Rich People Sobbing In Fear As UBS Bars Swiss Bankers From Leaving The Country

[deminks]

Steven Michael Rubinstein, the Art Basel-going yacht builder's accountant from Boca Raton who last week became first American prosecuted in a sweeping probe of tax shelters since the Swiss government ordered the bank to hand over the names of some 300 of its clients to the IRS, was released today on $12 million bail, the latest development in the intensifying probe of tax shelters. But not everyone involved in the investigation of what UBS itself called a "scheme to defraud the American government" is enjoying freedom of movement: also today the Wall Street Journal reports the bank has barred its "client facing" bankers from traveling overseas -- a move "aimed at avoiding further trouble" of the sort UBS bankers like Brad Birkenfeld flirted in the good old days before the crackdown:

Brad Birkenfeld was a frequent trans-­Atlantic flier. He lived and worked in Switzerland, dividing his time between an apartment in Geneva and a house in Zermatt, an Alpine village at the base of the Matterhorn. But his biggest client was in California, and however grueling the trip through nine time zones was, it was worth it...He was willing to go the extra mile for his clients, so he didn't blink when one of them asked him to do something that was blatantly illegal by any country's standard: Buy diamonds with secret Swiss funds and bring them into the U.S. undeclared and undetected.To get them into the country, Birkenfeld had only one option. He had to smuggle them in...So Brad Birkenfeld, a banker at one of the most prestigious institutions in global finance, began jamming his clients' loose diamonds into a tube of toothpaste.

The crackdown is leaving some stateside clients -- no doubt further panicked over not being able to see their private bankers in private -- alarmed, says another Journal story today:

Lawyers say they have been flooded by frantic calls from wealthy clients wondering whether to turn themselves in -- and, if so, how. "One woman was very scared. She was in tears," says Bryan Skarlatos, a lawyer at Kostelanetz & Fink in New York and chairman of the American Bar Association tax section's committee on civil and criminal tax penalties. On the ride back to New York from a tax conference in Galloway, N.J., last Friday, Mr. Skarlatos received four calls from worried clients. Some people have "many millions of dollars" stashed abroad, he says, and "are having a hard time deciding" what to do about the IRS program, which he describes as "the classic carrot-and-stick approach."

(end snips)

http://tpmmuckraker.talkingpointsmemo.com/2009/04/wealthy_people_panic_as_ubs_bars_private_bankers_f.php?ref=fp2

[Mari333]

1. cry me a river

http://www.youtube.com/watch?v=ByUOFV5TusE

[FarLeftRage]

2. Ask me if I have any sympathy for these schmucks...

They are useless eaters and complete wastes of space.

[Dangerously Amused]

3. Awww.

:eyes:

[aquamarina]

4. Cry. Me. A. River.

[hangman86]

45. More like...

Cry me a river, build me a bridge, then jump off of it.

[county worker]

5. Well I always say, if you didn't do anything wrong you have nothing to cry about.

I wonder if the freepers support the tax shelters. My guess is that they do yet none of them will ever have enough money to need one.

[Liberal_in_LA]

6. clicked on this thread hoping to see pics of rich TAX CHEATS sobbing in fear

[Poll_Blind]

7. I can smell their fear, mommy. And it smells like...mmmm....bacon!

PB

[Bozita]

8. This thread made the Greatest Page in 7 minutes.

[ima_sinnic]

9. awww, poor widdle lying, cheating greed-heads who can only take and never give

it's all about them, them, them.

"A hard time deciding" about the IRS program? pay fucking taxes, you stinking scumbags. Problem solved!

[Cass]

10. I find it impossible to work up an iota of sympathy for these tax cheats.

:nopity:

Cry me a river.

[Double T]

11. Bailout then bailed out.

TFB. It's not enough to be rich, these bastards always need to be richer.

[sarcasmo]

12. Priceless!

[safeinOhio]

13. What do they say?

Don't do the crime if you can't do the time.

[Commie Pinko Dirtbag]

16. Right-wingers love to say that about poor suspects.

What's good for the goose is good for the gander, I say.

In Brazil, the owner of a store that sells $10,000 women's purses just got a ginormous prison term for multiple and continuing acts of tax evasion. There was rejoicing. Except from the usual suspects, of course, those who ask for Lula's head on a pike if a booger flies from his nose.

Fuck them. Fuck them all with a watermelon coated with ground glass. Sideways.

