Swiss warn UBS bank could collapse

[howaboutme]

Source: AFP

Switzerland's justice minister warned in an interview on Sunday that top bank UBS could collapse if sensitive talks with the United States over a high-profile tax fraud investigation fall through.

"The actions of UBS in the United States are very problematic. Not just because they are punishable but also because they threaten all of the bank's activities," Eveline Widmer-Schlumpf told Le Matin Dimanche newspaper.

"The Swiss economy and the job market would suffer on a major scale if UBS fails as a result of its licence being revoked in the United States," she said.

Switzerland and the United States have negotiated an agreement under which UBS would hand over information on some 4,500 account holders to US tax police. But a Swiss court ruling earlier this month put the deal in doubt.

snipped

Read more: http://www.breitbart.com/article.php?id=CNG.44ec3a3581bd2b87b081a9614648ee11.c61&show_article=1

---

Should UBS Bank be licensed and permitted to do business in the USA if they hide the names of those wealthy individuals in the USA who have secret accounts allegedly for the purpose of escaping US taxes?

[mulsh]

1. I guess the swiss economy is propped up by money laundering,

who knew. Better change tack USA. 'nice country ya got there, ya wouldn't want anything to happen to it, would you?'

[avaistheone1]

8. Sounds like there is little doubt about that now.

[truedelphi]

11. Our banking system is propped up by money laundering as well.

For instance, the big Drug Cartels south of our borders always manage to "clean up" one member of their family. Then that individual is sent up north where they outright purchase a bank.

It is not surprising that there is so little "transperency" in the banking system. Important that the public not find out that many of their community "leaders" who own banks and attend Catholic Church on Sundays are also members of the cartels, who are purchasing "favors" from our politicans, police and our Custom Agents etc.

The deals these shady people create involve many of the more esteemed among our bankers.

[DeSwiss]

23. Bingo!

[Raschel]

26. Our banking and their banking seem to be one. Read here about Phil Gramm, who needs to account to

America for what he did with deregualation and mergers. Phil Gramm is vice chairman of UBS' investment banking business. Where's Phil hiding? How DO they get away with it?

Gramm-Leach-Bliley Act: allowing commercial banks, investment banks, and insurers to merge (which would have violated antitrust laws under Glass-Steagall).

Sen. Gramm was the driving force behind the Gramm-Leach-Bliley Act, as he had received over $4.6 million from the FIRE sector (Finance, Insurance and Real Estate donations) over the previous decade, and once the Act passed, an influx of "megamergers" took place among banks and insurance and securities companies, as if they had been eagerly awaiting the passage of Gramm's Act.


http://losangeles.injuryboard.com/miscellaneous/the-subprime-mess-and-phil-gramm-an-experiment-in-deregulation.aspx

[mahatmakanejeeves]

33. If I had to name one person

Who I thought was singlehandedly responsible for the 2008 financial collapse of the United States, it would be Phil Gramm. Let's not forget his lovely wife Wendy, of George Mason University's Mercatus Institute and the Enron board of directors.

[Raschel]

38. He would be the one I would name too. Where is he? I guess we're supposed to be happy with

Bernie Madoff.

[truedelphi]

36. Oh I had forgotten about how Phil Gramm was rewarded for his various

Maneuvers in Congress and for getting rid of regualtions by receiving one of the all time best revolving door promotions we have seen in our life times.

thanks for your post and also the link.

[Rage for Order]

21. Well, they had to find a new source of money after the Nazis were defeated

And they were no longer able to accept deposits consisting of the assets seized from Jews who were sent to the gas chambers. Gotta love the Swiss - I think they might outdo the good ol' U.S. of A. in their total worship of the almighty dollar (or Swiss franc, as it were)

[Greyhound]

39. The entire central banking system is such.

I don't think the Swiss invented it, but they're one of the longest players in The Great Global Ponzi Scheme.

[onehandle]

2. Tough shit. Maybe the people of Switzerland should be thinking of this instead of banning minarets?

The far-right party is leading in the polls there. They get what they deserve.

[RC]

20. My retirement got shifted to them.

I don't deserve to lose that.

[LaPera]

3. Collapse from not enough tax cheating & other corrupt assholes' money in their bank

Fuck 'em - Let em fail!

[Sanity Claws]

4. At least we'll have someone else to blame for the rotten economy

namely the Swiss and UBS aiding and abetting wealthy people to become tax cheats.

Maybe the Swiss should really want to rethink whether they want everyone to know that their way of life is propped up by a huge criminal enterprise.

[howaboutme]

10. Inequity and illegality needs corrected

You can count on it, that each and every one of those greedy wealthy powerful Americans who are bilking average taxpayers and the US Treasury by hiding wealth in UBS and other Swiss bank accounts have influence with politicians. To be honest their political connections are just as likely being from both sides of the aisle. Hell some might even be politicians hiding money that they scammed on the side from our imperialistic war effort.

It is very important to publicize, and to correct this inequity and illegality, and if necessary put UBS out of business in the USA. If the Obama government permits this continued favoritism to the rich to go on, and UBS to continue operating you know that the politicos have been paid off.

How much coverage will our corporate media give this?

[M155Y_A1CH]

43. Propped as well by...

their neutrality agreement to not make war. Without war our own economy would be trillions richer.

[glinda]

5. better them than us I think

[Turbineguy]

6. So are they suggesting

that the bank is being propped up by illegal activities? They must have more than 4500 account holders to justify their existence in the US.

