The news that the Federal Government has forced UBS to give up the details of 4000 of its customers’ transactions has other financial institutions finding new ways to protect their clients. This has been greeted with dismay by one community. The following letter to the New York Times was intercepted and we provide it here in the interests of transparency.
Dear Sir,
As an international bank robber, may I say how much I deplore the underhanded way in which financial institutions are…
Today, after a long and protracted battle between the U.S. and Swiss government, Swiss bank UBS AG agreed to turn over the names of at least 4,450 U.S. holders of accounts in Switzerland who may have violated U.S. tax laws. While the Obama administration may paint this as a victory, this number is less than 10 percent of the 52,000 names it had originally asked for. It is even lower than the estimate of 5,000 to 10,000 names that news reports speculated…
Yesterday my colleague at CEI, John Berlau, released a statement about the recently announced deal between Swiss bank UBS and the IRS. It is being reported that the bank may end up turning over at least a portion of the over 50,000 names just to get the U.S. off its back. As it seems, any agreement reached in this case will be the result of UBS being bullied by the IRS to divulge its customers names simply because it says so. The…
Lawyers for the U.S. government and the Swiss bank UBS AG have announced that they have reached a deal on releasing to the US the names of UBS account holders. No new details of the agreement have been released, other than what was previously speculated on a week ago.
I will be watching for and examining details that are released. Whatever deal is reached, the Obama administration’s conduct in the case, disregarding both privacy interests and the sovereignty of other nations, has…
Today, Wall Street Journal reports that a Miami court has set meeting Friday between the IRS and UBS to look at where they are in settlement negotiations over the case of the IRS demanding that the Swiss bank turn over the names of more then 50,000 U.S. citizens alleged to be tax evaders.
As I have said in past posts on this issue (in which I have been admittedly hard on UBS-but with a purpose), and as UBS seems to now be reiterating, turning…
In a running theme, I again cover the topic of the U.S. government’s heavy-handed dealings with swiss bank UBS. A nod to my colleague John Berlau, whose letter in today’s Financial Times gives a nod to former ambassador Faith Whittlesey and her commentary in FT expressing concern over the Obama administration demanding the names of 52,000 Americans who do business with UBS. As I stated in previous posts on this issue, these actions by federal authorities are setting a bad precedent for the privacy of…
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