Comments on: UBS: Where will the other 5,550 names come from? http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: nom http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/comment-page-1/#comment-7481 Fri, 02 Oct 2009 22:00:30 +0000 http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/#comment-7481 Looks like US government is desperately trying to get money anyway they can even if it means asking a foreign bank to break it’s own country’s laws!

A-lot of people who will “outed” by this audit will be small, local business owners who employ locals. This will have a huge, negative impact on those small, local biz owners forcing some of them out of retirement, into bankruptcy, working for someone for minimum wage instead of being a biz owner.

I wish the US government would “go after” the BIG criminals like Wall Street, financial firms, banks but this would bring down the US economy.

]]>
By: nom http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/comment-page-1/#comment-7480 Fri, 02 Oct 2009 21:53:07 +0000 http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/#comment-7480 Aren’t numbered accounts exempt/grandfathered from 2003 agreement between Swiss and US that requires the Swiss to disclose all US account holder of Swiss accounts information (I would assume the agreement applies to accounts open after the agreement was signed)?

Why is the current audit of Swiss accounts only 6 yrs instead of the usual 10 or the entire life of the account? Why aren’t they asking for information prior to 2003? Are the Swiss banks unwilling to disclose, does the IRS/US government not have legal access to information prior to 2003?

]]>
By: Naresh http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/comment-page-1/#comment-5777 Fri, 21 Aug 2009 11:56:23 +0000 http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/#comment-5777 UBS has betrayed the trust of it’s account holders by handing over names. Imagine a doctor who hides his wealth in Switzerland to keep a nest egg in case he is hit with a massive lawsuit. Imagine a businessman who does the same in order to avoid parting with half his wealth from his viper ex-wife who was a nobody before she married him. The US Government should keep this list top-secret and pursue the matter confidentially like the way India has done when the LGT Bank names were leaked. India never revealed the names of the LGT Bank account holders and instead asked them to pay the tax discreetly.

]]>
By: Arrgy http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/comment-page-1/#comment-5753 Thu, 20 Aug 2009 21:10:16 +0000 http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/#comment-5753 It’s time for the middle class to ride the coat tails of the wealthy for a change.

]]>
By: Peter Schaeffer http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/comment-page-1/#comment-5721 Thu, 20 Aug 2009 02:38:46 +0000 http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/#comment-5721 I have worked with UBS in the U.S. for years and no one has ever even suggested putting money in a foreign account. Stated differently, UBS has a legitimate U.S. business that has nothing to do with tax evasion.

By way of contrast, I have also worked with KPMG…

]]>
By: Dan http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/comment-page-1/#comment-5699 Wed, 19 Aug 2009 18:58:03 +0000 http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/#comment-5699 A Swiss account is soooo yesterday.

Even if the tax evasion succeed, good luck with inflation evasion.

]]>
By: A. Rubinstein http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/comment-page-1/#comment-5690 Wed, 19 Aug 2009 17:54:33 +0000 http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/#comment-5690 Mr. Salmon, I disagree with your premise that if an American with a non-compliant UBS account is not on the list, he might take his chances and may be “home free”.
For one thing, UBS no longer wants US clients and existing US clients have been asked to take their funds elsewhere. Supposing that the client now goes to Bank #2, in whatever jurisdiction (Switzerland or elsewhere), Bank #2 may be investigated next. Also, “John Doe” summonses have been upheld by courts, and the IRS would be free to issue one to any foreign bank. Further, any attempt by the American to access the offshore funds would also have a trail. A wire transfer may give rise to a SAR (Suspicious Activities Report). A routine audit could even alert the IRS to foreign assets. Thus, even if the American is not on the UBS list, that person would still be at serious risk of discovery of that foreign account.

]]>
By: Worker Bee http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/comment-page-1/#comment-5678 Wed, 19 Aug 2009 15:33:37 +0000 http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/#comment-5678 Actually, you wouldn’t move to UBS or any other Swiss bank if you were hiding money because they would require disclosure at the time of account setup if you were American. You would also be pretty skittish if you were from any other country as well given that a precedent has been set.

Also, for all the talk about tax cheats, there are plenty of legitimate people with accounts who are possibly affected. People who lived and worked in developing countries (like me) where there was no presence of American banks, I never trusted the local banks but UBS had a presence in those countries so it was a safe place to park some money. Other reasons might include simple privacy. You paid the tax on the money but didn’t want your future ex-wife or husband to get a hold of it. Sure, it might be just as sleazy, but its not a tax issue. Finally you have lots of holocaust survivors and their heirs. My grandfather once told me if I was smart I should hide some money in a safe bank in a safe country just in case public sentiment turns against jews (again) which given history, isn’t such a far fetched idea.

So sure, every American is suppose to pay tax (even if our tax system is ass backwards messed up and getting worse thanks to Obama) but there’s a lot of reasons to have an overseas account and not disclose it and tax is just one of them, let’s not be naive here gang.

]]>
By: William http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/comment-page-1/#comment-5675 Wed, 19 Aug 2009 15:21:46 +0000 http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/#comment-5675 Every American is supposed to pay their fair share of taxes. The government has been asleep at the wheel far too long to allow these wealthy Americans to get away with this BS. Im tired of these ultra wealthy people who believe somehow they are above the law while others pay their fair share of taxes. Tar and Feather, their should be no slap on the wrist for these who short the system! Furthermore what are these wealthy individuals doing to put people back to work, especially in these of song bird times that all these financial houses are crying the swan song while CEOS of these financial houses walk off with absurd amounts. Investors wake up, you put money into these places, some might gain, but others have lost much. I for one will not put any money into the stock market or other financial houses until sanity it brought back to them.

]]>
By: Fazal Majid http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/comment-page-1/#comment-5674 Wed, 19 Aug 2009 15:19:09 +0000 http://blogs.reuters.com/felix-salmon/2009/08/19/ubs-where-will-the-other-5550-names-come-from/#comment-5674 All US taxpayers holding accounts overseas are required to file form TDF 90-22 yearly to report those holdings. In the last year or two, enforcement of what used to be a formality has turned quite draconian, as failure to declare an account incurs stiff penalties, whether the account is legit or not. This will probably be the mechanism used to go after the UBS account holders, as the burden of proof is much lower – they don’t need to prove actual tax evasion or money laundering was going on, just that a foreign account was not declared.

]]>