Keyword: swissbanks

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  • More Swiss Banks Give Eric Holder One-Finger Salute

    09/01/2014 4:55:28 AM PDT · by Kaslin · 22 replies
    Townhall.com ^ | September 1, 2014 | John Ransom
    More Swiss banks are dropping out of the U.S. banking program that the IRS supposedly uses to prevent American citizens from stashing cash overseas to avoid taxes. Known for 100 years as the original tax haven, free from the prying eyes of governments around the world, Swiss banks have provided banking services that guaranteed anonymity to arms dealers, Nazis, and law-abiding Americans alike.Offshore banks, especially Swiss banks, are not generally used to evade taxes however. The government already has enforcement mechanisms in place to prevent tax evasion by the use of offshore banks by American citizens. No smart rich person,...
  • Several Swiss banks pull out of U.S. tax program: paper

    09/01/2014 5:46:49 AM PDT · by Beave Meister · 24 replies
    Yahoo.com ^ | 8/31/2014 | Reuters
    ZURICH (Reuters) - At least 10 Swiss banks have withdrawn from a U.S. program aimed at settling a tax dispute between them and the United States, Swiss newspaper NZZ am Sonntag said on Sunday, quoting unnamed sources. Around 100 Swiss banks came forward at the end of last year to work with U.S. authorities in a program brokered by the Swiss government to help the banks make amends for aiding tax evasion. "At least 10 banks that had decided at the end of 2013 to pay a fine have withdrawn their decision," NZZ am Sonntag said, quoting unnamed lawyers and...
  • Swiss government says to block funds linked to Ukraine's Yanukovich

    02/27/2014 1:02:56 PM PST · by Ivan Mazepa · 4 replies
    Reuters ^ | Feb 27 2014
    ZURICH, Feb 27 (Reuters) - The Swiss government said it will order banks to freeze any funds in Swiss banks found to be linked to ousted President Viktor Yanukovich. "The federal council decided yesterday to freeze any Yanukovich funds found in Switzerland," government spokesman Andre Simonazzi said in an emailed statement.
  • In Switzerland, George Clooney raises $625K for Barack Obama

    08/27/2012 6:20:33 PM PDT · by Lorianne · 23 replies
    Chicago Sun Times/AP ^ | 27 August 2012
    George Clooney headlined a fund-raiser Monday that took in more than a half-million dollars for President Barack Obama’s re-election campaign. Organizers said they took in at least $625,000 from U.S. donors for Obama’s campaign, including many who flew in to Geneva, Switzerland, from around the world for the one-night event.
  • DOJ’s Latest Beat Downn

    02/03/2012 3:51:48 PM PST · by quicksilver123 · 4 replies
    These New Times Blog ^ | Feb 3, 2012 | Bruce Krasting
    Wow! The Department of Justice took an extraordinary step yesterday. It indicted Swiss private bank, Bank Wegelin, for aiding and abetting in US income tax fraud....
  • Swiss Banks Scramble To Announce How Everything Is Going Just Fine

    08/19/2011 5:24:00 AM PDT · by blueyon · 17 replies
    Business Insider ^ | 8/19/2011 | Joe Weisenthal
    More shades of 2008, as banks put out statements about how everything is going fine. Yesterday The Fed said it had provided $200 million of liquidity to the Swiss National Bank in the form of forex swaps, starting speculation about funding tensions among Swiss banks.
  • Swiss freeze possible Mubarak assets

    02/11/2011 5:54:30 PM PST · by Pan_Yan · 25 replies
    'I can confirm that Switzerland has frozen possible assets of the former Egyptian president with immediate effect,' spokesman Lars Knuchel said soon after Mr Mubarak bowed to 18 days of mass protests. 'As a result of this measure any assets are frozen for three years.' He did not say how much money was involved or where it was. Assets belonging to Mr Mubarak's associates would also be targeted so as to limit the chance of state funds being plundered, the ministry said.
  • WikiLeaks reportedly gets info on ‘pillars of society’

    01/17/2011 11:58:53 AM PST · by markomalley · 19 replies
    MarketWatch ^ | 1/17/11 | Kate Gibson
    Former Swiss banker Rudolf Elmer on Monday gave WikiLeaks founder Julian Assange data on about 2,000 clients that he contends may have evaded taxes, published reports said. At a press conference in London, Elmer told reporters about 40 politicians and “pillars of society” were among the individuals he gave Assange information on, the reports said. Elmer told The Observer newspaper during the weekend that the individuals named in the data include “business people, politicians, people who have made their living in the arts and multinational conglomerates — from both sides of the Atlantic.” Elmer once headed the Cayman Islands office...
  • Honey, I Found Our Hidden Swiss Bank Account

