End of Swiss Bank Accounts - Unthinkable

Quote from Daal:

Looks like you called the death of swiss banking too soon
UBS will fight IRS demands
http://www.marketwatch.com/news/sto...7B2-9EBE-FBEACFE6A472}&tool=1&dist=bigcharts&

If they lose in a US court but dont give the information then what will the IRS do, declare war?
These absurd deficits will just make the IRS from a intrusive and abusive government body to a flat out quasi-terrorist organization. I feel sorry for all of you US citizens
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If UBS loses, then they could be banned from doing business in the United States.
 
Quote from Mom0/pH0x:

i have read about cases dating back as far as 1992, all of the primary source data i found was in german, and i don't understand german... but it's well know to have been porous for a while...the first actual legislation i know of was in 2003, but like i said i know of numerous cases in which it had been compromised prior to that, i had a stint in offshore finance before entering trading professionally... noone ever even thinks to suggest switzerland for asset protection or anonymity, haven't in decades, the most notable recent event to occur in that sphere was the employee of a lichenstein bank turning over a disk to the german revenue service containing the info of several german clients who were using lichenstien as a tax shelter... confidence was high in lichenstiens perception as a secure fortress of anonymity and protection from taxation... belize is the only place that has been tested and withheld international pressure consistently... there are other great locations, but their commitment to anonymity and secrecy isn't as demonstrated as belize...
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Thanks for the good response.
 
UBS settles for $780mm admitting it defrauded the US gov't, then refuses to say who they aided and abeted? Tax evasion is a crime and subjects the guilty party to fines and/or imprisonment. Leona Helmsley.

In China the punishment can be as severe as the death penalty. Imagine if UBS Private Wealth Management guys were working for like China Mobile or Bidu exec's? What is the mode of execution in China? That would suck.

:eek:
 
Quote from RiceRocket:

Is the US government trying to destroy the wealthy?
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This is rather lame commentary. If we're all subject to laws as a US citizen (taxation in this case) then capturing or convicting the few who are going around those laws is the correct thing to do. If they don't like it, then they can renounce their citizenship.

I have to pay taxes on all my income, so should they.
 
Quote from Ivanovich:

then they can renounce their citizenship.
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Then, of course, the IRS will try to take their fat cut out of the person's networth. The IRS is legalized tiranny to support a growing welfare state, lots of the stuff they do its not even approved by the congress or the president(like the tax break they invented when WFC bought WB)
 
Quote from zdreg:

people should find for themselves the best available accountant that they can afford. the accountant will help you legally to minimize your taxes. In the US and nearly every country in the world successful actors and athletes and the very rich have lower effective rates than the ordinary working person.
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Anybody having chance to screw over IRS should do it. It was estimated 70 cents of every $1 is wasted by bureaucrats anyway.
 
Quote from Cesko:

Anybody having chance to screw over IRS should do it. It was estimated 70 cents of every $1 is wasted by bureaucrats anyway.
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Estimated by whom?
Nitwit Gingrich?

It depends a lot on weather you think that government for and by the people has a future, because government for the people should be able to find a way to do things efficiently. That is not to be confused with government by a class of cleptocrats who basicly suspended any enforcement of laws and rules that would interfere with lining their pockets while using the power of the government to punish political opponents.

The attitude of those here toward those who bend iron, plant and reap, and actually produce the things that you use, including a fair set of rules of the road to play by (Oh, the last Administration did NOT concern themselves with that did they?) Never ceases to amaze me.
You have traders belittling UAW lie workers , and government workers. Well let me tell you buddy the NAVY did a better overhaul at half the cost than the "private sector" overhauls they have been forced into. You should have to serve on those ships and and YOU should have to wear the laundry done by KBR since the "outsourced" laundry in Iraq, and suffer the boils caused by dirty clothes because "private industry does it more efficiently".

Bullshit.

It really depends on the level of corruption tolerated in a company or a government, and for the last 8 years in my direct experience the corrupt have flourished both in and outside of government.

Actually I am looking forward to a future where we can once again get our money's worth from government and private industry, and to some damn clean laundry.
 
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