[Fumesucker]

14. The tears of the rich are like nectar of the gods..

[Terry in Austin]

27. Beautiful!

I'm getting such a warm, rosy feeling inside.

:applause:

[TheCoxwain]

59. 'Nectar of God' title is reserved for Bass Ale . please dont equate the bodily fluids

of some scum to the best beer in the whole wide world ..


unless you want to drink their tears !!!!

[skepticscott]

75. Oh, son

you need to get out into the beer world more...

[KansDem]

15. K&R!!!

300 names? I read there were some 50,000 accounts.

Don't stop at just 300 names, get the remaining 49,700...

Lawyers say they have been flooded by frantic calls from wealthy clients wondering whether to turn themselves in -- and, if so, how. "One woman was very scared. She was in tears," says Bryan Skarlatos, a lawyer at Kostelanetz & Fink in New York and chairman of the American Bar Association tax section's committee on civil and criminal tax penalties. On the ride back to New York from a tax conference in Galloway, N.J., last Friday, Mr. Skarlatos received four calls from worried clients. Some people have "many millions of dollars" stashed abroad, he says, and "are having a hard time deciding" what to do about the IRS program, which he describes as "the classic carrot-and-stick approach."

"Hey, I broke the law, cheated on my taxes, and ripped off 300,000,000 Americans. What should I do?"

If you have to ask, don't bother. Let the rest of us show you...:grr:

[louis-t]

49. Let's say the average taxes owed is a million.

What's 50,000 x a million? Are we approaching bailout amount yet?

[KansDem]

52. I agree...

$1,000,000 x 50,000 = $50,000,000,000 (that's 50 billion)

Yeah, that's the bailout...or a goodly amount of it.

[scheming daemons]

17. Every time a rich tax cheat gets busted, an angel gets its wings...

....

[liberalla]

20. May there be many newly winged angels

let's hear it for the angels!

O8)

[closeupready]

43. I have a feeling angels are going to be having a baby boom pretty soon.

:rofl:

[malaise]

18. Too good

Cry cry!!

[Wednesdays]

19. I hear "Hearts and Flowers" being played on a violin

:nopity:

http://members.lycos.nl/catchytune/heartsfl.mid

[Canuckistanian]

21. How unfortunate for them

(yawn)

[KittyWampus]

22. chorus of tiny violins

:nopity: :nopity: :nopity:
:nopity: :nopity:

[The Backlash Cometh]

23. I'll never get over this.

It's like a pack mentality. Someone tells them that the illegal action is okay, they assume they have political cover, then law enforcement wakes up and goes after them and they get all weak knee'd.

I'll never understand this disconnect. If you're going to be an unethical son of a bitch, be an unethical son of a bitch. But don't assume a submissive role when you finally get caught.

[barbtries]

25. consequences

a concept they never, evah considered for themselves.

[barbtries]

24. boo fuckin hoo

it's just not possible for me to feel sorry for these people. nobody should be above the law.

[formercia]

26. Not much of a choice for clients

pay back taxes with penalties and a small legal bill or pay back taxes with penalties, a huge legal bill and hard time in prison. So much for Summer at the Hamptons.

[rucognizant]

50. And we can get.......

the forclosed on & the homeless to house sit!

[formercia]

61. It's show time.

Beetlejuice.

[lumberjack_jeff]

28. hehehehe

Sorry, I'm all giddy.

[Mudoria]

29. Pay your taxes like the rest of have to do

I have zero sympathy for these cheaters.

[L0oniX]

30. ...

[Terry in Austin]

31. Now let's get after the tax-dodging corporations

They move their headquarters to addresses of convenience in places like the Cayman Islands. Talk about trillions!

They're getting some scrutiny, now. About time...

[Jakes Progress]

32. Ahhhh. "Hope" we can see.

[gratuitous]

33. They let one of these bandits out on bail?

In what universe would he be considered not a flight risk?

[Lucky Luciano]

47. He has ankle bracelets and he turned in his passport

and the keys to his yacht. $12MM would probably cover his tax cheating anyway (I hope)!

[Soylent Brice]

34. that's awesome. can we have some pics of that please. seriously.

[TheMadMonk]

41. Try Forbes. nt

[Soylent Brice]

46. lol. i meant pics of them crying. all i can find is this:

?size=67&uid=%7B78C68856-6E93-4685-95F5-FC98553E60B9%7D

[T Wolf]

35. UNtil these rich shits start winding up dead in the gutter, their crimes WILL remain unpunished.

Anyone who thinks that they will suffer ANY consequences aside from minor inconvenience is stupidly naive.

