Swiss Sweets For the Super-Rich
"UBS executive indicted in tax evasion case" by Associated Press | November 13, 2008
MIAMI - A senior executive with Swiss banking giant UBS AG was charged in a federal indictment unsealed yesterday with conspiring to hide $20 billion in assets from the Internal Revenue Service using secret overseas accounts for thousands of wealthy customers. Raoul Weil, chief executive of a UBS division handling cross-border business and private banking, is charged with one count of conspiring to defraud the United States through income tax evasion. But the indictment also says other UBS executives took part in the conspiracy.
Conspiracy? There are no conspiracies -- save 19 Arabs from a cave on 9/11.
"Every American who pays his or her taxes should be offended that a select few use anonymous offshore accounts to avoid paying their fair share," said US Attorney R. Alexander Acosta of Miami. Weil's lawyer said he is innocent.
The indictment charges that from 2002 to 2007, Weil, as chief of UBS's wealth management business, helped about 20,000 US clients conceal assets in offshore accounts. About 17,000 of the customers hid their identities and their Swiss bank accounts from the IRS and many of them filed false income tax returns.
The looting of the American people never stops, does it? How many of these accounts were set up so the government and its agents could launder drug money?
At the same time, the cross-border business earned about $200 million for UBS, according to US authorities. Prosecutors said Weil referred to the business as "toxic waste" because it put UBS at odds with US tax law. UBS aggressively marketed its tax evasion business to wealthy people in the United States, making some 3,800 visits in 2004 alone to discuss accounts with clients. The bank used encrypted laptops, numbered accounts, and other "countersurveillance techniques" to guarantee secrecy, the indictment says. --more--"
I would like to know who is hiding money from the U.S. Treasury and why THEY get PROTECTIVE PRIVACY when the government is collecting my e-mails, phone calls, and web visits, wouldn't you?
MIAMI - A senior executive with Swiss banking giant UBS AG was charged in a federal indictment unsealed yesterday with conspiring to hide $20 billion in assets from the Internal Revenue Service using secret overseas accounts for thousands of wealthy customers. Raoul Weil, chief executive of a UBS division handling cross-border business and private banking, is charged with one count of conspiring to defraud the United States through income tax evasion. But the indictment also says other UBS executives took part in the conspiracy.
Conspiracy? There are no conspiracies -- save 19 Arabs from a cave on 9/11.
"Every American who pays his or her taxes should be offended that a select few use anonymous offshore accounts to avoid paying their fair share," said US Attorney R. Alexander Acosta of Miami. Weil's lawyer said he is innocent.
The indictment charges that from 2002 to 2007, Weil, as chief of UBS's wealth management business, helped about 20,000 US clients conceal assets in offshore accounts. About 17,000 of the customers hid their identities and their Swiss bank accounts from the IRS and many of them filed false income tax returns.
The looting of the American people never stops, does it? How many of these accounts were set up so the government and its agents could launder drug money?
At the same time, the cross-border business earned about $200 million for UBS, according to US authorities. Prosecutors said Weil referred to the business as "toxic waste" because it put UBS at odds with US tax law. UBS aggressively marketed its tax evasion business to wealthy people in the United States, making some 3,800 visits in 2004 alone to discuss accounts with clients. The bank used encrypted laptops, numbered accounts, and other "countersurveillance techniques" to guarantee secrecy, the indictment says. --more--"
I would like to know who is hiding money from the U.S. Treasury and why THEY get PROTECTIVE PRIVACY when the government is collecting my e-mails, phone calls, and web visits, wouldn't you?