Randall Posted February 19, 2009 Share Posted February 19, 2009 UBS, the largest bank in Switzerland, agreed on 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 conspiring to defraud the Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities. It is unclear how many of its clients’ names UBS will divulge. Federal prosecutors have been examining about 19,000 accounts at the bank, but UBS ultimately may disclose the identities of only a few hundred customers. 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.” LINK Great. Now how about prosecutions for companies that did predatory lending? Quote Link to comment Share on other sites More sharing options...
DMD Posted February 19, 2009 Share Posted February 19, 2009 Why would a Swiss firm care about what the IRS in the US thinks? Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted February 19, 2009 Share Posted February 19, 2009 Why would a Swiss firm care about what the IRS in the US thinks? if they want to do bizness in the US. and good, f these cheaters! Quote Link to comment Share on other sites More sharing options...
DMD Posted February 19, 2009 Share Posted February 19, 2009 if they want to do bizness in the US. and good, f these cheaters! But they are doing business in Switzerland, not the US. Quote Link to comment Share on other sites More sharing options...
geeteebee Posted February 19, 2009 Share Posted February 19, 2009 But they are doing business in Switzerland, not the US. UBS has a very large presence in the USA. Quote Link to comment Share on other sites More sharing options...
DMD Posted February 19, 2009 Share Posted February 19, 2009 UBS has a very large presence in the USA. But they said they would never tell Ah, I see now. Great to hear.... Quote Link to comment Share on other sites More sharing options...
Jackass Posted February 19, 2009 Share Posted February 19, 2009 i bet A-Rod's on the list. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted February 19, 2009 Share Posted February 19, 2009 I wonder how many obamessiah cabinet members on on that list... Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted February 19, 2009 Share Posted February 19, 2009 Maybe they are offering up some of our Bailout money if UBS will cooperate with this kind of information. Still this is kind of like a prostitute publishing the names of her Johns. I wonder how many clients customers UBS will lose over this kind of betrayal of trust? Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted February 19, 2009 Share Posted February 19, 2009 “The Swiss are saying that this is the end of Swiss banking as they knew it,” if by "swiss banking as we know it", they mean being a willing, no-questions-asked receptacle of dirty money, then good. it's way overdue. "swiss banking as we know it" should have ended after they wh00red themselves out to the nazis. Quote Link to comment Share on other sites More sharing options...
MikesVikes Posted February 19, 2009 Share Posted February 19, 2009 How much hush money does it take to get off the list? Quote Link to comment Share on other sites More sharing options...
Skilly Posted February 19, 2009 Share Posted February 19, 2009 Guess I'll have to cross off "Get Swiss bank account" from my bucket list. Quote Link to comment Share on other sites More sharing options...
Big Country Posted February 19, 2009 Share Posted February 19, 2009 Guess I'll have to cross off "Get Swiss bank account" from my bucket list. Swiss accounts were so 90's It's all about the Cayman Islands these days..... or so I've heard. Quote Link to comment Share on other sites More sharing options...
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