[unabelladonna]

7. ...and i'm supposed to care?

it's about time people and entities take responsibility for the s--t they get into.

[blueworld]

9. If it weren't so pathetic it would be funny

Why is it that the biggest crooks, bassturds & mismanaged entities always threaten imminent demise if anyone tries to straighten their asses out? "If you try to make us abide by the same rules you all do, we'll die a horrific death & drag you all down with us".

How do I say FU in Swiss? Rest in peace.

[M155Y_A1CH]

44. figg dich n/t

:kick:

[Old Codger]

12. Another Case

Of too Big to fail....

[leveymg]

13. It's like the dominos from Enron, Global Crossing, Madoff, AIG, et al. just keep on falling.

Tax evasion and corruption really are the underpinnings of the western economy.

[thunder rising]

14. Good question: Answer: No, make the rich a$$holes get on a jet and go to Switzerland

When you're hiding your wealth, it should be inconvenient.

[Bennyboy]

15. Geez, I wonder how this is going to turn out....(sarcasm meters on)

I imagine that the US will keep the pressure on and force them to reveal the names, Big banking be dammned..

[FarCenter]

16. They should spin off the US subsidiary -- the old Paine Webber

They were stupid to buy Paine Webber and subject themselves to US law.

[Joanne98]

17. YAY

[Lucky Luciano]

18. Good thing I have begun lining up another job. nt

[bertman]

19. Squealing like pigs as the chickens come home to roost. Pigs at the trough.

Anybody else got any animal analogies?

Fuck the Swiss money launderers. They've been getting rich off their "neutrality" and by screwing over people all over the planet who have been ripped off by their leaders sending billions to the untouchable Swiss bank accounts.

[howaboutme]

22. Exactly

The Swiss have always been enablers of those of wealth and power----but without scruples. I'll say again FxCK the Swiss.

[pjt7]

24. UBS ranks in the top 20

all-time criminal Corporations.

Hope they go out of business.

[jpak]

29. The snakes in the grass are leaving the ship like rats

:hi:

[fascisthunter]

25. So in other words, they can't survive by being ethical????

incredible

[mbperrin]

27. Yes, that is what we want to happen to criminal enterprises.

Now, what was the problem?

[IScreamSundays]

28. Sounds like a shake down to me.

I want to see the list.

[JustABozoOnThisBus]

30. UBS should be scolded, with stern language

then bailed out with TARP funds. Because we'd rather prop up banks than pay for health care.

:hi:

[UpInArms]

31. I guess if a SWISS bank can't do business in the US because of its

nefarious ways, and it COLLAPSES - I would say

:nopity:

TOO F**KING BAD!

Die you idiots! DIE!

[Chemical Bill]

32. UBS owns Citizens Bank here in the US.

Better take your money out quick.

Bill

[FarCenter]

34. If you are thinking of the Citizens Bank in the Northeast, it is owned by RBS, not UBS

http://www.citizensbank.com/

Fine print -- Citizens Bank is a brand name of RBS Citizens, N.A. and Citizens Bank of Pennsylvania. Deposit accounts held at RBS Citizens, N.A. and Citizens Bank of Pennsylvania are separately insured.

[mwooldri]

47. and Citizens aren't going anywhere fast...

IIRC RBS is now majority owned by the UK government...

I suppose RBS could divest itself of Citizens but if it's making money for the mother bank then I don't think they're going to sell any time soon unless they get a really good deal.

Mark.

[Chemical Bill]

48. You're right, my bad. n/t

[Ian David]

41. Thanks for the heads-up! n/t

[naaman fletcher]

35. It's not that complicated...

The Swiss have certain banking laws related to customer privacy. I am not against those like y'all are. It is complicated, but there are some good reasons for them besides helping tax cheats.

But, the US doesn't like tax cheats. So, the US has reasonable laws that a bank operating in the US can't help people cheat on their taxes. Obviously.

UBS entered the US market knowing that. It helped people cheat on their taxes. Now the US is saying "look, you gotta come clean on who you helped cheat on their taxes, or else you can't do business here".

I can't imagine what the problem is with that.

Just go and sell off the US bank to someone else. Or, leave Switzerland.

One or the other, but stop whining already.

[NavyMom]

37. Fuck em, they seem forget these bankers came to the USA to actively

recruit new business for their banks. When they were throwing these big ass parties for new business it was on US soil and they knowingly worked to defraud our country; did they think since these people did not pay taxes it the shortage would have to come from somewhere not to mention it just increased our debt. If they go under then they should all look in a mirror because they caused the down fall not our government.

[mogster]

40. We could do with some more focus on Switzerland - in general n/t

[BEZERKO]

42. For good satire on Switzerland and

neutrality, check out Oliver on the Daily Show:

http://www.thedailyshow.com/watch/thu-december-3-2009/oliver-s-travels---switzerland

[PM Martin]

45. And this is bad why?

[SOS]

46. U-BS propaganda

Eveline Widmer-Schlumpf is a member of the SVP, a right-wing extremist party in Switzerland.

Let her huff and puff.

The day UBS is banned from doing business in the US is the day pigs fly.

[bemildred]

49. Good, another parasite done away with. nt

[ozone_man]

50. Let it fail.

Let no bank be too big to fail anymore, especially sleazy ones like UBS.

[hedgehog]

51. (the novel)"includes a war pitting most of the Earth against Switzerland, fueled by outrage

over the Swiss allowing generations of kleptocrats to hide their stolen wealth in the country banks.


Earth - David Brin


http://en.wikipedia.org/wiki/Earth_%28novel%29