Got feedback on the new design? We're Listening! Send us Feedback

US demands names of UBS customers »

Posted by: engineer 2 months ago

5.6

Scale of 1 to 10

Read: 65

Propped: 37

Comments: 4

Click Prop It to Raise Score

Prop it

Federal court took the unprecedented step of demanding that the Swiss bank hand over the names of as many as 20,000 of its customers. 20,000 people have 10 billion dollars in Swiss accounts

Read Full Story at business.timesonline.co.uk

Join the Discussion

+ Add Comment

Comments So Far: 4

0%
engineer2 months ago

The order, signed by Judge Joan Lenard and announced after the markets closed, directs UBS to produce records identifying US taxpayers with accounts in Switzerland who have elected to have their accounts remain hidden from the IRS. The US Government's Justice Department believes that as many as 10,000 UBS customers collectively have about $20 billion of assets in "undeclared" accounts and that the bank has helped them to avoid about $300 million in taxes.
Reply
1 Reply
- 0%
  chapelhillNC2 months ago
  
  No wonder why Leona Hemsley boldly declared "only the poor pay taxes." People are constantly looking for all sorts of loopholes (legit and illegal). I believe this was one of the reasons Wesley Snipes was recently convicted.
  Reply
0%
jmarks2 months ago

about time, though i think they'll still find a way to wiggle out of it.
Reply
0%
engineer2 months ago

The wealthy must be brought to pay their fair share. The top 2 percent have 98 percent of the wealth
Reply