    10/17/2009 3:18:07 PM PDT · by fiscon1 · 15 replies · 1,004+ views
    Politics Daily ^ | 10/17/2009 | Joann Weiner
    As part of a voluntary program that ended on October 15, some 7,500 Americans with hidden offshore bank accounts ended the game of hide and seek with the IRS. They finally decided to tell the government where to find their assets. Some of these hidden accounts were pretty hard to lose track of --- one had more than $100 million in it.
  • Local Swiss bank probed [Cayman Islands]

    09/20/2009 2:04:14 PM PDT · by Lorianne · 2 replies · 613+ views
    Cayman Net News ^ | September 18, 2009 | Kerry Harvey
    A Swiss bank that used its Cayman Islands’ branch to engage in what a US federal judge has branded “predatory lending practices” is being investigated by the US authorities. Senior officials of Credit Suisse, Switzerland’s second largest bank, are facing claims that they pocketed millions of dollars by dishing out loans that were impossible to repay. On Tuesday, 15 September, 31 of the bank’s officials received subpoenas demanding that they hand over internal documents that explain why they loaned $375 million to the now bankrupt Yellowstone Club in 2005. The Yellowstone Club, founded by American tycoon Tim Blixseth, was once...
  • Ex-Wives Eagerly Await UBS Tax-Cheater List

    08/28/2009 9:01:29 PM PDT · by TigerLikesRooster · 25 replies · 930+ views
    Time ^ | 08/21/09 | Stephen Gandel
    Ex-Wives Eagerly Await UBS Tax-Cheater List By Stephen Gandel It's not just the U.S. government that wants to get its hands on the list of Americans who hold secretive Swiss bank accounts. Ex-wives, creditors and former business partners are also salivating over the idea that a settlement between the U.S., the Swiss government and a Swiss bank may lead to the public disclosure of as many as 4,450 U.S. individuals that used the foreign bank accounts to hide money. Prominent New York City divorce lawyer Raoul Lionel Felder says he is already getting calls from clients who want to know...
  • Picking on the Swiss

    07/14/2009 8:21:01 PM PDT · by bluejay · 2 replies · 243+ views
    WSJ ^ | JULY 15, 2009 | Editorial
    ... Apart from the diplomatic ramifications, the government's request for so broad a swath of information could well run afoul of the Fourth Amendment's protections against unreasonable search. The Obama Administration should use the court reprieve to rethink the whole case.
  • Switzerland says would stop UBS handing over client data to US Government

    07/08/2009 7:27:42 PM PDT · by SeekAndFind · 20 replies · 1,213+ views
    Reuters ^ | 7/8/2009 | Lisa Jucca and Tom Brown
    * U.S. judge orders U.S. govt to say how far it would go * Switzerland says would stop UBS handing over client data * Berne says may seize UBS client data, if necessary * Judge may be pushing for a settlement A judge ordered the U.S. government to say whether it was prepared to shut Swiss bank UBS AG (UBSN.VX) (UBS.N) in the United States as part of a battle to learn the identity of 52,000 secret accounts suspected of being used by Americans to avoid taxes. U.S. District Judge Alan Gold, set to preside over a hearing Monday of...
  • UBS to hand over names of 4,450 clients to U.S. (IRS to Investigate Them)

    08/19/2009 5:41:07 PM PDT · by Diana in Wisconsin · 58 replies · 1,833+ views
    Real Clear Markets ^ | August 19, 2009 | Ronald D. Orol
    WASHINGTON (MarketWatch) - Thousands of Americans who thought they had a secret Swiss bank account will have their names and account details given to the U.S. Internal Revenue Services under an agreement announced Wednesday among U.S. and Swiss authorities and the Swiss bank UBS. The IRS said Americans would no longer be able to evade taxes so easily by hiding their assets in offshore accounts.The agreement comes as U.S. tax authorities conduct a criminal investigation into Americans who used Swiss bank accounts at UBS AG to avoid paying U.S. taxes. The settlement follows demands from the U.S. authorities that the...
  • Switzerland is caving on banking secrecy

    07/14/2009 7:25:22 AM PDT · by sdw2009 · 3 replies · 383+ views
    In America – formerly the home of free enterprise – the government now owns the banking system, AIG, and General Motors...
  • USA to UBS: Hand Over Tax Evaders, Or Else! Swiss Bank's American Assets at Risk(Loss of License)

