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The Council of States likes to adorn itself to be a “chamber of reflection”; with regard to its Committee for Economic Affairs and Taxation CEAT’s understanding of investor protection, the word “chamber of ignorance” suits much better! A person who - after the Swissair grounding - tries to get a real protection of investors considers the view of the the Council of States’ CEAT as a slap in the face of the investor and his protection because the CEAT lays out the red carpet to enable unscrupulous bankers and financial advisers to continue to cheat the investors for their personal advantage - i.e. to put commissions and other benefits into their pockets - without being punished.
The asset management contract is not at all a pass for professional knowledge of the investor; on the contrary, the investor deliberately puts the fate of his assets into the professional hands of his bank.
The members of the CEAT seem to misjudge the purpose of the asset management job, they simply ignore it!
The view of the Council of States’ CEAT is not only far from reality, but downright reprehensible, because it is complicity in the abuse of investors’ assets entrusted to the banks.
Hans-Jacob Heitz
Lawyer/formerAdministrative Law Judge Investor protection (of the first hour)
Weingartenstr.44
8708 Männedorf/CH
(079 430 36 70)
currently abroad
(Translation Current Concerns)
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