UBS: A Swiss Bank's Shadowy Operations
With help from a former UBS banker, the Feds are demystifying how the Swiss do business. Inside the tradecraft.
According to a recent U.S. Senate investigation, a single Swiss bank—the biggest, UBS—holds the secret bank accounts of 46,000 Americans, worth an estimated $18 billion. Lately, the Feds have tried to crack down on these rich Americans as tax evaders (generally, the depositors do not pay any taxes on the income from these accounts). The Swiss, not surprisingly, have been resisting. For more than three centuries, Swiss bank secrecy has offered safe ... Full Story »
Posted by Kaizar Campwala
In Switzerland, Tax Evasion is a misdemeanor I think. Close up this loop-hole and another country will gladly step in. Gaurdiung the wealthy's money has always been good business.