Time to get tough with UBS? Seize assets? Arrest officers? (illegal, crime)

[golfgod]

While the Republicans like to talk of themselves as the "law n order" party, it turns out that it really only applies to blue collar crimes. The white collar kind are abetted, ignored, or when prosecuted-pardoned.

I hope that if there's no FULL DISCLOUSURE from them and/or the Swiss government this week in Davos that the US DoJ starts issuing subpoenas, seizing property and arresting officers. This is in conjunction with UBS setting up, and then helping the depostitors to hide their offshore accounts.

Raoul Weil, senior executive in charge of this operation for UBS is now a fugitive, two months after being indicted for his part in this.

Time to get tough with white collar crime.

golfgod

[chielgirl]

I'd be game.
No hiding ssets in spouse/children's names.

[domergurl]

They'll have to work with the Swiss government on this one ... but people have swiss bank accounts for reasons.

[golfgod]

domergurl wrote;

but people have swiss bank accounts for reasons

Nothing wrong with "having" offshore accounts. However it is a CRIME to not disclose same. Therefor abetting someone for that non-disclosure is also a crime. UBS officers who did that are (although not yet convicted) guilty of a crime.

The conundrum is that Swiss law makes it illegal for the bank to disclose the names of account holder. Swiss law is however pretty stiff on its bankers who ABET OTHERS IN BREAKING BANKING LAWS.

On a side note, in 2001 an agreement reached between the US and UBS, UBS promised to stop doing what they had been caught doing. However they refused to disclose to the DOJ the results of an internal audit!

I'm pretty sure that the Swiss government, seeing UBS's assets in the US seized might discover an "accomodating" way to get enough "disclosing information", but not the names released to the DOJ.

BTW, some estimates of this activity estimate that it costs the US Treasury (that is you and me) $100 BILLION in lost tax revenue yearly.

Although claiming to be "completely, 100% innocent", Weil has disappeared and is now a fugitive.

golfgod