Posted on 02/21/2009 7:32:57 PM PST by NormsRevenge
GENEVA (AFP) – Banking details of eight American clients of Switzerland's largest bank have been sent to US authorities, despite a Swiss court order blocking the move, a newspaper said Saturday.
The court's ruling Friday apparently came too late, with the information on the eight having been sent along with the names of more than 240 other American clients of UBS, the Tribune de Geneve daily reported.
"The information has already arrived in Washington," Alain Bischel, spokesman for Swiss bank regulator FINMA, told the newspaper.
The tribunal's order forbade Swiss bank regulator FINMA from giving the plaintiffs' "banking documents to third parties, particularly US authorities," or risk legal proceedings.
The tribunal's decision came amid US Justice Department efforts to break through Switzerland's banking secrecy to go after tax cheats hiding their money in the European country.
UBS, Switzerland's biggest bank, reached a settlement with US authorities on Wednesday in which it admitted to US tax fraud and agreed to pay 780 million dollars.
The bank was also ordered to hand over details of 250 to 300 US clients.
(Excerpt) Read more at news.yahoo.com ...
This case will go to SCOTUS.
Remove the Democrats, Release to the Press the Republicans....
When did 52,000 accounts get reduced to 250-300? No mention at all.
the “SCOTUS” has been neutered like an old dog
they will only comment that Switzerland lacks standing
no one has the “standing” to stop anything that benefits obama’s power, now to grab the wealth that americans have put in foreign banks
the man who refuses to show his birth certificate has ordered - successfuly- that banking laws be broken even in other countries after all, the “enemy” is the “rich”.
Haven’t you broken the code?
Haven’t you broken the code?
This case has been going on for years. Obama has done a lot wrong in a short time, but this isn't on the list.
Americans have been evading taxes this way for decades. That doesn't make it right. In fact, since I pay my taxes I kind of enjoy them being prosecuted for violating the tax code.
These are the people who want to live here and have the influence that wealth brings, but they cheat on the responsibility that goes with that wealth. Don't worry there will be many more rich Dems caught than rich Republicans.
actions taken in disregard to another nation's sovereignty have consequences. loot-grabbing from crooks and evaders— while a seemingly laudable endeavor, is not the larger issue.
You are straining.
As I understand this, the US is not violating Swiss sovereignty, we have just found a way to charge bank employees in the US with violating US law.
If something is legal in Switzerland and illegal in the US, you can do it there but you can’t come here and do it.
At the point that a foreign bank establishes branches in the US, they become subject to US law..at least for their activities here. So they are subject to whatever the US may demand. Their choice is to leave the US or comply.
I doubt that many big money people have their money with UBS. There are many private banks in Switzerland that do not have branches in the US that are much more secure.
Those banks can then re=invest your money wherever you want, but they only deal with high rollers.
For years I had an account at UBS in Geneva, but duly reported it on my annual tax return. I suspect that most of the 50,000 accounts are in that category.
Wouldn’t it be fun to see:
Geo Soros
Babs Streisand
Michael Moore
Nancy Pelosi
Jane Fonda
Charles Rangel
Any others you can think of?
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