How about fraud in the market? Are you telling me no one, anywhere, couldn't figure out that subprime would implode? It's the human condition - greed. Everybody things they're smart enough to get away with it. What used to mystify me were retail brokers that were thieves. they 'd wipe somebody out for the commissions, and only get 30% of those, and then leave a paper trail. Nothing any more stupid. In the early 80's, the firms would protect these guys, and send them right back out. You see how that attitude worked out. Believe me. This is a topic I've thought about often. Some will get away. But the pain for the 'also rans' will be intense. Check the stock out. Three very ugly days. http://afp.google.com:80/article/ALeqM5ggoqzTVmibswhiwadQrOCmNvYAog Wanna bet when the 100 names are made public, you'll recognize some of them?
Let's say someone goes to costa rica and opens a bank account and receives interest in it. Can they really find out?
The Expatriation tax statesd that if you give up your US citizenship you still owe taxes to the US for the next 10 years on any worldwide income (there are exceptions and taxes paid overseas are counted against the US tax liability.
http://online.wsj.com/article/SB121070914075689235.html?mod=hps_us_whats_news May 13, 2008 4:30 p.m. EDT Two Indicted in Tax-Evasion Case By CARRICK MOLLENKAMP, GLENN R. SIMPSON and ALEX FRANGOS May 13, 2008 4:30 p.m. A widening U.S. probe into alleged tax-evasion schemes that a former UBS AG private banker provided to wealthy U.S. clients has led to the indictment of the former banker and a Liechtenstein financial consultant on claims they devised ways for clients to avoid paying U.S. taxes. The indictment, filed last month in Florida federal court and unsealed Tuesday in Fort Lauderdale, details how the two men allegedly advised one clientâidentified only as an American billionaire real-estate developerâon how to set up secret bank accounts in Switzerland and Liechtenstein to avoid taxes on $200 million in assets. A person familiar with the U.S. case identified the developer as Igor Olenicoff, a businessman with holdings across the U.S. The indictment doesn't name UBS and identifies only a Swiss bank. A person familiar with the matter said it was UBS. UBS recently disclosed that it was the subject of a U.S. investigation in a regulatory filing with the U.S. Securities and Exchange Commission. (Read the indictment.1) Mr. Olenicoff pleaded guilty in December to a criminal count of filing a false U.S. tax return in 2002. As part of his plea agreement, Mr. Olenicoff agreed to cooperate with U.S. authorities and pay $52 million to the U.S. Treasury Department. In April, the developer was sentenced to two years of probation and 120 hours of community service. Mr. Olenicoff's lawyer, Edward Robbins Jr. of Beverly Hills, Calif., declined comment Tuesday. The indictment comes at a difficult time for UBS. Switzerland's biggest bank already is reeling from about $38 billion in write-downs tied to subprime mortgage loan securities and has replaced its senior leadership team this year. The U.S. probe threatens to taint UBS's private bank, which has long prided itself on its ability to provide confidential services to the world's wealthiest and been considered the steady part of the company. UBS first disclosed that it was under Justice Department investigation for possibly aiding U.S. clients in avoiding taxes in a U.S. securities filing earlier this month. As par of the tax probe, a high-ranking UBS executive named Martin Liechti was detained in the U.S. Mr. Liechti, based in Zurich, is the head of North and South America for UBS's international wealth-management business. In an emailed statement, UBS said it is continuing to cooperate with the Department of Justice investigation of its conduct in relation to cross-border services provided by Swiss-based UBS client advisers to U.S. clients. "In light of the pending investigation it is not appropriate to comment on charges brought against a former UBS employee," UBS said in its statement. The indictment against former UBS banker Bradley Birkenfeld, 43 years old, and Liechtenstein consultant Mario Staggl, also 43, provides a rare window into the typically secret world of tax strategies. Mr. Birkenfeld appeared in court Tuesday while Mr. Staggl remains at large, the Justice Department said. The duo, according to the complaint, used a series of deceptions, including filing false tax returns, urging the destruction of documents, and Swiss credit cards, to help Mr. Olenicoff avoid paying taxes. A lawyer for Mr. Birkenfeld couldn't be located for comment. Write to Carrick Mollenkamp at carrick.mollenkamp@wsj.com2, Glenn Simpson at glenn.simpson@wsj.com3 and Alex Frangos at alex.frangos@wsj.com4
Will they all be caught by the same government that took five days to get bottled water to the Superdome?
you know, you're a smart guy, but you don't get it. do you know how long it takes to get a Grand Jury together - to get a subpoena? Do you realize how the authorities will look upon a Swiss bank that as a practice sends people to Liechtenstein? I really wonder about the depth of thought on these boards. High crimes are committed on a daily basis. CNBC sees fit to parade hedgies out on a daily basis to address a piece that most of you wouldn't read because it's over 1000 words, and those no nip clips in it. This is just the beginning.
Not only do I "not get it", I even need you to tell me what it is exactly that I'm not getting! All I ask is that you state clearly what you're predicting here: UBS shares plunging another 30%? A complete sea change regarding the gov't, tax evaders, and offshore havens? Something else? After you do that, we'll see whether or not we even disagree at all.