* NOVEMBER 12, 2008, 4:19 P.M. ET UBS Executive Charged in Tax Case By EVAN PEREZ Federal prosecutors charged a senior private banking executive at UBS AG with conspiring with fellow bankers and wealthy clients to defraud the U.S. government by evading taxes. Raoul Weil, top global wealth management official with the Swiss banking giant, mandated his private bankers to hide assets belonging to about 20,000 U.S. clients from U.S. tax authorities, according to an indictment filed in U.S. District Court in Miami. The wealth-management business is a very profitable one for UBS. More An attorney for Mr. Weil denied the U.S. charges. "Today's indictment is totally unjustified and without any factual basis. Mr. Weil denies any suggestion that he was aware of, engaged in or tolerated any illegal conduct in the operation of UBS's U.S.-cross-border business," said Aaron Marcu, in a statement. "We fully intend to fight this indictment and look forward to vindicating Mr. Weil's good name." The UBS accounts hid about $20 billion in assets, according to the indictment. The bankers used numbered accounts and counter-surveillance techniques to evade notice by U.S. authorities. "Every American who pays his or her taxes should be offended that a select few use anonymous offshore accounts to avoid paying their fair share," R. Alexander Acosta, U.S. Attorney in Miami, said. U.S. authorities are negotiating with the Swiss government to gain access to the names of UBS's American clients, a move that could puncture centuries of secrecy surrounding Swiss banking. Write to Evan Perez at evan.perez@wsj.com http://online.wsj.com/article/SB122650872732121043.html?mod=testMod
Now, I told you indictments are coming. Let me paint you a little picture. 19,000 Americans, just w/UBS, conspired to break US law. I want you to sit back, and imagine what they will find when this pussy starts yapping. Movie stars? Probably. CEO's??? Of course. Inherited wealth? Most certainly. Politicians? You can only hope. Wall St? Hedgefund Managers? Mark it down. And they'll be no influence peddling. The politicians are too frightened. Let's just clean house. Oh. and don't forget Lichtenstein, and the Caymans. As Herb Greenberg used to say, "Cheers".
check out the stock this morning. To my recollection, this is the first time I've seen stock prices react to fraud. It tells you, the Street knows how serious this is. Are there any real traders left on these boards???
on the other hand yr whole tax system is nothing short of criminal honestly... if i were any of these guys i would be long gone anyway... there is no dearth of places where life's better than in the US... but hey, no need to tell everybody ok )) more seriously... u now realize that there is endemic ethical breakdown from the top down?... well, thats what u get when u go for a "rules-based" system u see... ethics is all about "principles"...
It would be great if Obama gave marching order to Justice and Treasury to throw the book at every single individual who conspired to evade taxes. Back taxes, penalties, jail time, no deals, no negotiations, no mercy. Now that is some audacious hope ...