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FRIDAY, NOVEMBER 27, 2009
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Feds, Swiss Call Timeout in US Tax Evasion Case

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(Newser) – Aiming to avoid an ugly international dispute, the US government, Switzerland, and a Swiss bank are seeking to delay a hearing over private bank accounts, the Wall Street Journal reports. The respite would give government officials and UBS until August to strike a deal over data on some 52,000 alleged US tax evaders. The Justice Department and IRS want it; UBS and Switzerland say handing it over would violate Swiss law.

Court filings and a DoJ statement suggest that UBS could accuse some clients of fraud, providing a legal basis for disclosing private information. But the DoJ still wants information on a "significant number of individuals with UBS accounts," the statement says. A federal judge will hear the request for a stay tomorrow.

Mark Branson, chief financial officer for UBS Global Wealth Management, testifies before a Senate subcommittee as it examines how offshore banks maybe helping US clients evade taxes.
Mark Branson, chief financial officer for UBS Global Wealth Management, testifies before a Senate subcommittee as it examines how offshore banks maybe helping US clients evade taxes.   (AP Photo/Pablo Martinez Monsivais)
In this Feb. 12, 2009 file photo, the logo of the Swiss bank UBS is shown in Aarau, Switzerland.
In this Feb. 12, 2009 file photo, the logo of the Swiss bank UBS is shown in Aarau, Switzerland.   (AP Photo/Keystone, Alessandro Della Bella, File)
Oswald J. Gruebel, CEO of Swiss Bank UBS, speaks to the shareholders during the general assembly of UBS in Zurich, Switzerland, on Wednesday, April 15, 2009.
Oswald J. Gruebel, CEO of Swiss Bank UBS, speaks to the shareholders during the general assembly of UBS in Zurich, Switzerland, on Wednesday, April 15, 2009.   (AP Photo/Keystone, Patrick B. Kraemer)
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8 comments
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ksu92
Jul 12, 09 4:22 PM CDT
No quarter should be given to filthy-rich tax dodgers. Everr. Anywhere. Reply
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IN RESPONSE:
Mr.C
Jul 12, 09 5:15 PM CDT
If you are reading this you are filthy-rich. (say nothing of taxes)
Vote up! Vote down!
-2
IN RESPONSE:
Deebles
Jul 12, 09 5:23 PM CDT
If they only wanted a quarter that would be keen. Too bad that even after the deductions, the charitable foundations, the Herculean manipulation of the tax code-- they still want to keep the tiny percentage that they actually owe. Research the history of UBS. Then ask yourself why this is even newsworthy? Maybe because six months ago Obama swore to go after them but shucks, not right now. See? That's how he sucked people like me in: by even mentioning UBS. That's how he disappointed people like me--by implying he knew, but but caving. Why bother bringing it up?
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-2
nick
Jul 12, 09 6:25 PM CDT
deebles: You say the slow progress with UBS is O'Bama's fault. Well, I wonder where you think USA vs. USB would be if your guy, John McCain had won the election. Fact 1: Phil Gramm was co-chair of John McCain’s presidential campaign and his most senior economic adviser from the summer of 2007[ until July 18, 2008. Fact 2: Phil Gramm joined UBS in 2002 immediately after retiring from the Senate. Fact 3: as of 2009, Gramm is employed by UBS AG as a Vice Chairman of the Investment Bank division. UBS.com states that a Vice Chairman of a UBS division is "...appointed to support the business in their relationships with key clients." Things could be worse1 Reply
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IN RESPONSE:
Deebles
Jul 12, 09 9:11 PM CDT
The biggest problem is that you think I'm a McCain person. To be frustrated with Obama does not make me a McCain guy. Like I would vote for a guy whose biggest claim to fame is surviving five planes that crashed while he was piloting them. My point, I think, was this wouldn't have been an issue if we hadn't elected a guy who said he was going to do something about this. My problem is that like every other candidate he said something he couldn't deliver because me, myself and my meager contributions can't get him re-elected. Disagreeing with the guy you voted for doesn't make you a camp loyalist of the other guy. It makes you an open-minded loyalist to the guy you did follow. You just voted for the guy--you didn't marry him.
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