Sen. Levin: Shut Down Giant Swiss Bank UBS

[dkf]

Investigation Reveals Secrecy Tricks Allegedly Used by Swiss Bankers
By BRIAN ROSS, AVNI PATEL, and RHONDA SCHWARTZ
July 17, 2008

Federal regulators should consider revoking the US banking license of the giant Swiss Bank UBS because of its role in helping wealthy Americans evade billions of dollars in taxes, Sen. Carl Levin (D-MI) told ABC News today.
bank secrecy

Senator Carl Levin (D-MI) revealed a list of "secrecy tricks" he said that UBS bankers used to carry out their tax haven schemes.

"I don't think that any bank that goes to the extent that UBS has gone through to avoid doing what their agreements with the United States require them to do, should be allowed to continue to do business unless they clean up their act," Levin said.

UBS's role in arranging "undeclared" accounts for an estimated 19,000 US citizens was one focus of a hearing by the Senate Permanent Subcommittee on Investigations, chaired by Levin today. The role of the LGT bank, owned by the royal family of Liechtenstein, was also investigated.

Levin said UBS practices resulted in its U.S. clients maintaining undeclared Swiss accounts that collectively held "$18 billion dollars in assets that have been kept secret from the the IRS."

"They wanted secrecy. UBS gave them secrecy," Levin said.

Levin revealed a list of "secrecy tricks" he said the UBS bankers used to carry out their tax haven schemes.

The list includes code names for clients, using untraceable pay phones, encrypted computers, fake trusts, counter-surveillance training, and shredding files.

Levin said UBS hid behind Swiss bank secrecy laws to hide its misconduct, and offered services in the US it was not licensed to provide.

http://abcnews.go.com/Blotter/story?id=5394214&page=1

[loveable liberal]

1. Dont forget PHIL GRAHAM/JOHN MCCAIN in the story.

[calimary]

2. Yes! phil gramm works for UBS.

Let's NOT forget that - about Mr. Multi-Millionaire "You're Just WHINING!!!!"

[Tempest]

3. Not only does Gramm work for them

He's on the board of directors.

The board is the one that sets loan limits and approves risk. The two things that created the crisis.

[Virginia Dare]

4. Perhaps this is one of the reasons Miss Cindy wants..

her tax records kept private?

[dkf]

5. Now THAT would be interesting.

[knitter4democracy]

6. Okay, he's getting a check from me.

I wasn't too happy about some of his votes, but FISA and now this--yeah, we'll send him some money.