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SUNDAY, NOVEMBER 22, 2009
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UBS to Hand Over Names of 4,450 Clients

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(Newser) – UBS will hand over the names of 4,450 of its American account holders as part of a tax evasion settlement, the Wall Street Journal reports, and another 5,000 names will be produced under a special IRS amnesty program. UBS won’t pay a monetary fine. Those being turned over may have a chance to fight the disclosure in Swiss court. The compromise gets around potential Swiss objections to the disclosures.

“We short-circuited a protracted litigation process by culling the accounts to the 4,450 that were of the greatest interest to us,” said the IRS commissioner. UBS pleaded guilty in February to participating “in a scheme to defraud the US,” and since then, four clients have pleaded guilty to tax evasion. And more are to come, according to one legal expert. “UBS is the tip of the iceberg,” he said. “The facts were just so egregiously against UBS.”

In this Jan. 30, 2008 file photo, the logo of Swiss Bank UBS on Zurich's Bahnhofstrasse, Switzerland.
In this Jan. 30, 2008 file photo, the logo of Swiss Bank UBS on Zurich's Bahnhofstrasse, Switzerland.   (AP Photo/Keystone, Walter Bieri, file)
In this Feb. 12, 2009 file photo, the logo of the Swiss bank UBS, is seen in Aarau, Switzerland.
In this Feb. 12, 2009 file photo, the logo of the Swiss bank UBS, is seen in Aarau, Switzerland.   (AP Photo/Keystone, Alessandro Della Bella, File)
In this March 12, 2008 file photo, dark clouds hang above the logo of the UBS (Union Bank of Switzerland) in Zurich, Switzerland.
In this March 12, 2008 file photo, dark clouds hang above the logo of the UBS (Union Bank of Switzerland) in Zurich, Switzerland.   (AP Photo/Keystone, Alessandro Della Bella, file)
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13 comments
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Doctor_Zaius
Aug 19, 09 10:05 AM CDT
Good, now payup cheaters. Reply
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+9
Fondue
Aug 19, 09 10:06 AM CDT
Holy dang. Reply
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+9
2-bits
Aug 19, 09 10:16 AM CDT
I like the google ads for this story: Tax Havens Still Legal, Offshore Banking Services, and "Swiss Tax Haven Scam" Reply
Vote up! Vote down!
+3
odowd80
Aug 19, 09 10:30 AM CDT
Finally! These guys are the reason that this country is facing such massive deficits. 4,450 (and God knows how many more) of the wealthiest Americans have been living off the backs of working Americans and public resources and then have the gall to to avoid paying taxes. Its no wonder the middle class is getting squeezed. Reply
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+3
IN RESPONSE:
serfinWI
Aug 19, 09 11:13 AM CDT
Usually when you have massive deficits in your household, you take a look at your bills and cut spending, not dig around in the couch for spare change so you can continue your spree. Even if it's 8,000 wealthy Americans that owe 1 million each, that's 1,000000000 (1 billion in couch money) a mere 10th of a percentage point in the 3 trillion dollar budget. Class warfare is how USSR and Nazi Germany got going, exactly what Obama wants. It wasn't overnight. He's got time. He doesn't want the tax evaders money, he wants everyone hating each other. Divide and conquer. He's dooping us all.
Vote up! Vote down!
-3

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