    07/10/2009 2:20:02 PM PDT · by Crazieman · 48 replies · 2,535+ views
    Yahoo Finance ^ | 7/10/09 | Aaron Task
    As the war over alleged U.S. tax evaders and Swiss banking secrecy laws heats up, UBS is at risk of losing both its banking license and U.S. assets, says Ken Rubinstein, senior partner at Rubinstein & Rubinstein, and a specialist in areas of estate and tax planning. This week, the Swiss government said it would seize UBS data in order to prevent the Justice Department from obtaining the identities of 52,000 American account holders. But Rubinstein doesn't believe that will shield UBS, since the bank earlier this year admitted it send private bankers to the U.S. with the express intent...
  • United States, Switzerland Agree to Increased Tax Information Exchange

    06/19/2009 9:03:58 AM PDT · by b4its2late · 1 replies · 276+ views
    Treasury ^ | 6/19/2009 | Treasury
    WASHINGTON--As part of the Obama Administration's aggressive efforts to enforce U.S. tax laws and reduce offshore tax evasion, the U.S. Department of the Treasury today announced the conclusion of negotiations with Switzerland to amend the U.S.-Switzerland income tax treaty to provide for increased tax information exchange. Official signing of the protocol is expected in the next few months. "This Administration is committed to reducing off shore tax evasion to help ensure that all U.S. taxpayers are playing by the same rules," said Treasury Secretary Tim Geithner. "This treaty will increase our ability to enforce our tax laws and will help...
  • 2 Japanese Carrying $134 Billion In U.S. Bonds Detained In Italy

    06/17/2009 6:38:17 PM PDT · by Halfmanhalfamazing · 16 replies · 1,258+ views
    National Terror Alert ^ | June 11th | national
    According to Japan Today, two Japanese nationals were detained by Italian financial police last week after trying to enter Switzerland with $134 billion worth of undeclared U.S. bonds, mostly Treasury bonds, an Italian daily said Wednesday. The Japanese consulate general in Milan confirmed that the detention had taken place and said it was trying to confirm with Italian authorities whether the two were indeed Japanese nationals and their identities. According to the report in il Giornale, two unidentified Japanese in their 50s concealed the bonds, including 249 U.S. Treasury bonds each worth $500 million, in a suitcase with a false...
  • SWISS BANK GIVES $235M BACK TO MADOFF PAYOUT FUND (notes suggest "investors" specified returns)

    05/27/2009 1:57:17 AM PDT · by Liz · 4 replies · 802+ views
    NT POST ^ | 5/26/09
    A $235M payment by Banco Santander would return about 85% that Geneva-based Optimal Investment Services (bank's hedge fund affiliate) withdrew in the years before the fraud collapsed. $1.2B would be available to compensate Madoff's victims. A number of banks and hedge funds that steered customers into the fraud have been sued...they should have figured the operation wasn't legit. Investors who withdrew profits are asked to return the money b/c gains were fictitious. Banco Santander says clients of Optimal had $3B in presumed wealth evaporate in the fraud.
  • Switzerland Attacked!

    05/15/2009 9:20:33 AM PDT · by Ed Hudgins · 9 replies · 848+ views
    Most Americans know peaceful and prosperous Switzerland—America’s “sister republic”—for its beautiful mountains, tangy cheese, decentralized political system, and banks that pride themselves on protecting the absolute security of their depositors. Indeed, it’s illegal in Switzerland for banks to violate that privacy. But the U.S. government recently forced the Swiss government to make an exception, under threat of criminal prosecution in the United States against UBS, Switzerland’s largest bank. That bank must reveal information about as many as 300 of its American depositors who the U.S. government claims are guilty of tax evasion. Further, UBS must pay $780 million in fines....
  • More on the (democrat Chris Dodd's) scandalous AIG billions of our taxpaying $$$ to foreign entities

    03/23/2009 5:32:47 PM PDT · by Milagros · 4 replies · 457+ views
    At least Campbell Brown of CNN (http://www.cnn.com/CNN/Programs/campbell.brown/) has mentioned it today. A.I.G. Reveals Biggest Beneficiaries of Its Rescue March 15, 2009, 5:16 pm E-mail This Update | 8:49 p.m. The American International Group on Sunday released the names of financial institutions that benefited last fall when the Federal Reserve saved it from collapse with an $85 billion rescue loan and then three subsequent bailouts. The disclosure included counterparties to both its credit default swap operations and its securities lending businesses, both of which contributed heavily to A.I.G.’s troubles, as well as to muncipalities who participated in certain investment programs. All...
  • Swiss banks to announce massive losses: report

    02/08/2009 1:57:44 PM PST · by NormsRevenge · 14 replies · 669+ views
    AFP on Yahoo ^ | 2/8/09 | AFP
    ZURICH (AFP) – Two of Switzerland's largest banks, UBS and Credit Suisse, are set to announce combined losses for 2008 of 29 billion Swiss francs later this week, the Sonntag newspaper reported Sunday. According to the report, UBS will announce an annual loss of 21 billion Swiss francs (14 billion euros, 18 billion dollars) on Tuesday, the largest in Swiss history and reflecting the fact the company was one of the banks hardest hit by the US subprime loan crisis. Last November, UBS posted a net profit of 296 million Swiss francs for the third quarter following a year of...
  • Sen. Levin: Shut Down Giant Swiss Bank UBS

