Posted on 02/19/2009 10:01:44 AM PST by seven.sixtwo
In the hush-hush world of Swiss banking, the unthinkable is happening: Secrets are spilling into the open.
UBS, the largest Swiss bank, agreed Wednesday to divulge the names of well-heeled Americans whom the authorities suspect of using offshore accounts at the bank to evade taxes.
The bank admitted having conspired to defraud the U.S. Internal Revenue Service and agreed to pay $780 million to settle a sweeping U.S. investigation into its activities.
It is unclear how many of its clients' names UBS will divulge.
U.S. prosecutors have been examining about 19,000 accounts at the bank, but UBS ultimately may disclose the identities of only a few hundred customers. Today in Business with Reuters UBS signals the end of the secret Swiss bank account Stanford drew SEC attention, but only small fines Brokers and banks ready to change trading of credit default swaps
But to some, turning over any names at all heralds the end of the secret Swiss bank account, whose traditions date to the Middle Ages.
"The Swiss are saying that this is the end of Swiss banking as they knew it," said Jack Blum, an offshore tax specialist. "Nobody will trust the security of the Swiss bank account."
(Excerpt) Read more at iht.com ...
How many Obama cronies will appear on this list of 19,000?
Just heard this on Rush. He’s relishing it. :)
Well this ought to be fun....
How many Obama cronies will appear on this list of 19,000?
my hunch, none or very few. This would not be happening if it was to Obama’s detriment. So question is- NOW where does the underworld, graft, corruption, embezzled, and drug cartel money go for safe keeping? Will there be any gold bars left in the world?
I wonder if there is a bank account in the name of a drunken US Senator from Hyannis MA?
yep! gotta love rush...
this is also the govt. going after money they can’t otherwise tax. desperate times call for desperate measures.
Why would Obama cronies put their money into secret accounts when they can just cheat out in the open and get federal jobs ot be elected to congress?
I wonder how much Bill and Hillary have stashed there? And O.J., too.
I think that the bulk of the investigation was carried on by the Bush Admin. which may mean that there are quite a few on both political sides. Should be interesting.
Fortunately the Clintons’ accounts in the Cayman Islands will not be affected.
we’ll never know...
“The RAT Hiding Deep Inside the Stimulus Bill “
http://www.dcexaminer.com/politics/The-RAT-hiding-deep-inside-the-stimulus-bill-39805642.html
Another one bites the dust.
Am guessing; like the 'Madam' releasing her list of clients. . .the 'rats' will be absent; unless considered an enemy of Obama's. (Think he gave mention of his intention in a speech on the campaign trail. . .surely more than one message sent here; and so perhaps more were smart and 'got it'; but who knows?
Whatever; I do want - and hope to be - pleasantly surprised!
But not holding my breath on the 'pleasant' part. . .
To Hugo’s Banks in Venezuela?
February 19, 2009
Note: The following text is a quote:
http://www.usdoj.gov/opa/pr/2009/February/09-tax-139.html
United States Asks Court to Enforce Summons for UBS Swiss Bank Account Records
WASHINGTON - The government filed a lawsuit today in Miami against Swiss bank UBS AG, the Justice Department announced. The lawsuit asks the court to order the international bank to disclose to the Internal Revenue Service (IRS) the identities of the bank’s U.S. customers with secret Swiss accounts. According to the lawsuit, as many as 52,000 U.S. customers hid their UBS accounts from the government in violation of the tax laws.
The government alleges in the lawsuit that of those 52,000 secret accounts, about 20,000 contained securities and about 32,000 contained cash. According to a UBS document filed with the lawsuit, as of the mid-2000s, those secret accounts held about $14.8 billion in assets. Court documents allege that U.S. citizens failed to report and pay U.S. income taxes on income earned in those secret accounts.
According to the lawsuit, Swiss-based bankers actively marketed UBS’s services to wealthy U.S. customers within the United States. UBS documents filed with the lawsuit show that UBS bankers came to the United States to meet with U.S. clients nearly 4,000 times per year, in violation of U.S. law. According to court documents, the government alleges that UBS trained its bankers to avoid detection by U.S. authorities. Court documents further assert that many U.S. contacts occurred through UBS-sponsored sporting and cultural events, designed to appeal to extremely wealthy Americans.
The lawsuit alleges that UBS engaged in cross-border securities transactions in the United States that it knew violated U.S. security laws. The lawsuit also alleges that UBS helped hundreds of U.S. taxpayers set up dummy offshore companies, to make it easier for those taxpayers to avoid their reporting obligations under U.S. tax laws.
“At a time when millions of Americans are losing their jobs, their homes and their health care, it is appalling that more than 50,000 of the wealthiest among us have actively sought to evade their civic and legal duty to pay taxes,” said John A. DiCicco, Acting Assistant Attorney General for the Justice Department’s Tax Division. “It is time for those who are trying to hide from the IRS to rethink their actions. The Department of Justice is committed to do all that it can to aid the IRS in locating those who would seek to hide behind secret accounts and in holding them accountable under the federal tax laws.”
“We are committed to moving forward with the summons enforcement process. This action sends a strong signal to taxpayers hiding their money offshore. The IRS will be aggressive in pursuing people who shirk their obligations under the tax law. These people owe it to their fellow citizens to pay their fair share of taxes,” said IRS Commissioner Doug Shulman. “As Commissioner, I am committed to bringing to bear the full arsenal of IRS resources to pursue egregious offshore tax abuse. International tax issues are a top priority, and we will continue to aggressively pursue people hiding assets offshore. For people who are hiding money offshore, this serves as a wake-up call that they need to get right with their government. Taxpayers should talk to a tax professional and come forward under our voluntary disclosure process. Having the IRS find you could mean a much heavier price than coming forward on your own.”
Information about the Justice Department’s Tax Division and its enforcement efforts is available at http://www.usdoj.gov/tax/.
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09-139
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