UBS Tells Senate It Won’t Turn Over More Names in IRS Lawsuit

[Joanne98]

March 4 (Bloomberg) -- UBS AG, Switzerland’s largest bank, said today it won’t turn over any more names of customers being sought by the U.S. in a lawsuit that seeks to crack down on tax evaders.

UBS agreed Feb. 19 to pay $780 million and disclose some client names to avoid prosecution for allegedly helping wealthy Americans avoid taxes. The bank has turned over about 300 names, said Senator Carl Levin, chairman of a Senate panel holding a hearing in Washington today on offshore tax havens.

A U.S. lawsuit seeks to force UBS to provide the names of 52,000 U.S. clients it believes evaded taxes. The Swiss government recognizes only tax fraud, not tax evasion, as a crime.

“We believe that UBS has now complied with the summons to the fullest extent possible without subjecting its employees to criminal prosecution in Switzerland,” UBS executive Mark Branson said in prepared testimony to the Permanent Subcommittee on Investigations, which held a hearing on the bank. Branson is chief financial officer of global wealth management at UBS.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a76Q6Jhgilxw&refer=home

[billybob537]

1. no problem

FREEZE all UBS assets in US and sieze passports of all employees.
EDIT: Hell thanks to BUSHCO you don't even need a warrant!!!!!

[screembloodymurder]

2. Why do you think UBS and the Swiss were targeted?

:dunce: Hint: It's a diversion tactic.

[dixiegrrrrl]

3. Diversion from the Carribean? Caymans?

[screembloodymurder]

4. Yep, we're all in the same business.

:-)