RSS Feed
New York - Swiss Bank Agrees To Halt Banking For Americans, After Congressional Hearing |
Sponsored By:
|
Text Size
|
"I don't think that any bank that goes to the extent that UBS has gone through to avoid doing what their agreements with the United States require them to do, should be allowed to continue to do business unless they clean up their act," Levin said.
UBS's role in arranging "undeclared" accounts for an estimated 19,000 US citizens was one focus of a hearing by the Senate Permanent Subcommittee on Investigations, chaired by Levin today. The role of the LGT bank, owned by the royal family of Liechtenstein, was also investigated.
Levin said UBS practices resulted in its U.S. clients maintaining undeclared Swiss accounts that collectively held "$18 billion dollars in assets that have been kept secret from the the IRS."
(click here to read the full Senate investigative report)
U/D 3:45 PM
UBS AG will stop providing offshore private banking services to U.S. residents through unregulated entities, the Swiss bank said on Thursday at a congressional hearing on overseas tax-dodging.
A senior UBS executive apologized to a Senate investigative subcommittee that released a new report at the hearing claiming that thousands of wealthy Americans are avoiding taxes by hiding their assets in Switzerland and Liechtenstein.
Total7
Read Comments (7) — Post Yours »
1
Jul 17, 2008 at 01:36 PM Anonymous Says:
better they should loose their licence and not show what these people have there then they should loose thier trust and they could reopen on a different name
2
Jul 17, 2008 at 01:47 PM Tachlis Says:
but no one says a peep about them not declaring all the millions of dollars that belong to holocaust survivors
3
Jul 17, 2008 at 02:08 PM Big Event Says:
Hey let them open the files. Believe me there will be alot of surprices. Cheney, Bush, Clinton, Levin...
4
Jul 17, 2008 at 02:38 PM g. magidson Says:
UBS' misdeeds go back at least as far as WWII. And nobody said a word then.
5
Jul 17, 2008 at 03:03 PM chaim Says:
Swiss are swiss they will never change.
Let the secrets be kept.
Who needs to know.
'Voez men vaist nisht tit nisht vai'
6
Jul 17, 2008 at 07:50 PM assets or income Says:
We don't pay taxes on assets, only on income,
at least not without inheritance.
How does hiding assets equate to hiding income?
7
Jul 18, 2008 at 10:37 AM Anonymous Says:
I assume the ultimate question is how those assets where acquired? there must have been a point that the moneys were earmed income