- All Topics »
- Politics and Social Issues »
- Europe Political and Social Issues »
- Switzerland Political and Social Issues
UBS Gnomes of Zurich Hide Money for Italians, Too--CROOK ALERT!
74
Swiss Banks, UBS and Credit Swisse Under Fire for Hiding Money for Italian Tax Evaders
Lugano, a town of 57,000 near the Italian border has become a major haven for Italian tax evaders. Last summer the Italian government, to make up for government budget deficits, began a crackdown on tax evaders with secret UBS accounts in Lugano, Switzeland's third largest banking center after Zurich and Geneva.
Italy's finance minister, Giulio Tremonti, vowed last summer to "dry out" Lugano as a haven for Italian tax evaders. He installed video cameras at the border crossings to record license plate numbers of Italians visiting Lugano and is taking other measures that threaten the huge Italian deposits in Credit Suisse, UBS and other smaller Swiss banks in Lugano. Tremonti also announced an amnesty for depositors who come forward and pay a 5 percent tax on their secret deposits. The amnesty program, according to Tremonti, has resulted in $136 billion in deposits returned to Italy and a $7 billion tax windfall.
[See NY Times article by John Tagliabue 1-7-10 linked below.]
6-28-11NYTimes--"UBS Customer Pleads Guilty to Tax Evasion"
- Ex-Lawyer Pleads Guilty to Tax Evasion - NYTimes.com
Kenneth Heller, who hid more than $26.4 million at UBS and will pay a fine of $9.8 million, faces a maximum prison term of 15 years.
5-21-10 NYTimes Deal May Be Near on UBS Secret Accounts
- Deal Near on UBS Secret Accounts
A Swiss parliamentary commission signaled on Friday that it was likely to accept an agreement with United States to hand over data on clients of the bank UBS suspected of tax evasion.
Italy Cracks Down on Swiss Banks
- Lugano Journal - Italy Puts Swiss Haven From Taxes Under Siege - NYTimes.com
Italys crackdown on tax evaders threatens the banking industry in a picturesque Alpine border town that profits from those who shelter their money there.
1-26-11NYTimes--HSBC is Focus of Tax Invasion Investigation
- Are there GNOMES in London as well as Zurich?
Federal authorities are considering whether to serve a broad legal summons on HSBC to ascertain whether it sold tax-evasion services to scores of wealthy American clients, people briefed on the matter said Wednesday.
6-20-08NYTimes--Ex-UBS Banker Pleads Guilty to Aiding Tax Evasion. He even hid diamonds in toothpaste tube for client."
- Former UBS Banker Pleads Guilty to Aiding Tax Evasion - NYTimes.com
FORT LAUDERDALE, Fla. One after another, the secrets spilled out. The millions stashed in Swiss bank accounts. The precious jewels and artwork whisked into hiding. The diamonds smuggled in a tube of toothpaste.
CommentsLoading...
For Italy this is a good thing, and I think that the U.S. should delve deeper into this as well (they've at least started). Still, the focus should be on corporate tax breaks and incentives to boost the American economy and increase the tax rolls. Give American companies tax breaks for bringing jobs back, for example, and breaks for creating real and lasting jobs.
And Americans? Well, start buying American whereever and whenever you can and be willing to pay a little premium. I've been doing it myself. For example, socks made by Champion are Made in the USA. It may cost a little more per pair of socks, but an American job is being saved and that will do more to boost tax rolls in this country than going after tax evasion.
BTW, I love the Gnome. :)
Thanks for your commemnts, Sabu and Springboard. We're on the same wavelength.
HSBC Target of Tax Evasion Investigation
Federal authorities are considering whether to serve a broad legal summons on HSBC to ascertain whether it sold tax-evasion services to scores of wealthy American clients, people briefed on the matter said Wednesday.
UBS client pleads guilty to tax evasion. Kenneth Heller, who hid more than $26.4 million at UBS and will pay a fine of $9.8 million, faces a maximum prison term of 15 years.
sabu singh 2 years ago
Thank you for this Hub, Ralph. In India, we certainly need a Giulio Tremonti. There was a story doing the rounds on the net that the largest deposits in Swiss banks are from India. Ofcourse it is impossible to authenticate this, but I am willing to believe it.
I have this theory that the richest man in the world has to be an Indian. Unfortunately, since this person's wealth is illegal and ill-begotten, it will remain hidden and the Bill Gates', Carlos Slims' and Warren Buffets' of the world will continue to claim the throne.