Birkenfeld was living the dream at Barclays. First-class flights, fine dining, Russian girls entertaining clients in Geneva, cash handovers like clockwork. He was pulling in CHF 200K, running a one-man monopoly as the only Swiss private banker at Barclays doing this game.
Imagine you control 80% of the world’s supply of a precious metal. And then one day your electricity just stops working. Chapter 29 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of South Africa’s platinum industry getting hit by the most basic problem imaginable: no power.
Imagine you control 80% of the world’s supply of a precious metal. And then one day your electricity just stops working. Chapter 29 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of South Africa’s platinum industry getting hit by the most basic problem imaginable: no power.
Birkenfeld lands in Switzerland in 1995 with a busted career and a plan: get an MBA, reset, and come back swinging. He enrolls at a small American university near Lake Geneva, studies hard, parties harder, skis every mountain he can find, and meets a girl named Charlotte.
You would think that after Amaranth blew up and lost $6 billion on natural gas, every bank and fund on the planet would have gotten the message. Natural gas is dangerous. Do not bet the house on it. But no. Just six months later, one of Canada’s oldest and biggest banks walked straight into the same wall. Chapter 28 of Torsten Dennin’s “From Tulips to Bitcoins” tells how the Bank of Montreal lost $850 million on natural gas trades and tried to cover it up.
You would think that after Amaranth blew up and lost $6 billion on natural gas, every bank and fund on the planet would have gotten the message. Natural gas is dangerous. Do not bet the house on it. But no. Just six months later, one of Canada’s oldest and biggest banks walked straight into the same wall. Chapter 28 of Torsten Dennin’s “From Tulips to Bitcoins” tells how the Bank of Montreal lost $850 million on natural gas trades and tried to cover it up.
The new bosses from New York were not just arrogant. They were criminals. And Birkenfeld was about to find out just how deep the rot went at State Street.
Wheat is boring. It just sits there in a field, grows, gets harvested, becomes bread. Nobody thinks about wheat until the price of bread doubles and suddenly everyone is an agricultural expert. Chapter 27 of Torsten Dennin’s “From Tulips to Bitcoins” tells what happened when Australia, one of the biggest wheat exporters on the planet, stopped producing wheat. Not by choice. Because the rain stopped coming.
Wheat is boring. It just sits there in a field, grows, gets harvested, becomes bread. Nobody thinks about wheat until the price of bread doubles and suddenly everyone is an agricultural expert. Chapter 27 of Torsten Dennin’s “From Tulips to Bitcoins” tells what happened when Australia, one of the biggest wheat exporters on the planet, stopped producing wheat. Not by choice. Because the rain stopped coming.
Chapter 2 opens with Birkenfeld landing his first real job in finance. The year is 1989. The place is State Street Bank and Trust Company in Boston. And the boss is a guy straight out of a mob movie.