UBS, DOJ Seek Stay in Tax Case

WSJ online ^ | July 12 2009 | CARRICK MOLLENKAMP

[radar101]

UBS AG and the U.S. Justice Department jointly have asked a federal court to postpone a hearing scheduled for Monday in order to give the two sides a chance to negotiate a settlement and potentially allow UBS to avoid turning over thousands of client names to the Internal Revenue Service.

In a filing Sunday morning, UBS and the Justice Department asked that the hearing in Miami be rescheduled for Aug. 3 and 4 if an agreement couldn't be reached. The move staves off what had been an increasing diplomatic fight between the U.S. and Swiss governments over whether Swiss privacy law allowed UBS to hand over the information.

The request for a stay gives UBS time to try and figure out how it can potentially deliver some information to the Justice Department and the IRS without turning over some 52,000 account holders that the IRS seeking as part of a months-long tax-evasion investigation.

That investigation, aided initially by a former UBS private banker, in February forced UBS to agree to a $780 million criminal settlement and an agreement to turn over more than 200 account holders. Those names were turned over because of allegations of tax fraud. Those allegations allowed UBS to hand over the information without violating Swiss privacy laws.

[jimbo123]

Robert Wolf, CEO of UBS Americas

The skeleton in Obama’s money closet

http://www.canadafreepress.com/index.php/article/4088

Robert Wolf, CEO of UBS Americas, who has bundled more than $370,850 for Barack Obama so far this year, is one of the most embarrassing skeletons in BO’s money closet, now that the financial institution Wolf heads up in America has been outed in The Nation’s Attack of the Global Pirate Bankers.

[jimbo123]

President Barack Obama shakes hands with Robert Wolf, Chairman & CEO, UBS Group Americas, after signing an executive order establishing the new Economic Recovery Advisory Board as members of the Board gather around him in the East Room of the White House in Washington on February 6, 2009.

[Arguendo]

I don’t think UBS Americas is more than tangentially involved in this case.

[Nathan Zachary]

Oh I’m sure Obama’s Swiss bank account is well padded, and safe from being linked to him directly.
Every wanna be dictator has his emergency stash just in case their empire comes crashing down and they need to flee the country.

[jimbo123]

I don’t think UBS Americas is more than tangentially involved in this case.

Wrong. It's all about UBS Americas. If the Swiss refuse to turn over the names, the DOJ will seize the US assets of UBS. Robert Wolf is getting payback for all of the money he raised for The Kenyan.

[ASOC]

LOL

Uncle Sugar wants to go fishing in the UBS pond.

Pond owner tells them to Foff.

IS it popcorn time yet?

[Pining_4_TX]

I agree. I’m on the side of the Swiss. The US federal government has come to believe it rules the world.