The wealthy know that laws do not apply to them. That is a lesson they have learned well.

All of the "noise" about the minor "actions" being taken to hold them accountable is just that - noise. In the end, they will retain their wealth.

[redqueen]

38. Dead in the gutter?

What you just said sounds like something Beck our Coulter would say.

[T Wolf]

39. Eat the rich.

If the "law" will not punish those people, then it is up to the people to enforce the law.

I am way beyond relying on a system owned and operated by the rich to police itself.

Would you rather leave it to our coporate government?

[redqueen]

40. I would rather they go unpunished than wish death on them.

[T Wolf]

42. You will get your wish - for they will evade justice.

[redqueen]

36. Welcome to the real world you disgusting parasites. (nt)

[closeupready]

44. Yes, that is exactly what these tax cheats are.

n/t

[Vidar]

37. K&R.

[rucognizant]

51. WHat's with the adverts below this?

[Hubert Flottz]

48. UBS WARBURG

UBS Warburg Stock and Securities Fraud

UBS Warburg stock fraud accusations in recent months stem largely from its connection to sister company, Paine Webber, Inc. UBS Warburg stock fraud allegations claim that the relationship between the two firms aided the commission of UBS Warburg stock fraud, since UBS Warburg supplied investment research and analysis to Paine Webber. At the center of UBS Warburg stock fraud charges is the collapse of Enron, whose stock UBS Warburg rated a “strong buy.” MORE...

http://www.stockfraudnewswire.com/ubswarburg/index.html

So now it's just UBS?

UBS Warburg

The Swiss company UBS Warburg merged with PaineWebber in 2000 in an effort to enter into the US investment market. Warburg acquired PaineWebber for $10.8 billion dollars, purchasing shares at approximately forty-seven percent more than their market value at the time. The company was one of ten firms targeted for securities fraud in recent investigations by the New York Attorney General, SEC, NASD, and other federal regulators. MORE...

http://www.lawyershop.com/practice-areas/criminal-law/white-collar-crimes/securities-fraud/lawsuits/ubs-warbug/

Paul Warburg

The German-American banker and banking theorist Paul Moritz Warburg (1868-1932), as spokesman for the large bankers of America, favored a highly centralized banking system. In much modified form, this became the Federal Reserve System. More...

http://www.answers.com/topic/paul-warburg

McCain’s Cronies: Handling Gramm’s Enron/UBS Baggage?

By: Christy Hardin Smith Wednesday May 28, 2008 3:41 pm

How exactly does John McCain answer the question of what he's doing handling Phil Gramm's Enron and UBS baggage in exchange for highly dubious economic advice? Is this what we could expect McCain to foist on the rest of the country -- a man who helped run energy and banking policy in the ground while he and his family pocketed millions?

Is this the ethical distance from lobbyists McCain trumpted while using the UBS lobbyist Gramm for banking and economic policy crafting advice? Using a lobbyist and officer of a troubled bank to craft banking policy in which it has an interest while, at the same time, using him to stump for you on the campaign trail? Does the word "self-dealing" come to mind for you, too?

Do you recall that UBS Bank -- the bank for which former Sen. Phil Gramm works as a vice president and lobbyied for until April 18, 2008, while simultaneously serving as a senior economic adviser to John McCain -- bought out Enron's energy mess? (H/T to reader Again for the reminder.) Did you know that Phil Gramm's wife Wendy was a director at Enron -- and was responsible for overseeing "audits," if I may be so bold as to even call them that -- while there? Cozy.

But wait, there's more:

http://firedoglake.com/2008/05/28/mccains-cronies-handling-gramms-enronubs-baggage/

[opihimoimoi]

66. Holy Shit, Ya turned in the homework....Now, if we could get that

Phil Gramm dude put in Jail....that would be cool...

[Hubert Flottz]

77. People with tons of cash and political pull don't go to jail...

Jails are for poor people and democrats.

[opihimoimoi]

79. OJ pulling 16 years....LOL...come, we go smile

Peace is so cheap its ludicrous

[Hubert Flottz]

80. When OJ's wad was shot paying the dream team, his crime

spree should have ended. He didn't have the cash to get out of the last mess, IMHO.

