison to $104m Reward

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Paths Podcast

Donal Gallery

21 episodes

4 days ago

Paths is a podcast about unusual lives, often marked by dramatic change or a sense of living different lives simultaneously. It begins with an actor curiously seeking out the little-known stories of other actors who went on to do different things, such as becoming an astronomer, a CEO of a medical society or a director at Kickstarter. In the future it will encompass different kinds of stories. From all kinds of artists who went on to other professions to people who made the opposite journey becoming artists, then further still to all kinds of unusual life stories. Come with me as we see where this exploration leads. If you think you have a story like this yourself or know someone who does, please contact the podcast at pathspodcastpeople@gmail.com If you enjoy the podcast and would like to contribute to keep it running, you can do so at Patreon.com/pathspodcast Find us on twitter https://twitter.com/PathsPodcast

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018 - Bradley Birkenfeld: Banking Whistleblower to Prison to $104m Reward

Paths Podcast

1 hour 43 minutes 43 seconds

4 years ago

018 - Bradley Birkenfeld: Banking Whistleblower to Prison to $104m Reward

A conversation about Brad's life.

Born in Boston, he worked for giant Swiss bank UBS until 2005. Following his resignation, he blew the whistle to US authorities on practices enabling US citizens to evade billions of dollars in taxes. Though his whistleblowing caused UBS to pay huge sums of money to the IRS, and triggered large-scale reform of the Swiss banking industry, Brad was the only person involved who went to jail for these practices. He served 30 months in a prison nicknamed Camp Cupcake. Whilst incarcerated he discovered that (due to a law introduced in late 2006) the IRS were going to reward him with a percentage of the money he helped them recoup. He received $104m as a first payment. Today he lives between Malta and Italy and still rails against the corruption he believes is endemic in America and the world at large.

Those are the bare bones of the story. Discover much more in our interview.

Brad's website: https://lucifersbanker.com

Episode guide:

3.27-18.40 Ubringing, education, first finance job in State Street, Boston. Beginning his behaviour of standing up against employers. Brad is fired and decides to move to Switzerland.

18.40-32.20 His time and work in Switzerland and US before blowing the whistle.

32.20-42.29 The background of Swiss banking and how it related to the US. Tax evasion. Turning point - the three-page memo. Resigning and deciding to become a whistleblower.

42.49-54.20 Motives. Noble act/Revenge/Seeking reward? Thoughts on whistleblowers in contrast to criminals and how society feels about them.

54.20-1.01.59 Back to his story. Approaching different US Authorities. Deferred prosecution for UBS. Prison for Brad.

1.01.59-1.17.14 Time in prison. Whilst there discovering he would receive $104m. Thoughts on extreme wealth. Tax avoidance vs evasion. Being single. Charitable acts.

1.17.14-1.28.05 What changed in Swiss banking as a result of his actions? How he sees his role now. Thoughts on corporate corruption. How did UBS not see his whistleblowing coming?

1.28.05-1.42.44 What would it take to stop tax evasion in the world? More thoughts on corruption. US-Swiss relationship. Does he reflect happily on his journey? Has he ever feared for his life after upsetting these powerful people? Recommending his book.

Guest: Bradley Birkenfeld

Host and producer: Donal Gallery

Artwork by Anna Obert https://www.instagram.com/annaobertillustration/

Music by Donal Gallery

Twitter: https://twitter.com/PathsPodcast

Patreon: https://www.patreon.com/PathsPodcast

Get in touch with stories of people who've lived unusual lives at pathspodcastpeople@gmail.com

Thanks for listening