UBS: American Investors' Identities To Be Revealed

The curtain is being peeled back on the infamous secrecy of Swiss banks.

The largest bank in Switzerland, UBS, agreed Wednesday to reveal the names of wealthy Americans whom the authorities suspect of using offshore accounts to evade taxes.

The change in policy is the result of UBS' admitted role in conspiring to defraud the Internal Revenue Service. As part of the agreement, the bank will pay $780 million in damages, and also close all offshore accounts of its American clients.

It is not clear how many names will be divulged, but the Feds have been looking into roughly 19,000 accounts, according to the New York Times.

The deal could mark the end of Swiss banking as we know it, as many offshore clients may no longer trust the anonymity of the country's banking system.

Prosecutors suspect that UBS helped its American clients hide $20 billion from the government, or about $300 million a year in taxes, from late 2002 to 2007. UBS has admitted that some of its employees "participated in a scheme to defraud the United States"

Read the UBS Agreement here:

UBSDeferredProsecutionAgreement20090219 - Get more Business Documents

Comments

[dotbed1]

The media and their talkin head guests are being disrespectful when the refer to our president as Obama . He is our President and he should be called President Obama & Mrs Obama should be called first lady.Respect the office , please .

[dotbed1]

What were the powers that be doing when our world was becoming completly corrupt and on the verge of going bankrupt . There were many in high places not doing their jobs . The bottom line is Greed took over while we slept . Now look at the mess we are in withno in in site . the Republicans want to blaime President Obama for their mess . It is not going to fly . Nov election showed that the american people woke up and did not like what they saw and voted for change . hopefully President Obama will get this nation and this world back on the right track .He only has to do what he thinks is right for the country and watch out for so-called friends. They sometimes can be your worst enimies .President Obam is far smarter than the President that just left office and he has a positive vision for our nation .

[dadw5boys]

TRADE SCANTIONS AGAINST THE SWISS FOR NOT RESPECTING U.S. LAWS.

KICK THE SWISS OUT OF THE USA.

SWISS BANKERS SUPPORT MOST OD THE WEAPONS MAKERS WHO SUPPLY WEAPONS TO OUR ENEMYS !!!!!!!!!!!

[ModeratePoliticalJunkie]

RIGHT ON!!

[2garen]

just a few names all the big boys are going to not be named, you just watch

[pharm]

Didn`t a Swiss court already put a halt to releasing the names?

[munki]

Let Fed do the job...

Only concern is... what is the value of agreement or contract...
Hope it is cited in the account agreement in a manner there won't be a flood gate of litigation...
Just happened to be taking tort law... would like to see how process works - international...

Cannot waste our valued resources - as we want the economy to be fixed...

[soonerdru]

OK, so "Wednesday" they (Swiss UBS) agreed to reveal names. So when exactly will the names be revealed?

[JessWonderin]

So NOW we will see where the Bush War BILLIONS went?

Would be interesting to see how many names of heads of foreign governments have established "retirement accounts" with the Swiss Laundry Service . . . could no doubt trace a few bribes, foreign aid package diversions and assorted deposed leader's bag droppin's. . . . 'course it would cause the Swiss to lose some accounts . . . but if they play it like they did with the Jewish Gold Deposits in WWII, maybe the owners won't be around to claim it . . . or they can take years to return Suedam's, Amien's, Marcos', Escobar's, etc., accounts to the rightful owners . . . .

[Cinnamonape]

Bad move on the part of the Swiss Right Wing Parties. You don't give a "tell" to a good poker player.

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSTHO15017420090221

Do they really think they'll be allowed to bring out that gold now?

[Maschine]

All or none I say.

Should really rasie the accountability bar. Can't profess to be a Patriot if you are hiding away your tax liabilities under secret bank accounts can you.

[Dayahka]

UBS is just like Madoff--the tip of the iceberg. There are offshore banks around the world where individuals and businesses put their money to avoid paying US taxes.

[anonimost]

You're going to see some famous golfers on this list. Uh oh.

[jeffobix]

"It is not clear how many names will be divulged"

How about ALL OF THEM?
Can't wait.

[mrpotatoe]

This is so relevant to the conversation taking place on this topic.. www.counterpunch.org/hudson02172009.htmll

At one time I was an auto mechanic. In order to fix a problem in a system, you first have to identify the problem.
Phil looks to be one serious problem in our system.

[JimPidcock]

This story makes Blago in Illinois look like a choir boy. Wonder why that was such a big deal? To keep stories like this out of the MSM.

Neo-Con Recipe for Sucess: Keep the American Public glued to a war for 8 years, throw in some distractions like a single woman having 14 children or a Governor with a hooker in NY, give people mortgages they can't afford to make them feel like they are part of the de-regulation of the banking system, have Grandpa Greenspan tell us that it's all going great and we will all be just fine and Voila! You get the USA in 2009.

The biggest reason Washington politicians as a whole did not want Obama to win is that he will expose more of them (albeit still a small percentage) than McPalin ever would have.

Odds makers in Las Vegas should start a new way of betting on who is the next politician/Billionaire/CEO to be exposed as a fraud/cheat. Sort of like betting on who will win Oscars. Now THAT would make some serious $$$$$$

[MahoganyGreenwood]

You're right Jim. This story is conspicuously missing from MSM. This is a dangerous story.