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UBS may reveal U.S. clients' names in probe: report
Quote:
UBS AG is considering whether to reveal the names of up to 20,000 wealthy American clients as federal authorities intensify an investigation into offshore bank accounts, the New York Times said on Friday, citing people close to the inquiry.
Federal investigators believe some clients may have used offshore accounts to hide as much as $20 billion in assets from the Internal Revenue Service, enabling them to evade at least $300 million in federal income taxes, the newspaper said, citing a government official connected with the investigation.
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How is it tax fraud? If you've got the money there...Look up how much Kennedy family money is in accounts overseas.
I'm not saying it's right, I'm not even saying it's legal, what I am saying is that there are an awful lot of really wealthy people doing it, so why would they do it if it was illegal?
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Re: UBS may reveal U.S. clients' names in probe: report
Quote:
Originally Posted by a.paul
How is it tax fraud? If you've got the money there...Look up how much Kennedy family money is in accounts overseas.
I'm not saying it's right, I'm not even saying it's legal, what I am saying is that there are an awful lot of really wealthy people doing it, so why would they do it if it was illegal?
Having an account overseas and not paying your taxes are 2 different things !
Re: UBS may reveal U.S. clients' names in probe: report
Quote:
Originally Posted by weswelker#83
Having an account overseas and not paying your taxes are 2 different things !
Ted Kennedy has fought for the estate tax and spoken out against tax shelters. But he has repeatedly benefited from an intricate web of trusts and private foundations that have shielded most of his family's fortune from the IRS.
One Kennedy family trust wasn't even set up in the U.S., but in Fiji.
Another family member, environmentalist Robert Kennedy Jr., has said that it is not moral to profit from natural resources. But he receives an annual check from the family's large holdings in the oil industry.
In "Do As I Say (Not As I Do): Profiles in Liberal Hypocrisy," Hoover Fellow Peter Schweizer reveals the glaring contradictions between the public stances and real-life behavior of prominent liberals including Michael Moore, Ted Kennedy, Al Franken, Hillary Clinton, Nancy Pelosi and Ralph Nader – among others.
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Re: UBS may reveal U.S. clients' names in probe: report
UBS advised many of its employees not to travel to the US, for fear of arrest....that should tell you if what they were doing was considered legal, or illegal....
To reduce the chance of its employees being arrested in connection with tax evasion schemes, UBS has recommended that travel to the United States be curtailed.
Here is an excerpt from a report by Haig Simonian, UBS tells unit staff to avoid US visits, FT.com, May 27, 2008:
UBS has told members of its former private banking team responsible for rich US clients not to travel to America.
The Swiss bank has also made lawyers available to the more than 50 bankers involved, many of whom have left UBS since it decided last November to wind down its cross-border private banking business for US *customers.
The move follows the recent indictment of one of the unit’s former senior executives, Bradley Birkenfeld, who US authorities have accused of helping a billionaire client evade taxes. Mr Birkenfeld has pleaded not guilty and his lawyers have made no public statement on the matter.
Last edited by Holy Diver; 06-06-2008 at 12:02 PM..
Re: UBS may reveal U.S. clients' names in probe: report
People put their money in other countries to save cash all the time. What's funny is when activists are doing it. U2 for example, is one of the worse for registering everything in the Netherlands (might be a different Scandanavian country), so as to avoid high taxes in their native nation.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
A report in the New York Times on Sunday Feb 04, 2007, says that documents maintained by the Handelsregister, the trade registry of the Netherlands, show that Promogroup, which also works for U2, helped Mick Jagger, Charlie Watts and Keith Richards, set up a pair of private Dutch foundations that will allow them to transfer assets tax-free to heirs when they die. Other Dutch shelters that Promogroup has arranged for the three have already paid off handsomely; over the last 20 years, according to Dutch documents, the three musicians have paid just $7.2 million in taxes on earnings of $450 million that they have channeled through Amsterdam — a tax rate of about 1.5 percent, well below the British rate of 40 percent.
Dang, 1.5%?
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
UBS may reveal U.S. clients' names in probe: report
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