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UBS Bank

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Anonymous

Guest
I know you folks all hate Obama/Geithner-- but if you want to inform yourself you should try to catch the rebroadcasting of the Wednesday Congressional hearings on UBS Swiss Bank and its conspiracy to help thousands of US rich folks smuggle out and hide Billions and Billions $ in taxable income from the IRS...C-SPAN had it on today.... UBS has already pled quilty to conspiracy- been fined in a plea agreement- but is now trying to hide behind Swiss law and not release the names and amounts involved with the US accounts--and many of those being sought for questioning and probable criminal charges have returned to Switzerland to seek refuge....

The reason I bring this up was that Phil Gramm- who was McCains number one economic advisor- and often mentioned as his annointed Treasury Secretary choice, is the Vice Chairman of UBS Swiss Bank-and in charge of their US Marketing Operation...

There was no choice for me...
 

hypocritexposer

Well-known member
Does it go over Obama's connections to UBS also, or did you just forget to include that?

Yes OT, we realize these banks and the FED, and government have been thieves for quite some time. And now they have gone broke, and they are getting refinanced by you and me, with the Authority of Obama.

Now that's wealth re-distribution.
 

hypocritexposer

Well-known member
In the States, the Tax Authorities think they have the Swiss on the run now and they know that U.B.S. bank executives are in an invidious position. But these executive know full well that they are within the laws of both countries, provided they maintain the secrecy of their clients with accounts in Switzerland [not in the U.S. though where the Swiss laws hold no Jurisdiction].
U.S. newspapers are painting a picture that the Swiss will be broken and that Swiss banking secrecy is tantamount to a crime for U.S. taxpayers. Indeed the charges being leveled against both the bank and U.S. citizens that hold accounts there are that they are evading U.S. Taxes. It is sad to see such reports and charges take such emotional lines that have departed from the realities of international law.

http://www.financialsense.com/editorials/phillips/2009/0306.html
 

Tam

Well-known member
http://www.youtube.com/watch?v=TxgSubmiGt8

How about you watch this and tell us what it says about who was at fault for the Economic Crisis in the US, Oldtimer and who is in bed with the banks. :wink:
 

Mike

Well-known member
I personally am having a hard time understanding the entire deal with UBS because so few of the facts have actually come to surface in the public eye.

It is well known fact that money has been hidden in Swiss Banks for years, Liechenstein is a country with even more secretive bank laws. It has never been entirely unlawful in the U.S before, to my knowledge.

But hidden money in another country in itself is not a huge cause of alarm for me because U.S. taxes are paid on "Income", not "Old Money", if you will, and taxes are paid on the interest derived from deposits. As long as that interest stays in another country.......those should not be taxed in the U.S. either. [I have a hard time even accepting the fact that "Interest" is taxable to start with, because it discourages saving..........]

"Money laundering" is illegal, and if any of the funds in those foreign banks fits that category, the owner should be held liable, but under those charges.....not simply a "grab the wealth" scheme that might be going on now with US & IRS law enforcement.

I cannot imagine a U.S. law that says that I cannot deposit funds in a bank of another country, unless I am hiding income in some way. Since a paper trail is available for any "income" here, unless it's illegal "Cash", these transactions should be easy to track.

Before I fully understand what is going on in this investigation, and yes......I did watch the hearings on it, I have a few questions:

1-Is the money deposited with thes UBS Bank a way to hide "Income" or is it just a simple shelter of, say, an "inheritance", i.e., "Old Money". ?

2-Was the money being "Laundered" from unlawful business transactions?

3-Was any of the deposited monies derived from foreign earnings?

4-Was Phil Gramm actually guilty of soliciting any unlawful activity of depositors? Or is he "Guilty" by association only? [I think I know the answer to this question, but will not make an assertion of guilt on anyone....before I actually know......unlike some others here.] :roll:

I do try to weigh the evidence before I make any decisions.... :lol:
 

Mike

Well-known member
Bank secrecy was invented by the 1934 Swiss Banking Act following a public scandal in France, when MP Fabien Alberty denounced tax evasion by eminent French personalities, including politicians, judges, industrialists, church dignitaries and directors of newspapers, who were hiding their money in Switzerland. He called these men of "a particularly ticklish patriotism", who "probably are unaware that the money they deposit abroad is lent by Switzerland to Germany". The Peugeot brothers and François Coty, of the famous perfume family, were on his list. Since then, Swiss banks have acquired worldwide celebrity due to their numbered bank accounts, which critics such as ATTAC NGO alleged only help legalized tax evasion, money laundering and more generally the underground economy. [1].

Under the principle of bank secrecy, privacy is statutorily enforced, with Swiss law strictly limiting any information shared with third parties, including tax authorities, foreign governments or even Swiss authorities, except when requested by a Swiss judge's subpoena[citation needed]. However anonymous banking is not strictly true as a term as all Swiss bank accounts, including numbered bank accounts, are linked to an identified individual under Swiss banking law. This law only permits a bank to share information with others in cases of severe criminal acts, such as identifying a terrorist's bank account[citation needed]. Any bank employee violating a client's privacy is punished quite severely by law. Many offshore banks, located in tax havens such as in the Cayman Islands and Panama, also have strict privacy laws.
 
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