UBS admits helping tax evaders - agrees to id US co-conspirators - USA Today

[JohnWxy]

http://www.usatoday.com/money/industries/brokerage/2009-02-18-ubs-settles-sec-charges_N.htm
By Kevin McCoy, USA TODAY


Cracking Switzerland's historic reputation for banking secrecy, UBS agreed Wednesday to a $780 million settlement of federal charges it helped about 19,000 wealthy American clients evade U.S. taxes and said it would disclose the identities of some of those customers.

UBS (UBS), Switzerland's largest bank, also agreed to stop providing banking services to U.S. clients with undeclared accounts. The bank also admitted to conspiracy to defraud the IRS and agreed to report to U.S. authorities for at least 18 months on its compliance actions.

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The agreement ends a 2000-08 scheme in which UBS bankers using encrypted laptop computers and counter-spy tactics traveled to and from the U.S. and helped Americans secretly hide income.

Many of those clients are suspected of filing false federal tax returns that omitted income held in the Swiss bank. That income represents part of what a 2008 Senate hearing identified as a nearly $100 billion illegal offshore banking industry.

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This is nothing but Buccaneer Banking. But another sign of the times - anything goes. I'm sure whoever thought up the scheme was a super wealthy American tax dodger.

[TayTay]

1. Didn't Phil Gramm work for UBS during this time period

Former Us Senator and top financial adviser to the McCain campaign?

[JohnWxy]

3. YES HE DID! link -

Phil Gramm's UBS Problem

http://www.slate.com/id/2194933/

[KansDem]

2. The legacy of "Reaganomics"

Give the wealthy more wealth by cutting their taxes, then let them hide it in overseas bank accounts so they won't have to pay more taxes...:crazy:

"Reaganism" is dead.

[JohnWxy]

4. Reaganism - the human weakness for cheating has to be continually dealt with -with laws & regulation

this is what Greenspan and others didn't seem to get. given the opportunity, there are always those who will cheat. This is something most people learn by the time they are about 12 years old. The first stage of growing up - realizing not everybody is honest.

[PassingFair]

5. 1st stage: Life is not fair.

My brother is still stuck on this one.

:crazy: