How crazy is this article from the NY Times. A group of wealthy Americans, who have allegedly been evading Federal income taxes with bank accounts at UBS in Switzerland, have sued UBS to prevent the bank to disclosing their names to the IRS. This is unbelievable!
Apparently the Swiss banking secrecy laws are pretty serious. UBS did disclose the names of a few hundred individuals pursuant to illegal tax shelters that UBS set up. But now the government wants the names of all US citizens with accounts at UBS. There may be as many as 50,000 people who have such accounts.
I don't know about you, but I don't know anyone who has admitted having a Swiss bank account. Are there really 50,000 Americans with such accounts? If so, these are presumably very wealthy people. And therefore, presumably in senior positions at various firms and institutions.
Oy, another massive fraud sitting out there??
Cheers, Mike
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