Swiss Vow to Block UBS From Providing Data to U.S.

Swiss Vow to Block UBS From Providing Data to U.S.

www.nytimes.com

The Swiss government said Wednesday that it was prepared to seize U.B.S. client data rather than allow the bank to hand it over to the United States to settle a tax case.

U.B.S. has refused a demand from U.S. authorities that it turn over the names of 52,000 American clients, arguing that to do so would be illegal under Swiss banking secrecy laws and would open it to prosecution at home. The U.S. Justice Department in February sued U.B.S., saying it suspected the bank of helping wealthy Americans hide billions of dollars in secret offshore accounts.

(visit the link for the full news article)

Good on 'em! I'm glad to see they're standing up to these people and thereby protecting their clients' right to privacy. It may not work, but at least they're fighting the good fight. If someone wishes to put their money somewhere away from prying eyes, I see absolutely no problem with that. The US government is overstepping its bounds by even thinking about demanding that UBS release this information.


TA

www.nytimes.com
(visit the link for the full news article)

Fantastic this is really great by the Swiss govt.

For most Americans I feel it is a catch 22 since we feel that why should only the rich get to not pay proper taxes bc of these things. But also that the govt shouldn't be taxing us so heavily to begin with and being so vindictive about collecting these absurd rates.

I guess the only solution is for ordinary Americans to be able to open up swiss accounts as well!

reply to post by Desolate Cancer


I don't blame the rich in the least (or anyone for that matter) for avoiding paying as much taxes as possible. Great points, thanks for they reply.


TA

Crazy stuff.

Good for the Swiss.

Opening a Swiss account is easier than opening one in the US, just pick one call them up find out the terms, and deposit said money. Easy as pie.

I'm also glad somebody with authority is able to put this government in its place. I don't really know what the US can do besides whine and scream about it. Switzerland is a sovereign country, too bad so sad IRS.

Edit - Changed Sweden to Switzerland.

[edit on 8-7-2009 by Hastobemoretolife]

Data.

We are in a conflict over 'data.'

I wonder where the gold is?

IS any of it 'ours'? Can we see it, and verify it's physical existence anymore?

This can't be about persecuting or prosecuting rich people with 'off shore' accounts. This needs to be about something more real. Assets. Not the banking industry's 'tokens'.

Perhaps I need to get more sleep.

reply to post by Maxmars


I think I see what you mean and if so, I agree. We need an objective standard to back our currency more urgently than we need information on where the fiat money is being hidden.


TA

Hey yall, lets go invade those commies over in Switzerland.

Good.

Keeping as much money out of american banks is important right now. The states have no right to go around demanding data from anybody, as they seem to believe. Its good to know non US-based corporations, banks and governments dont fear sanctions or other repercussions anymore.

I wanna see if this becomes a trend. Kind of funny how much things have changed.

[edit on 8-7-2009 by Kevin_X2]

I'm of the opinion that if UBS does not want to comply with US law, then the .gov should revoke UBS's charter to do business in the US. I'm not saying that I'm for taxes, but if I got to pay them on what I earn then some rich bastard shouldn't be able to hide from them in a Swiss bank account.

Given the current economic situation and the US's borrowing needs I'm not sure if the US could do that. I believe that UBS is a primary dealer in US treasuries (I could be mistaken there though I'm sure there are primary PD's that aren't US based). I'm not sure how losing UBS as a PD would affect interest rates if at all.

reply to post by jefwane


As Hastobemoretolife mentioned up there, it's a piece of cake to get a Swiss bank account. If you want the same kind of benefits the 'rich' get from those accounts, just go open one. There's nothing wrong with doing so, in my humble opinion.


TA

reply to post by TheAssociate


No, there isn't anything wrong with it.

Ever since the government introduced cheating as one of the rules to play by it's all fair game as far as I'm concerned. Otherwise they are just being hypocrites. If they want to be fair then they need to start playing by the same rules.

Also I can care less how rich somebody is, that is there business. I'm mad at the real perpetrator, the government. They have been the ones that have allowed themselves to be bought of and allowed the system to develop to the point where it is now.

If the world were a Monopoly Board, Switzerland would be Go. Its bank secrecy laws represent a dual edged sword. Ultimately they can be counted on most of the time to ‘discretely’ keep your money safe in a veil of secrecy laws that protect and enrich the Nation of Switzerland as much as they do people who keep money in Switzerland.

Yet at the very same time it is the Black Heart behind the secrecy of such abominations as the Federal Reserve.

The Swiss are able to stay ‘neutral’ in all wars for a reason. Yet, Swiss Guards have guarded the Pope all these years for a reason too. There is a reason Napoleon’s fortunes in War and Life changed after he attacked Switzerland and destroyed its 13 Canton system of Government. There is a reason he was slowly and excruciatingly poisoned to death on the Aisle of Elba. There is a reason the number 13 turns up an awful lot in the world especially with the New World Order and Religious crowds.

There is one thing on this Earth more powerful than sex, or drugs, or guns or money and that’s information.

Information brings wealth and power and maintains wealth and power more than any other single thing.

Imagine the secrets the Swiss must have, being the secret center of the World’s Banking Industry shrouded in secrets catering to people with secrets to share.

The Swiss are not standing up to this Administration or the U.S., the Swiss are simply reminding them who and what the Swiss are.

Obama is certainly welcome to challenge them, I hear the Aisle of Elba is nice, great food too!

reply to post by ProtoplasmicTraveler


Having traveled a decent amount of the world, I would also say that geographically and landscape wise Switzerland is also the most beautiful place.
Clean, waterfalls abound, crystal blue glacial water, grassy plains... Its just pure heaven on earth no mosquitoes (at least i didnt experience any)

Originally posted by Desolate Cancer
reply to post by ProtoplasmicTraveler

 

Having traveled a decent amount of the world, I would also say that geographically and landscape wise Switzerland is also the most beautiful place.
Clean, waterfalls abound, crystal blue glacial water, grassy plains... Its just pure heaven on earth no mosquitoes (at least i didnt experience any)

It is an incredibly beautiful place to be sure. One might say it's all the more reason why a powerful and influential, secretive group and enterprise might have chose it as a safe have and repository from which to run their schemes and fulfill for their dreams.

There is in my humble oppinion something deep and mysterious about Switzerland that is tied into the New World Order and how the world runs.

reply to post by ProtoplasmicTraveler


Well, the system may be used for nefarious purposes by the government(s) and the federal reserve, but at least for the time being we're allowed to use it as well. Thanks for the post and the insight.


TA

Originally posted by TheAssociate

Swiss Vow to Block UBS From Providing Data to U.S.

www.nytimes.com

The Swiss government said Wednesday that it was prepared to seize U.B.S. client data rather than allow the bank to hand it over to the United States to settle a tax case.

U.B.S. has refused a demand from U.S. authorities that it turn over the names of 52,000 American clients, arguing that to do so would be illegal under Swiss banking secrecy laws and would open it to prosecution at home. The U.S. Justice Department in February sued U.B.S., saying it suspected the bank of helping wealthy Americans hide billions of dollars in secret offshore accounts.

(visit the link for the full news article)

The very integrity of the Swiss Banking system is at stake here - PRIVACY.

I don't blame the Swiss in the least here. It's the US that has the financial problem, so they should quit trying to blame and TAKE DOWN others for their own follies.