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Day of Reckoning? Super Rich Tax Cheats Outed by Bank Clerk

Discussion in 'Political Discussion' started by Patters, Jul 15, 2008.

  1. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    http://abcnews.go.com/Blotter/story?id=5378080&page=1

    Hundreds of super-rich American tax cheats have, in effect, turned themselves in to the IRS after a bank computer technician in the tiny European country of Liechtenstein came forward with the names of US citizens who had set up secret accounts there, according to Washington lawyers investigating the scheme.

    Heinrich Kieber, a bank computer technician in Liechtenstein came forward with the names of US citizens who had set up secret accounts there, according to Washington lawyers investigating the scheme. He has been branded a thief by the government of Liechtenstein for violating the country's bank secrecy laws.

    He is now in hiding but scheduled to testify to the Senate's Permanent Subcommittee on Investigations Thursday via a video remote link from a secret location, according to Congressional investigators.

    Aides for committee chairman Carl Levin (D-MI) are scheduled to provide reporters with a background briefing later this morning in Washington on the committee's investigation of tax haven banks in Liechtenstein and Switzerland.
  2. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Will be interesting to see if any of our elected officials or appointed officials have been stashing cash abroad... what goes around comes around..
  3. PatriotsReign

    PatriotsReign On the Roster

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    That man should be given a purple heart! What good American doesn't just love to hear about a super-wealthy person caught cheating on his taxes?

    Stuff like that makes me believe there are good people out there willing to report criminals.
  4. MrBigglesWorth

    MrBigglesWorth Rookie

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    he should be given US citizenship if he can't stay in his own country.
  5. Stokes

    Stokes Rookie

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    Is it illegal to set up a foreign bank account? Obviously there must have been some wrongdoing on the part of the Americans for this to be a story, but what was it that they did, its legal to hide your money in another country if you choose isn't it?

    And it will be good if the cheaters are caught, but let's not give this clerk a medal or anything, what he did is VERY illegal.
  6. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Yes it is illegal to hide your money, and the clerk certainly deserves a medal from anyone who opposes tax cheats. But, if you happen to be Liechtensteinian, I can see why you think he did something illegal. He did not break any American law as far as I know.
  7. PatriotsReign

    PatriotsReign On the Roster

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    C'mon Stokesy, you can't support an American citizen attempting to avoid paying their share of taxes, would you?

    Question; If they can do it, why can't everyone?
  8. wistahpatsfan

    wistahpatsfan Rookie

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    #75 Jersey

    Liechtenstein has it's own laws like the Swiss and Bermudans and every other country for that matter. Whoever leaked this is in for a world of sh!t in the tiny kingdom. The Swiss avoid this by assigning only numbers to accounts without names (but I think they have recently changed that because of the EU and terrorist funding laws, no?). Anyways, I think thgis is just another facet of globalization and the merging of economies. Someday, there will be a worldwide system of "credits" unless you want to trade labor and physical material under the table.
  9. Real World

    Real World Moderator Staff Member

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    You should be happy when any criminal is caught, and not just the "super-wealthy".
  10. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    I lived in Switzerland for awhile and even have a tiny bank account there (totally legal) in UBS. Now, UBS has sent me a letter that they want to close my account (because it only has about $2,000 and they want a minimum of $50,000). But, they are telling me that I have to pay them $200 if I want them to send me a check. I think that's extortion and actually wrote to them telling them so. I haven't gotten a response yet.

    At any rate, when I lived in Switzerland, some of the Swiss admitted to me that their banking system is horribly corrupt, and made fortunes off the Jews, dead dictators, and others of that ilk. It certainly explains why a country best known for cuckoo clocks and chocolate manages to have one of the highest standards of living in the world. I'm glad the banking system is becoming more transparent. I think it's one of the big problems in the world, and has served to support some of the most corrupt and violent regimes.
  11. Real World

    Real World Moderator Staff Member

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    How else do you think they survived world wars without getting involved? No one is neutral and avoids the sword. You only avoid the sword when you've done something to appease the individuals who wield it. The Swiss were in bed with everybody at some point in time.
  12. PatriotsReign

    PatriotsReign On the Roster

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    Human nature RW...I'd bet 99% of the population would rather hear about a wealthy person caught cheating on his/her taxes than a guy making $50K.

    That's just the way it is.
  13. Stokes

    Stokes Rookie

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    No, I just don't know what the law is. Why can't I put my money in an account in Switzerland if I choose to and let it sit there tax-free? (assuming the swiss accounts are tax-free) This is a case of my ignorance, not me trying to defend the cheats.

    I would point out though that I don't think anyone can argue that a bank clerk giving out people's personal information is a good thing. It is a betrayal of trust and breach of confidentiality.
  14. Real World

    Real World Moderator Staff Member

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    I'm guessing, but I think this could be a situation where an account is set up to collect revenue, that would otherwise be taxed if based in the US. Sort of like a dumby company of sorts. I'm not sure. I don't think that there's a rule against you putting your money in another country, post taxation. Again, a guess.
  15. PatriotsReign

    PatriotsReign On the Roster

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    I don't know the laws, but lets say you put in $10MM after paying tax on it. I don't think you can take that money out in 5 years after earning, say 5% interest on it and not pay taxes on the interest earned....at least not legally

    If it is legal, then that would be like earning 8-9% annually on $10MM...not bad in today's market!
    Last edited: Jul 15, 2008
  16. weswelker#83

    weswelker#83 Rookie

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  17. PressCoverage

    PressCoverage Banned

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    yeah, ummm.... as i was saying a few dozen times before....

    it's only OK when elites engage in this kind of activity...

    "different when you do it?"
    Last edited: Jul 17, 2008
  18. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey


    What's up ... your constipated again?
  19. PressCoverage

    PressCoverage Banned

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    nope... i shyt just fine... especially on neocon ideology...

    what's up, you're feeling guilty again? clown...

    i found a spot on your altar to all things Fog and a.paul... you should spit-shine that, don't you think?...
    Last edited: Jul 17, 2008
  20. PatriotsReign

    PatriotsReign On the Roster

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    I think you & FBN should have a wrestling match to settle this:D

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