Posted on 07/08/2009 7:27:42 PM PDT by SeekAndFind
* U.S. judge orders U.S. govt to say how far it would go
* Switzerland says would stop UBS handing over client data
* Berne says may seize UBS client data, if necessary
* Judge may be pushing for a settlement
A judge ordered the U.S. government to say whether it was prepared to shut Swiss bank UBS AG (UBSN.VX) (UBS.N) in the United States as part of a battle to learn the identity of 52,000 secret accounts suspected of being used by Americans to avoid taxes.
U.S. District Judge Alan Gold, set to preside over a hearing Monday of a suit seeking to force UBS to provide the information, asked specifically Wednesday about "receivership and/or seizure of UBS' assets within the United States."
Gold said such remedies might be requested of the court if UBS failed to comply, or was prevented from complying by the Swiss government. He gave the U.S. Justice Department until noon (1600 GMT) on Sunday to respond.
Switzerland has vowed to prevent UBS from handing over client information to U.S authorities, in an attempt to defend bank secrecy, and says the tax case targeting its biggest bank is souring diplomatic ties.
Washington has accused UBS of hiding nearly $15 billion in assets in secret accounts but the tax litigation is also crucial for the future of the multibillion-dollar wealth management industry and is pushing several offshore banks to force clients to come clean.
The Swiss Justice Ministry said earlier on Wednesday that Swiss law prevents UBS from handing over client information and the government would seize UBS client data, if necessary, to stop that happening.
(Excerpt) Read more at reuters.com ...
This is a good thing.
Agreed! Good for the Swiss!
I hope the Swiss hang tough on this. And I DON’T have any “secret” accounts there or anywhere. The ObamaComs can’t spread anybody’s wealth around if they can’t get their little piggie paws on it.
Switzerland is my bail out country in case things get too out of hand here.
I think yes.
Now, what repercussions would that have with Switzerland? One, giving up the data. Two, being shut down in the US and forbidden to operate here.
What would the other off-shore banks be thinking? Is their data next? Would they be forced to close?
If the banks close in the US, does the US mail start delivering deposits for account holders? That’s a safe company and a trustworthy one, postage rates might go up (again).
The US government is so stupid. If you want money to come back to the USA, the answer is simple -— Give INCENTIVES for those with money to WANT to invest or deposit what they have hear.
In other words — COMPETE FINANCIALLY WITH THE SWISS.
Why this never crosses anyone’s mind in congress is beyond me.
The fact that this private company is refusing to bend to the will of the leviathan US government considering its clients personal matters is a good thing.
hear = here.
The bigger Soros-scented accounts have no need to worry. They can easily have their holdings converted to US bearer bonds (just need to specify the vintage desired, and then one snap of the fingers). This can then be courier’d around to where needed.
If we pulled anything like that, all it takes is a few phone calls from the right people in Switzerland and the dollar will be so much toilet paper.
I agree. Don’t think it will come to that thought ... tax reform. Meaningful tax reform.
So we have the courts and the Executive Branch Agencies possibly closing foreign banks. Did UBS get any bailout money? Their stateside operations?
What other countries do with their banks and what rules they make is none of the Obama administration's business..
In fact the US cannot even fix its own banking industry...so the answer to your question is YES
The gov't has no clue as to who may be putting money in a Swiss account...they just want to go fishing.....screw um
The reason that the US Govt and IRS know that there are “secret” accounts is that US taxpayers report them on their tax returns as required. There aren’t 50000 secret accounts. Many americans..like me..have accounts at UBS and report them on our tax forms. The US Govt want more. They want the banks to report to make sure that we are telling he truth. There aren’t that many accounts which aren’t reported. The ones that are truly secret, will remain secret because they don’t bear the name of the owner.
Also, keeping what belongs to you, not the government, by any means available is a VERY good thing.
Yhe IRS sure as hell thinks they are.
Nice! I’m formulating a bailout list myself. These days, you have too.
Being a complete clusterf---, but most beneficial to the gov, this is of course the most likely action to be taken.
It will be interesting to see if the seizure is pawned off to private law firms for 'processing,' who will keep 30% and kick back a good chunk of that money to the Dem party & Obama's cronies-- it's the Chicago Way!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.