The new financial center for high net worth individuals.

Dear Thaistocks.com Member,
 
No answer ever received back to my letter below, send CNBC some weeks ago.
 
Since then I found-out that in Luxembourg this practice is not even illegal, even while it goes bang-smack against the interest of its clients. Retro-commissions are a present and clear conflict of interest, and rightly so are highly illegal in the US.  Further, trading commissions and other services and bank charges, are no question among the most expensive in the world in Switzerland and LUX.  And their investment advise over the years, has been, can we say, average at least.
 
Since then, double digit billion US$ losses by the Swiss banks on the sub-prime scandal in the US have been realized and more are to come; yet bankers there have just voted to increase their salaries, vs. in the US, many have forfeited their '07 bonuses.  Some now believe a Swiss economic recession will materialize as most Swiss banks have stopped making loans to legitimate Swiss businesses, all due to the billions of losses taken in the US. This cost them so very dearly on their prime tier capital. Record braking numbers.
 
To me its ever more obvious that the new key financial center for high net worth individual investors should now be Hong Kong (!) and I have started preparing a detailed "ABC.." report on how and with whom to proceed there. As I have good contacts and knowledge on this -and of course no conflicts of interest. Let me know if you have an interest in this.
 
Best Regards,
Paul A. Renaud.
www.thaistocks.com
 
 
TO: CNBC Customer Care Team
----- Paul Renaud Wrote -----
First Name: Paul
Last Name: Renaud

Dear Ms. Amanda Drury,

While your frequently featured guest "the bear" Marc Faber is ever quick to criticize US companies and the US Fed. etc. (today calling the board of Citibank a disgrace) at any opportunity, why does he not respond on something closer to his own nationality/home country.? Why not ask him about this on his next visit:

The very nasty -and indeed illegal- entrenched Swiss banking practice around so called retro-commissions. Whereby most Swiss banks, rebate part of their clients paid commissions in cash to their outside money managers. Not only is this a clear conflict of interest by an entrusted fiduciary, but in fact its illegal under a Swiss 100 year old federal law.

Yet this appalling practice continues, smack against the interest of their clients.

Mr Faber deserves to be asked what he thinks about this. As this rarely reported practice also much concerns some investors. Not just what the US Fed is doing or not, or Citibank -or the US consumer.

Paul A. Renaud.
Previous Guest on your show.
www.thaistocks.com