Swiss Banks Said Ready to Reveal Clients

Source: Bloomberg

U.S. and Swiss officials are concluding negotiations on a civil settlement amid U.S. criminal probes of 11 financial institutions, including Credit Suisse Group AG (CSGN), suspected of helping American clients hide money from the Internal Revenue Service, according to five people with knowledge of the talks who declined to speak publicly because they are confidential.

Switzerland, the biggest haven for offshore wealth, wants an end to new U.S. probes while preserving its decades-old tradition of bank secrecy, the people said. The U.S. seeks data on Americans who have dodged U.S. taxes and a pledge by Swiss banks to stop helping such clients, according to the people. The Swiss reached accords this year with Germany and the U.K. on untaxed assets.

“The Swiss would like to get out of this by paying money, and they’ve done that with other countries,” said tax attorney H. David Rosenbloom of Caplin & Drysdale Chartered in Washington, who isn’t involved in the talks. “For the U.S., it’s not primarily a money question. It’s a matter of making sure the laws apply fairly among taxpayers.”

The Swiss government seeks to outline a final accord for the Foreign Affairs Committee of its Parliament’s upper house on Nov. 10, according to a person familiar with the matter. The number of banks that will pay to resolve the U.S. negotiations may extend beyond the 11 under criminal investigation, the people said.

Read more: http://www.bloomberg.com/news/2011-10-24/swiss-banks-said-ready-to-pay-billions-disclose-customer-names.html

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great news! let's see who is on the list of thousands who are hiding BILLIONS of dollars!



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I agree, lets see the list!

U.S. and Swiss officials are concluding negotiations... Don't particularly like the sound of this statement, but am hoping for a complete list and not a partial one based on political connections...

Profits from War. That's what they're all about. They like easy money from others' misery.

The fucking palettes of cash.

Where are they?

K & R!

“There are thousands of Americans, who are the functional equivalent of residents of New Orleans on the eve of Hurricane Katrina, who have no idea that Katrina is about to happen,” said Katzberg, of Kaplan & Katzberg in New York.


I can imagine that there will be some politician tax evaders too. I just hope they don't give preference to some. In fact I think it will be a litmus test for the legitimacy of these disclosures if politics doesn't play into who gets fingered. And I wonder if those who took advantage of the amnesty-for-payment of unpaid taxes will avoid public exposure.

> I just hope they don't give preference to some.

... but, personally, I wouldn't bet a single cent on the chances
of it coming true ...

Face it, why else would the US & Swiss authorities need to be
"negotiating" for so long if it wasn't to allow certain people
to be given a heads-up and certain names to be "judiciously
removed" from the list?

:shrug:

.

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