Washington Babylon — June 8, 2009, 1:09 pm

Doing Business With Phil Gramm’s Bank

From Bloomberg:

California billionaire Igor Olenicoff had already invested $200 million with UBS AG in 2001 when his Swiss bankers ushered him to an underground vault in Geneva.

Olenicoff, a real estate developer with a taste for yachts and Russian art, saw floor upon floor of safe-deposit boxes. His private banker, Bradley Birkenfeld, and a colleague showed Olenicoff his own space for valuables.

“They said, ‘Whatever you want — corporate stock, cash, gold, silver — put it in here,’” says Olenicoff, 66, at the Newport Beach, California, headquarters of Olen Properties Corp., the company he founded in 1973. “It was that aura of legitimacy and secrecy. They say, ‘We’re the world’s largest wealth manager,’ so how do you question?”

Recall, of course, that former Senator Phil Gramm is a senior executive with UBS.

Share
Single Page

More from Ken Silverstein:

From the November 2013 issue

Dirty South

The foul legacy of Louisiana oil

Perspective October 23, 2013, 8:00 am

On Brining and Dining

How pro-oil Louisiana politicians have shaped American environmental policy

Postcard October 16, 2013, 8:00 am

The Most Cajun Place on Earth

A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits 

Get access to 164 years of
Harper’s for only $39.99

United States Canada

CATEGORIES

THE CURRENT ISSUE

August 2014

The End of Retirement

= Subscribers only.
Sign in here.
Subscribe here.

The Octopus and Its Grandchildren

= Subscribers only.
Sign in here.
Subscribe here.

Francis and the Nuns

= Subscribers only.
Sign in here.
Subscribe here.

Return of the Strongman

= Subscribers only.
Sign in here.
Subscribe here.

view Table Content

FEATURED ON HARPERS.ORG

Post
“Evidence of a chill was plain. People in Hailey spoke to me about Bergdahl in low voices, as if about a death.”
Fox & Friends, July 6, 2014
Article
The Seductive Catastrophe·

= Subscribers only.
Sign in here.
Subscribe here.

“The world’s leaders were moved by a populace fused into a forward phalanx, were shaken by a tidal wave of militancy jubilantly united.”
Photograph courtesy Mary Evans Picture Library
Post
The Glitch in the Video-Game Graveyard·

= Subscribers only.
Sign in here.
Subscribe here.

“From the nerd squabbles of Internet discussion threads rose an urban legend that culminated in a film that hinges on digging through my town’s trash.”
Illustration (detail) by Timothy Taranto
Article
What the Camera Saw·

= Subscribers only.
Sign in here.
Subscribe here.

“They shot him behind the left ear, and he fell.”
Article
Bounty·

= Subscribers only.
Sign in here.
Subscribe here.

“If I’d been one of the unprepared, I’d be desperate, too.”
Illustration (detail) by Simon Pemberton

Chances that an organ transplanted in New York City last year came from a murder victim:

1 in 4

Two thirds of U.S. teenagers experience uncontrollable rage.

In Gainesville, Florida, a drunk man who jumped out of his pickup truck to yell at the driver in front of him was run over by his own vehicle.

Subscribe to the Weekly Review newsletter. Don’t worry, we won’t sell your email address!

HARPER’S FINEST

In Praise of Idleness

By

I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.

Subscribe Today