U.S. fails to follow all of the money

[AlphaCentauri]

Source: miami herald

The U.S. case against Swiss banking giant UBS over the 52,000 U.S. depositors whom UBS lured with a promise to keep their money hidden from tax authorities was settled last week. Unfortunately, the agreement leaves justice poorly served and sends exactly the wrong message to the next generation of con artists and fraudsters who prey on rich and poor throughout the world.

In exchange for some meager disclosures, the Justice Department has for the most part relinquished its right to pursue some 90 percent of the 52,000 U.S. account holders who paid UBS handsomely over the years for learned counsel on how to evade U.S. taxes. The Swiss government, which was a party to the deal and is supposed to ensure that Swiss banks uphold the country's fraud-and-corruption-friendly bank secrecy laws, graciously allowed UBS to provide that much and no more.

It's ironic that the same Justice Department that signed off on the agreements is now building major fraud and public corruption cases that may well involve some of the same UBS account holders that the bank will now be able to keep hidden.

Tax evasion a felony

Does anyone really believe that all 52,000 account holders were all otherwise law-abiding doctors, business people and lawyers who just prefer not to pay taxes (although, let's remember, tax evasion is a felony in this country)?



Read more: http://www.miamiherald.com/opinion/other-views/story/1200838.html

[Indenturedebtor]

1. Some of us are just more equal than others... the sooner you plebes get used to it the better

Now get back to work you filthy dog!

[JDPriestly]

2. Drug money, illegal weapons' sales money, stolen money, all kinds of money

now protected forever. Who negotiated (if that is the word for it) this deal? It's bad, really bad.

[zbdent]

3. "tax evasion is a felony in this country" ... but only paid attention to if

Bill Clinton has anything to do with you ...

[No Elephants]

4. Wearying, isn't it?