Swiss bank to give Justice Dept secret names of rich US tax-cheaters


	Swiss bank to give Justice Dept secret names of rich US tax-cheaters

masbury

8-12-2009 11:35 AM

274 views

tags:

offshore, tax

masbury says:

Good government doing its job: Bravo, US Dept of Justice, for aggressively pursuing lawsuit against secretive UBS, in order to track down tens of thousands of super-rich Americans suspected of offshore tax dodges. Some tax-dodgers have come forward already, seeking lower penalties in return for 'fessing up. Justice says $20 billion is hidden in offshore accounts.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/47590fd3-4e41-4bbd-bb87-d1e186499f34/0ED6717B-30AB-45B4-9128-3904607C1FE5/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2009/08/13/business/global/13ubs.html?partner=rss&emc=rss#" href="http://www.nytimes.com/2009/08/13/business/global/13ubs.html?partner=rss&emc=rss#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/08/13/business/global/13ubs.html?partner=rss&emc=rss#"><P>The Swiss banking giant <A title="More information about UBS AG." href="http://topics.nytimes.com/top/news/business/companies/ubs_ag/index.html?inline=nyt-org">UBS</A> and the Justice Department said Wednesday that they had reached an accord  that would force the bank to disclose names of American clients suspected of tax evasion.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/08/13/business/global/13ubs.html?partner=rss&emc=rss#"><P>It is unclear how many client names UBS will ultimately reveal or whether it will pay a fine. UBS and the Swiss government have been fighting efforts by the Justice Department to force it to disclose the names of 52,000 wealthy American clients of UBS suspected of offshore tax evasion, which came in a civil lawsuit filed by the Justice Department in February.  </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/08/13/business/global/13ubs.html?partner=rss&emc=rss#"><P>In February, UBS agreed to pay $780 million to settle charges that it helped wealthy Americans evade taxes on nearly $20 billion hidden in offshore accounts. One day later, the Justice Department filed a civil suit seeking to force UBS to disclose 52,000 client names. Of the names on the agency’s original list, prosecutors are focused on several thousand Americans with offshore accounts containing tens to hundreds of millions of dollars.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/0ED6717B-30AB-45B4-9128-3904607C1FE5/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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