NY Times articles on cum-ex tells personal anecdotes of players, Big Short-style

It May Be the Biggest Tax Heist Ever. And Europe Wants Justice.

They made quite a team.

One was an Oxford-educated wunderkind who handled the complicated math behind the transactions. The other was a beefy, 6-foot-2 New Zealander with an apparent fondness for Hawaiian shirts, who brought in clients and money.

Martin Shields and Paul Mora met in 2004, at the London office of Merrill Lynch. Mr. Shields was always the pupil, a little in awe of the older man’s ability to bluff and charm. Once, after Mr. Mora fended off suspicious auditors at a bank where the two worked, Mr. Shields sent an admiring email.

“Remind me never to play poker with you,” he said, according to an internal report later commissioned by the bank.

Today, the men stand accused of participating in what Le Monde has called “the robbery of the century,” and what one academic declared “the biggest tax theft in the history of Europe.” From 2006 to 2011, these two and hundreds of bankers, lawyers and investors made off with a staggering $60 billion, all of it siphoned from the state coffers of European countries.

The full story is available at https://www.nytimes.com/2020/01/23/business/cum-ex.html

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