UBS data release 'violated law'

[demoleft]

Source: bbc

Swiss financial regulator FINMA violated the law by authorising UBS to hand over details of 300 clients to US authorities, a Swiss court has ruled.

On 18 February 2009, FINMA decided to allow UBS to transfer client data to the US to end an investigation into its biggest bank.

The decision weakened Switzerland's strict bank secrecy rules.

But the court said that even if FINMA's position was difficult, it should not have allowed the passing on of data.


Read more: http://news.bbc.co.uk/2/hi/business/8448228.stm

[Demeter]

1. So What Are They Gonna Do About It?

Wrist slaps all Around? Toblerone at dawn?

[Wizard777]

2. Those involved should be jailed. They have destroyed the credibility and stability of Swiss banks.

No one wants to deal with lawless banks. When you make a deposit what nations laws will govern the transactions? What these people have firmly established is that it will NOT be Swiss Law. Hell for all anyone knows next week Swiss banks could be governed by the Laws of the Congo. Their willie nillie ways are an unmanageable risk.

[groundloop]

3. Yeah, really. What US millionaire would want to shelter money in a Swiss bank after this???

:sarcasm:

[naaman fletcher]

7. Evading taxes is not the only reason why people want(ed) swiss accounts.

If you are from certain areas of the world you can't go putting 500K or more in a bank account without running the risk that an employee is going to give your information to someone who will kidnap you for ransom.

[Po_d Mainiac]

5. If you want the rights and

privileges that go with US citizenship, pay your friggin taxes. If you want to hide your money from the IRS, put it under the mattress.

If you want to be a bank and do business in the US, you follow the same rules that my local bank/credit union does.

credibility and stability of Swiss banks That's ripe! tell that to the victims of the Holocaust and their survivors.

[naaman fletcher]

8. Sure...

Of course US residents should pay their taxes, but a lot of Swiss understandably feel that their whole banking sector shouldn't get destroyed because a few hundred Americans were trying to hide income. That is not their problem.

[Wizard777]

11. What if US Banks began complying with demands from foreign Governments in violation of American law?

[Vidar]

10. What a concept--banks that are not lawless!

[Wizard777]

12. They actually used to exist here in America. I can remember them.

The people that used to argue against banks at the formation of federal reserve. Way back when America was trying to get America to trust banks and it's paper currency. The banks of today have become everything those people feared they would become. Once you deposit YOUR money with them. It's really no longer your money and if ever see any part of it again you should consider yourself lucky. The banks fingers get stickier and stickier with each new fee. I remember when a bank could tell you your balance for free. They had to look it up in paper files in filing cabinets. The advent of computers should be making banking cheaper. Not more expensive as it has. But when the banks are throwing their money down high yield high risk investment rat holes. That only leaves your money for them to pay their bills with. That just leave the conundrum of how they can put your money in their pocket without ending up in jail. Never ending fees solves that problem.

[FailureToCommunicate]

4. So...have these rich tax cheats settled up with the IRS? Or just a wrist slap for them?

[Po_d Mainiac]

6. Many/most paid up, and got a TY note. The grand prize went to...........

The whistleblower (Bradley Birkenfeld)

He gets 3 hots and a cot for the next 40 months.
http://news.yahoo.com/s/nm/20100104/bs_nm/us_ubs

Which will give him plenty of time to build his claim for up to 30% of the recovered funds........
There is so much irony in this story, it reads better than any novel on the NYT best seller list

[FailureToCommunicate]

9. Thanks. Whistle blowers entitled to 30% of $MILLIONS??!? That could make some time in

the gray bar hotel almost bearable. Personally I hope the IRS decides ratting out his fellow fat cat tax cheats is reward enough and not give him a dime. Shame the other rats might get away though.