Thursday, February 26, 2009

Wealthy American Clients Sue UBS To Maintain Secrecy

The NY Times reports that rich American clients sued UBS in a Swiss Federal Court yesterday in order to maintain their anonimity.

The suit, filed by a lawyer in Zurich, Andreas Rued, on behalf of nearly a dozen American clients, underscores the growing clash between Swiss banking secrecy laws and those of the United States. Tax evasion is not considered a crime in Switzerland. Disclosing client names under Swiss law is a criminal offense and can expose bank executives and officers to fines, prison terms and other penalties.

UBS is the world’s largest private bank and Switzerland is the world’s largest offshore tax haven, with trillions of dollars in assets.

How much do you want to bet that some of the clients suiing to maintain their secrecy are the same Democrat politicians you saw clapping and high-fiving one another during the President's speech before Congress, after he promissed to raise taxes on 5% of the nation's top income earners? High taxes for the suckers and the "Joe the Plumbers" out there but not on the players inside the DC Beltway right Democrats?

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