IRS gets a key to Swiss bank accounts

[Vette73]

Government reaches deal to access as many as 5,000 UBS accounts that U.S. investors might have used to avoid taxes.


So did not see this here yet. So anybody in the house want to stand up, or are you busy packing to leave the country.

Whonder if any famous people and/or polticians will get outed. Wesley Snipes... I am looking in your direction. :laugh:


Of course I am sure some will play dumb and take the IRS up on this offer...

"Shulman said investors who evaded taxes through UBS can avoid prosecution by reporting their tax activity by the Sept. 23 voluntary disclosure deadline, so long as they meet certain requirements."

 

[JSt0rm]

crap. I better get my shit in order then.

 

[her209]

All that for 4,450 accounts?

 

[xj0hnx]

Originally posted by: her209
All that for 4,450 accounts?

It's not the number of accounts, but the total amounts in those accounts. It could ten accounts if there's billions hidden in them.

 

[Ronstang]

Keeping money in bank accounts is stupid. Owning property outside the country and assets the government does not know about nor can track is much smarter. Once you pay your taxes on the money buying hard tangible assets is much safer.

 

[JS80]

Originally posted by: Ronstang
Keeping money in bank accounts is stupid. Owning property outside the country and assets the government does not know about nor can track is much smarter. Once you pay your taxes on the money buying hard tangible assets is much safer.

Liquidity.

And I would bet those type of people have plenty of hard assets outside of the country.

 

[dmcowen674]

Originally posted by: Marlin1975

So did not see this here yet.

So anybody in the house want to stand up, or are you busy packing to leave the country.

I had a post on this a long time ago and have been following this case since it broke.

Many of these people have left for Monaco and countries like that.

Good riddance.

 

[blackangst1]

This is non issue, really, although I read it involves somewhere in the neighborhood of 45billion. Paris and Liechtenstein are the new Switzerlands for shelters. Monoco, not so much.

 

[boomerang]

Originally posted by: Marlin1975
So did not see this here yet. So anybody in the house want to stand up, or are you busy packing to leave the country.

House of Representatives?

Edit: Added the winkie for the slow.

 

[BarrySotero]

How bizarre is it that the administration with a tax cheat in every third position is banging down doors in in Switzerland looking for tax cheats (and while they are letting Black Panther voter intimidation goons off charges - and also a USS Cole bomber etc) ?

 

[imported_Lothar]

You'd have to be a moron to own a Swiss bank account when you can open one at the Cayman Islands.

 

[Nemesis 1]

Originally posted by: Lothar
You'd have to be a moron to own a Swiss bank account when you can open one at the Cayman Islands.[/
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Does this mean the Swiss are nolonger off limits to WAR! Dam about time they live like all others. Smart money is hiding in the east. I mean this destroys there ananomity. LOOKS to be open season on the swiss.

 

[Nemesis 1]

Originally posted by: Lothar
You'd have to be a moron to own a Swiss bank account when you can open one at the Cayman Islands.

Cayman not safe anymore

 

[glenn1]

Originally posted by: her209
All that for 4,450 accounts?

And I bet the vast majority of the 4,500 are closed or have minimal balances in them. This is simply a face-saving announcement for the U.S.

 

[Double Trouble]

I'm curious why UBS or any Swiss bank would capitulate to this demand, since it essentially means their business as holder of assets is finished. Nobody will want to have their money in Swiss accounts anymore since the swiss provide that info to any government that comes calling. I wonder what the behind the scenes deal was.

 

[Craig234]

IMO this is one policy for the list of things we got by electing Obama and not a Republican.

Bush slashed the tax enforcement against the rich, and there's no reason to think McCain would have cracked down on this.

This is a great program IMO, and we need more, a 'global war on tax evaders'.

 

[PokerGuy]

Originally posted by: Craig234

This is a great program IMO, and we need more, a 'global war on tax evaders'.

Wait... an administration filled with tax cheats is going to create a "global war on tax evaders"? What's next, prostitutes starting a "global war against fornication"? :laugh:

 

[StageLeft]

Maybe it's face saving, but I bet some relatively high profile people are taken down, if even just a couple here and there. Chances are good some are now sweating bullets anyway.

And Obama's administration is pushing this so much BECAUSE it's full of tax-cheats. They aren't paying, so they need somebody else to cover the backlog

 

[RyanPaulShaffer]

Timmy Geithner better make sure he off-loaded his secret accounts to the Caymans, pronto!

 

[Thump553]

This is being puffed way out of proportion. The US had a solid criminal case against UBS involving 52,000 US accounts. The US had solid insider testimony on UBS's conspiracy to solicit US customers to hide their money. This spring a stipulated judgment was reached allowing UBS to keep their licenses here and pay a fine. Nothing definitive was reached on US access to those fraudulently set up accounts.

Now the US is going to get access to 4550 accounts (maybe) after months more of appeals and delays. What do want to bet that by the time we get access those funds are long gone and the ownership is hopelessly disguised through corporate shells, etc.

Maybe I'm looking at this too cynically, but I view it as yet one more example of silk stocking thieves walking off with millions and billions with hardly a slap on the wrist. We should have shut down UBS in this country, at a minimum.

 

[Wreckem]

Originally posted by: Double Trouble
I'm curious why UBS or any Swiss bank would capitulate to this demand, since it essentially means their business as holder of assets is finished. Nobody will want to have their money in Swiss accounts anymore since the swiss provide that info to any government that comes calling. I wonder what the behind the scenes deal was.

The Swiss Government signed a treaty with the US Government. Under that the US has access to those accounts. Its expected EU countries will follow similar suits. And this isnt limited to just Swiss. The US is going after other countries too. The Caymans isnt any safer than Swiss, etc.

And even if the accounts are drained, forensic accountants should be able to firgure out who had them and once that happens. Bye bye US Passport, bye bye traveling abroad, HELLO Interpol. They might have moved from the US, but their travel aboard will be extremely limited.

 

[Budmantom]

Obama hired all the tax cheats he could find, makes you wonder if he is looking for new positions at the White House, perhaps he needs a few more czars.

 

[MovingTarget]

Good. It is about time. That 'global war on tax cheats' is an excellent idea.

:thumbsdown: for the Obama comparisons...as if hiring tax cheats isn't anything new to ANY administration. Better tax cheats than war profiteers....

 

[Budmantom]

Originally posted by: MovingTarget
Good. It is about time. That 'global war on tax cheats' is an excellent idea.

:thumbsdown: for the Obama comparisons...as if hiring tax cheats isn't anything new to ANY administration. Better tax cheats than war profiteers....

Isn't that half the Democratic congress?

 

[Specop 007]

Originally posted by: dmcowen674

Originally posted by: Marlin1975

So did not see this here yet.

So anybody in the house want to stand up, or are you busy packing to leave the country.

I had a post on this a long time ago and have been following this case since it broke.

Many of these people have left for Monaco and countries like that.

Good riddance.

Yep, we dont want wealthy upstanding people in this country no sir. By God we wont settle for it until all we have are deadbeats sitting on park benchs and drug dealers selling crack!

VIVA LA POOR!