Data Management

11:07 AM
Melanie Rodier
Melanie Rodier
Commentary
Connect Directly
Facebook
Google+
LinkedIn
Twitter
RSS
E-Mail
50%
50%

Is It (Finally) Time For Banks To Worry About WikiLeaks?

A former Swiss banker has 'publicly' handed over data to Julian Assange.

A former senior Swiss bank executive says he has given WikiLeaks founder Julian Assange details of more than 2,000 prominent individuals and companies that he suggests engaged in tax evasion and other possible criminal activity.

Given Assange's new celebrity status, the news was announced – or even better in terms of publicity, the bank executive was actually shown handing over to Assange the CDs containing the data – at a press conference in London.

Rudolf M. Elmer, who ran the Caribbean operations of the Swiss bank Julius Baer for eight years until he was dismissed in 2002, refused to identify any of the individuals or companies, but he told reporters that about 40 politicians and “pillars of society” were among them, the New York Times reported.

He said those named in the documents come from “the U.S., Britain, Germany, Austria and Asia — from all over,” and include “business people, politicians, people who have made their living in the arts and multinational conglomerates — from both sides of the Atlantic.” Elmer said he had turned to WikiLeaks to “educate society” about what he considers an unfair system that serves the rich and aids those who seek to launder money.

Julius Baer, which the Times notes is a 120-year-old institution that is usually known for its intense privacy, said in a statement that it denied all wrongdoing and suggested that Elmer was pursuing a “vendetta” against Julius Baer.

The financial industry is currently also waiting for the data Assange says he has obtained on a prominent U.S. bank, widely thought to be Bank of America. Assange says he will release the information within the next 2 weeks.

For now at least, the financial industry isn't shaking. So far, despite the massive publicity, information leaked by WikiLeaks has come and gone without making much of an impact.

Add to that the fact that post-financial crisis, few believe leaked info about BofA or another bank could reveal anything worse about what has gone on behind closed doors than what has already emerged from the mortgage crisis or the Madoff scandal.

Unless of course it finally proves to be WikiLeaks' first, real coup?

Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio
More Commentary
A Wild Ride Comes to an End
Covering the financial services technology space for the past 15 years has been a thrilling ride with many ups as downs.
The End of an Era: Farewell to an Icon
After more than two decades of writing for Wall Street & Technology, I am leaving the media brand. It's time to reflect on our mutual history and the road ahead.
Beyond Bitcoin: Why Counterparty Has Won Support From Overstock's Chairman
The combined excitement over the currency and the Blockchain has kept the market capitalization above $4 billion for more than a year. This has attracted both imitators and innovators.
Asset Managers Set Sights on Defragmenting Back-Office Data
Defragmenting back-office data and technology will be a top focus for asset managers in 2015.
4 Mobile Security Predictions for 2015
As we look ahead, mobility is the perfect breeding ground for attacks in 2015.
Register for Wall Street & Technology Newsletters
Video
5 Things to Look For Before Accepting Terms & Conditions
5 Things to Look For Before Accepting Terms & Conditions
Is your corporate data at risk? Before uploading sensitive information to cloud services be sure to review these terms.