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4450 names amounting to 10,000 accounts at UBS to be revealed!!!!
Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5779

Posted: 8/19/2009 9:32:28 AM

By: swiss cheese

Agreement between UBS/Swiss govt and IRS/DOJ/US govt has been reached this afternoon. UBS is to hand over, following the rules of current treaty, names of 4450 persons or something like 10,000 accounts, to the IRS within the next 360 days...

Names of other swiss banks have been recently disclosed in the press so some more actions should be expected from the DOJ/IRS...

It seems from the press conference that the agreement covers only the civil procedure not the criminal... I wonder then if client relationship managers and others that have helped them evade them will be further prosecuted...

Posted: Saturday, August 13, 2011

Posted: 8/21/2009 2:27:37 AM


It is becoming interesting....The DOJ has filed criminal indictments against a former UBS banker and a Swiss tax attorney that helped clients in setting up structures to avoid tax....
Re reading the published version of the agreement, it seems like UBS is about to wash its hands over the fate of its client relationship managers (CRM) who might have assisted/advised clients in setting up offshore cos... Time to put covenant into employment contracts of CRM...

As to external advisers with US clients, I advise them to shut down any page directed to US clients or reachable from the USA...It might constitute a "presence in the USA"...OCRA's IT guy will be nervous over the next days..

Posted: Saturday, August 13, 2011

Posted: 8/19/2009 4:47:57 PM

By: Criteria for being on the List

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6. People who never make political contributions

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13. People with no visible income which would justify the amount in the account/

Posted: Saturday, August 13, 2011

Posted: 8/19/2009 11:22:58 AM

By: knightmare3000

since I have Swiss bank accounts,which I have always disclosed, I think I can speak:

it depends upon the bank about how much or how little they want you to hide money. after the US-Swiss Tax treasty in 2000, most banks offer a W-9 to you at the time you open the account. also to reclaim any Swiss tax ( on things like real estate trusts, non-Swiss bonds,etc) then you must file with the IRS a form that the Swiss bank and the Swiss Federal Tax office in Berne supplys to you. so not all banks try to tell you to evade taxes. really the banks are there for investments,which are quite good by any country's standard,. their mutual funds and real estate trusts perform arguably better than other countries. e.g. Swiss real estate syndicates always have had profits for about 60 years. However, the Swiss government takes a 35% cut from the profits off the top. still 2/3 of a loaf is better than no loaf at all. it always makes you money. just like Hyman Roth says in the movie The Godfather: "they always made money for the partners"

this action will cause some disclosure. it will lead some people into being shamed and humiliated. ( e.g. this Murphy guy in Los angeles,that was in the newspapers about his hidng $1 million) but that is about all that will happen. life will go on.

Posted: Saturday, August 13, 2011

Posted: 8/19/2009 11:17:10 AM

By: Not so

Rumor is they will only reveal names of clients who have gone into voluntary disclosure. This is why the number of clients to be revealed is so small.

If clients do not want their names revealed, they go to Swiss courts to prevent their info being given to the US, as stated in the agreement.

Looks like bashers ejaculated prematurely again...

Posted: Saturday, August 13, 2011

Posted: 8/19/2009 10:14:29 AM

By: Swiss Client Sellouts

Where are those who said that UBS would NEVER release the names of its clients because of Swiss bank secrecy laws?

Wonder how many of those account holders were relying on Bob Bauman's "Swiss Money Secrets"?

More great advice from the Sovereign Society -- NOT!

Posted: Saturday, August 13, 2011

Posted: 8/21/2009 7:36:45 AM

By: Big money

"I would be very nervous if I were a Client Relationship Manager, given such level of support from such employer..."

That's only because you do not know how much he was given to leave...

Posted: Saturday, August 13, 2011

Posted: 8/21/2009 7:13:55 AM

By: no shame

No shame from the Swiss banks, the ex UBS banker that assisted clients moving funds to NZB, a Zurich private bank with no presence in the USA, has been fired by his employer....

I would be very nervous if I were a Client Relationship Manager, given such level of support from such employer...


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