I.R.S.:"Jump!" / UBS: "How High?"

[Mr. Shaman]

It's lookin' like the 1%ers are runnin'-outta places to hide (their ca$h)!!!​

September 21, 2010

"The IRS continues to uncover abusive tax-avoidance schemes involving offshore activity."​

....And, now......the banks are finally GETTIN' IT!!!!!!​

"Switzerland tightened the reins on UBS and Credit Suisse on Monday, telling them to hold more capital than international rivals to prevent a bank failure crippling the country.

Regulators also see the new rules as a boost to confidence in the country's crucial private banking industry, which they say should be the focus for Swiss banks rather than the risky investment banking business which brought UBS to its knees.

The new rules go well beyond the "Basel III" international standards set out three weeks ago, which require banks to hold a minimum core Tier 1 ratio of 7 percent, though recent reports suggested the level would be set even higher.

"It's twin edged. They are trying to deal with the too-big-to-fail issue, which is important domestically as a lot of people were very upset by the embarrassment caused by UBS," said Christopher Wheeler, an analyst at Mediobanca in London.

"And they want their banks to be the strongest in the world because that's how you stay number one in wealth management," Wheeler said."

Makes ya' wonder who Phil Gramm's HU$TLING, NOW!!!​

 

[Mr. Shaman]

Time's UP, 1%ers!!!!!!!!

​

November 17, 2010

IRS To Seek Charges Against Some UBS Clients​

"Federal tax investigators plan to pursue criminal charges against some of the roughly 4,000 American clients of UBS whose secret account data has been turned over to U.S. authorities under a 2009 treaty agreement that targeted the Swiss banking giant.

"You can expect to see criminal prosecutions coming out of them," IRS Commissioner Douglas Shulman said in a Tuesday phone interview with USA TODAY as he announced UBS had handed over information for the account owners suspected of evading taxes. "We're going to obviously partner very closely with the Justice Department and determine how many and which ones."

Along with potential prosecution, Shulman said each of the previously secret account holders will face "a full-blown audit" plus full tax repayments and penalties unless they were among approximately 15,000 Americans who received leniency by coming clean during an IRS voluntary disclosure program last year.

An additional 3,000 American account holders have filed voluntary disclosures since the program ended, as the IRS and the Department of Justice kept up the pressure by announcing more than a dozen criminal cases against owners who secretly stashed assets offshore. Specifics of how the IRS will handle those UBS clients are under discussion now, Shulman said.

Promising "more to come," he said the information turned over by UBS and gathered via the voluntary disclosure program has put IRS investigators on the trail of secret, American-owned accounts "involving numerous banks, advisers and promoters from around the world."

"It's certainly not limited to one country," Shulman said. "There are certainly other banks that we're in the process of pursuing right now that appear to have similar patterns."

Shulman said the IRS crackdown has generated new tax revenue.

"But collecting additional revenue for past misdeeds is not the only important consideration," he said. "It is important that we are bringing thousands of U.S. taxpayers back into the system so they properly report and pay their taxes for years to come."

​

 

[LordBrownTrout]

Lol, you actually think IRS government employees are getting one over. That is funny. Keep coloring.

 

[Mr. Shaman]

Lol, you actually think IRS government employees are getting one over. That is funny. Keep coloring.

"...getting one over."????

"...one..." over what????

​

 

[Mr. Shaman]

November 24, 2010​

"The trustee seeking to recover money for defrauded Bernard Madoff investors has sued UBS AG and others for more than $2 billion, accusing them of collaborating in the imprisoned swindler's massive Ponzi scheme.

UBS was accused of assisting Madoff's fraud by sponsoring foreign feeder funds that sent client money to the once-respected money manager, lending them "an aura of legitimacy" while shielding itself from liability through secret side agreements.

Despite identifying red flags at Bernard L. Madoff Investment Securities LLC, the Swiss bank and feeder funds "chose to enable Madoff's fraud for their own gain," collecting at least $80 million in fees, court-appointed trustee Irving Picard said in a 107-page complaint.

"Madoff's scheme could not have been accomplished unless the UBS defendants had agreed to look the other way and to pretend that they were truly ensuring the existence of assets and trades," the complaint said. "In fact they were not and never did."

[ame]http://www.youtube.com/watch?v=f2iHksmF7m4&feature=related[/ame]​