U.S., UBS Negotiating Settlement of Tax Case on 52,000 (Swiss) Accounts

[undeterred]

Source: Bloomberg

July 13 (Bloomberg) -- UBS AG, the largest Swiss bank by assets, is in talks with the U.S. government to settle a lawsuit seeking the names of 52,000 American account holders suspected of using Swiss secrecy laws to evade taxes.

The bank agreed with the U.S. and Swiss governments to seek a settlement and postpone an evidentiary hearing today in a Miami courtroom, according to a court filing. The U.S. sued UBS on Feb. 19, a day after the bank agreed to pay $780 million to defer prosecution for helping wealthy Americans evade taxes.

Under that agreement, UBS also agreed to an unprecedented breach of Swiss secrecy laws by giving the Internal Revenue Service data on more than 250 accounts. Switzerland, which supports UBS in the case, said the U.S. push for data on 52,000 other accounts is a threat to its sovereignty and would force the bank to violate Swiss criminal laws protecting bank secrecy.

“This adjournment gives people at very high levels of both governments time to get involved and consider the implications of this litigation,” said Bryan Skarlatos, a tax lawyer at Kostelanetz & Fink LLP in New York. “The symbolic value of this case is huge. It’s King Kong versus Godzilla. It’s the IRS versus bank secrecy jurisdictions.”



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=atJfzDD_mNyA

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1. The Swiss: the same ones that helped Nazis hide their ill gotten gain

The Swiss helped the Nazis hide their ill gotten gain, such as wealth plundered from the Jews. And they have been none too cooperative in seeing that which was stolen from the Jews restored to its rightful owners or their descendants.

http://en.wikipedia.org/wiki/Nazi_gold
http://en.wikipedia.org/wiki/World_Jewish_Congress_lawsuit_against_Swiss_Banks

[undeterred]

2. I can't think of a noble reason for bank secrecy laws.

Privacy yes, but as a means of tax evasion or money laundering, no.

[merwin]

3. So the bank pays 780 million and gets to disclose only 0.5% of the names.

Considering how much they are making on the remaining 51,750 accounts, seems like a good deal.

I also wonder how they came up with the 250 names... probably all people who are operating legally so they aren't forced to reveal more names.

The whole bank secrecy thing is BS, as that should only apply to swiss citizens. On top of that, the swiss banks should be charged with conspiracy to commit money laundering... because that is the end result of what they are doing.

[shraby]

4. That should be put toward the health care

for all of us. T'would make a dent, hey what?

[truthisfreedom]

5. Fuck 'em all.

Screw it.

[newblewtoo]

6. here is the thing

If we have a number how come the names associated have not 'leaked' yet??

[flyarm]

7. One of my former neighbors is one of the top 5 people at UBS ..

a rabid rabid republican..who gave bucket fulls of money to Obama..just saying.........