UBS says it will fight IRS demand to turn over account info.

[cal04]

http://www.marketwatch.com/news/story/UBS-says-fight-IRS-demand/story.aspx?guid=%7B1D762195%2DF2A5%2D47B2%2D9EBE%2DFBEACFE6A472%7D&dist=hplatest

UBS said Thursday that it will fight an effort by the Internal Revenue Service to force the bank to turn over information on thousands of Swiss bank accounts held by U.S. taxpayers. The information is protected from disclosure by Swiss financial privacy laws, UBS explained. "UBS believes it has substantial defenses to the enforcement of the John Doe summons and intends to vigorously contest the enforcement of the summons in the civil proceeding," the bank said in a statement. "Objections to the enforcement of the IRS summons are based upon U.S. law, the terms of UBS's Qualified Intermediary Agreement with the IRS, Swiss financial privacy and other laws, and the principles of international comity that require U.S. courts to take into account foreign laws."

[DCKit]

1. UBS should be barred from doing business in the U.S. until they comply.

I'm pretty sure the EU would be on board with this as well. Dog knows they have their share of tax cheats.

[aquart]

2. Wait. I thought they reached a settlement to turn this stuff over.

Am I confusing cheats with similar initials?

[Rosa Luxemburg]

3. it is a Swiss bank so they don't have to

[MineralMan]

6. Ah, but they have offices here. So...

we go in with warrants and seize all the data in their US offices. Since we'd be worried that they might destroy stuff, we'd have to shut them down indefinitely to prevent that.

[Rosa Luxemburg]

7. do other countries do this to US Banks?

[MineralMan]

9. I don't know. Are there cases where a US bank has broken

laws in other countries by sheltering those countries' citizens' funds in violation of those countries' laws?

I don't have the answer to that question.

[Rosa Luxemburg]

13. see here

http://trade-wars.blogspot.com/2008/07/road-to-tax-shelter-perdition.html

[MineralMan]

11. Are you from Luxembourg?

Perhaps you have more information for us.

[Rosa Luxemburg]

12. no

[Rosa Luxemburg]

4. it is a Swiss bank so they don't have to

[burythehatchet]

5. Fine. Face the music and be charged with conspiracy to commit fraud.

[jillan]

8. UBS ~ U & Us

:puke: :puke: :puke:

It's been obvious for many years what has been going on.

Next, the IRS needs to look into a certain building in the Cayman Isles.

[MineralMan]

10. Well, another story today says that Switzerland, the nation,

is on the verge of bankruptcy. There may have to be some concessions made here and there by the Swiss, I'd think.

Of course, UBS can do as it wishes. There may be other routes to the information.