If he'd ran on the GOP ticket and gotten himself a government job Gawd would have forgiven him and he would be as free as Scooter Libby or Carl Rove.

[opihimoimoi]

82. Well, ole OJ is now looking at 15 years...no bimbos to fuck....only gay teabaggers

some of which would only be too happy....who knows...he might meet Larry, or Foley, or Vitter, or....fuck it...list is too long.

I cannot for the life of me, unnerstan how the Rove dude is given a podium on Nat TV

This has to confirm the Nation of the RW MEDIA......never mind the LW side of it

Its the GOP who controls large segment of our communication system...the FREE PRESS has been COMP'D

Lookit the Soup Bush Made......so bitter not even old men would partake.....Bush is a lousy "Social Cook"

[Hubert Flottz]

84. The people who funded the neocons and cheered for more

war, think it's only fair that the poor, the underemployed and the unemployed, pay for everything in this country. While they sit back in their easy chairs sipping the kool-aid and sling more shit at us.

[opihimoimoi]

86. Bullies like to rule not for the PEOPLE but for themselves.....the GOP are Bad Bullies who FOOL to

RULE

[Wapsie B]

53. So, people hide money in off-shore accounts and never expected to be caught?

The world is becoming smaller by the day. I say put the taxe and penalties from these cases toward rebuilding the social safety nets in this country.

[hatrack]

54. Fucking tragic.

Must really put a crimp on things when you're planning a $2,000 dinner after popping into Tiffany's or Hermes for a $50,000 brooch or a $10,000 silk scarf.

:eyes:

[kleec]

55. aawwww

oh gee, isn't that just too damned bad. They are crying cause they got caught and I hope this is just the beginning, they have caused so much damage to occur here, I have no symphony for these criminals, none.

[Blue_Tires]

56. k+r

[pleah]

57. Ahahaha. Do I hear violins?

:nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity:

[destes]

58. Those exceptionally privileged people

I wonder how many of them, or us for that matter, appreciate the irony.

You know that they actually believe they have bought the loyalty of the lower classes. They think, "It was we who pressed for those entry level mortgage payments. How else could we have kept those unwashed placated so that we could loot their 401-K's? The ingrates!"

Seems I heard of a poll a few years back (2004 I think) which found that 70% of "conservatives" thought that an income of $70,000 passed the threshold of "wealthy". Go figure.

[peacetalksforall]

60. I fantasize about that money staying in the banks of this country and what

it could have meant to all the children of this country and others.

Do you think they were convinced that the hard times would only affect us? The serfs?

[sarcasmo]

62. Is it wrong that this story makes this poor man smile?

[fascisthunter]

63. as Someone Else Aptly Stated: "JUMP!"

if you wave your money fast enough, you may be able to fly. Try it please....

[BuelahWitch]

69. Actually it was "Jump you FUCKERS!"

:hi:

[aquart]

72. I cherish that picture.

But they are not sufficiently afraid. We need prosecution and CONVICTION. We need recognition that white collar crime kills as viciously as any pissed off boyfriend with a semi-automatic.

[fascisthunter]

78. I know...

I'm trying to avoid using profanity, which at times is really hard for me.

[demo dutch]

64. I drive by the UBS branch in Boca Raton all the time, it's right off I-95

[goforit]

65. Robin Hood spirit lives on.

[Juan_de_la_Dem]

67. Not feeling sorry for the clients of a guy smuggling diamonds he jammed into a tube of toothpaste

[earth mom]

68. WTF?! Those fuckers dare to cry about paying taxes?! Time for pitchforks ya'll!

The rest of us pay our taxes, bail out the fuckers on Wall Street while barely living paycheck to paycheck! :grr:

Those rich mo fos have a LOT of nerve!

[santamargarita]

70. Let them sweat! Maybe they should keep some 'butt plugs' handy...

for hiding their money in prison.

[peace frog]

71. Butt plugs or no...

that money won't stay hidden for long during their stay in the Big House.

[santamargarita]

74. Big Bubba would know where it's hidden

:rofl:

[provis99]

73. Schadenfreude is a wonderful thing

I want to see rich people crying in fear on CNBC while peasants wave pitchforks at them from outside the studios!

[laylah]

76. for the lack of a more eloquent

response...:nopity:

[SemiCharmedQuark]

81. HA HA!

[anonymous171]

83. Fuck them. No mercy for the rich. nt

[anthonyrobert]

85. I agree

Yes, I agree with you!!

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