    07/17/2008 12:38:04 PM PDT · by Born Conservative · 54 replies · 183+ views
    ABC News ^ | 7/17/08 | BRIAN ROSS, AVNI PATEL, and RHONDA SCHWARTZ
    Federal regulators should consider revoking the US banking license of the giant Swiss Bank UBS because of its role in helping wealthy Americans evade billions of dollars in taxes, Sen. Carl Levin (D-MI) told ABC News today. "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...
  • UBS AG Sees Q1 Net Loss of $12 Billion (Writedowns of 19 Billion!)

    04/01/2008 12:17:35 AM PDT · by Proud_USA_Republican · 11 replies · 198+ views
    Yahoo Finance ^ | 04/01/2008 | AP
    ZURICH, Switzerland (AP) -- Swiss bank UBS AG said Tuesday it expected to post first quarter net losses of 12 billion Swiss francs (US$12.1 billion; euro7.65 billion) and would seek 15 billion Swiss francs (US$15.1 billion; euro9.55 billion) in new capital. Switzerland's largest bank, which has been hard hit by the U.S. subprime mortgage crisis, also said it sees losses and writedowns of approximately US$19 billion (euro12 billion) on U.S. real estate and related credit positions. Chairman Marcel Ospel will not seek re-election at the April 23 annual general assembly of shareholders and will be succeeded by Peter Kurer, who...
  • Trying to Get the Swiss to Talk

    03/29/2008 12:32:03 PM PDT · by Las Vegas Ron · 4 replies · 391+ views
    NY Times ^ | March 29, 2008 | By CARTER DOUGHERTY
    GENEVA — Like Paul Revere, Konrad Hummler sounded the alarm last week as he made his way by train and by plane to his bank’s branches across Switzerland. This country’s storied role as secret banker to the world’s wealthy is under threat like never before, Mr. Hummler warned. Mr. Hummler, the jaunty, blunt-spoken managing partner of Wegelin & Company, a small private bank in St. Gallen, has watched a German tax-evasion scandal evolve into a debate about banking secrecy here. Worried that the treasured discretion of Swiss banks is under assault, Wegelin’s foreign clients have been inquiring about their money....
  • Family wins back stolen Nazi loot

    04/15/2005 7:32:17 AM PDT · by SJackson · 9 replies · 516+ views
    Globe and Mail ^ | 4-15-05 | ROBERT MATAS
    VANCOUVER -- Austrian businessmen Ferdinand Bloch-Bauer and Otto Pick transferred ownership of their sugar refinery to a Swiss bank for safekeeping shortly before fleeing the Nazis in March, 1938. Months later, the bank actively co-operated in the sale of the Jewish businessmen's shares in the sugar refinery to a Nazi purchaser at a small fraction of their value and without the businessmen's consent. After 67 years, the theft of the sugar refinery, which provided 20 per cent of Austria's sugar before the war, had become a piece of family folklore only vaguely remembered by some of the descendants. But in...
  • Learning From Arafat: Terrorism Is Big Business

    11/15/2004 7:40:37 PM PST · by CHARLITE · 2 replies · 294+ views
    CHRONWATCH.COM ^ | NOVEMBER 15, 2004 | NOEL SHEPPARD
    For a variety of reasons, there is a lot of enthusiasm and optimism surrounding the death of Palestinian Authority (''PA'') leader, Yasser Arafat, and how his demise might advance an expeditious resolution of the Palestinian/Israeli conflict. To be sure, I would love to jump on this bandwagon, and offer another in a litany of cheery op-eds issued internationally since the passing of the former leader of the PLO. However, though I agree that Arafat has been a huge stumbling block to peace in this region that has now been removed, it is unquestionably much more than just him that has...
  • U.S. judge: Swiss banks trying to 'delay justice'

    02/21/2004 5:53:14 PM PST · by yonif · 2 replies · 184+ views
    Haaretz ^ | 2/21/2004 | Associated Press
    NEW YORK - A federal judge said Swiss banks are trying to "delay justice and prevent access to the truth" in their arguments to limit access to information about Holocaust victims' bank accounts during the Nazi era. Actions by the banks "bring to mind the theory that if you tell a lie big enough and keep repeating it, people will eventually come to believe it," Judge Edward Korman of U.S. District Court in Brooklyn wrote in a decision released Thursday. In the decision, reported in Saturday's editions of The New York Times, Korman wrote, "The 'big lie' for the Swiss...