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Posted: 8/14/2009 2:20:26 AM By: Chuckles Again This story keeps getting worse. Today's Wall Street Journal reports that now perhaps 5,000 names at most will be disclosed. Adding insult to injury, the article discusses the dilemma many UBS account holders are in: To disclose or not to disclose?
So much for Mission Accomplished. USD assets under management are creeping back up in Switzerland. The IRS could have shut down UBS. They didn't. Now people are asking why.
I guess 1/3 of the world's wealth will remain in Switzerland for the time being.
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Posted: 8/13/2009 6:21:06 PM By: Answers The IRS probably realized all along that the 50,000+ accounts included many that were reported or had long been closed, etc., plus the IRS has met its primary goal of showing the Swiss bank secrecy can be penetrated and it will secure the conviction of a few dozen high-profile evaders to prove it.
Tax evaders will give up on Switzerland and look elsewhere, but now you're talking about countries with highly dubious banks, i.e., Uruguay.
So, as far as the IRS is concerned:
Mission Accomplished!
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Posted: 8/13/2009 9:31:39 AM By: Chuckles You mean it won't be 52,000 names? You mean UBS won't lose its banking license in the U.S.?
I fail to see why the IRS did not call UBS's bluff and enforce the summons. Would someone from the Tax Justice Network please explain why the IRS settled for less than complete compliance?
I think the OECD's next initiative should be to ban paper money. There's no need for it when everything can be handled electronically. It would certainly make tax audits that much easier to conduct.
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Joined: 10/12/2010
Posts: 5779
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Posted: 8/12/2009 3:12:06 PM By: Place yer bets place yer bets Looks like UBS is going to turn over some more names after all: http://online.wsj.com/article/SB125007792394025747.html
Let's take bets on how many, I say 2,500.
As a side bet, you can guess what that idiot Bob Bauman is going to do with his "Swiss Money Secrets" books, i.e., put them on Amazon for 25 cents, give them away to charity, turn them over to the Boy Scouts paper drive, etc.
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Posted: 8/14/2009 2:57:20 PM By: Bob B Maybe Bob Bauman can change the name of his book to "Swiss Money Indictments"!
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