The tax evasion can squad can take credit for forcing one Swiss private bank to adopt the 'screw you guys, I'm going home' philosophy. After the UBS incident, Weglin & Co. decided it had seen enough and the risk of Swiss banks becoming the "extended arm of U.S. tax authority" was sufficient to issue a 'Goodbye to America' letter to investors. Between Team IRS's renewed enthusiasm for its work and proposed changes to the estate tax, the private bank has decided to stop doing business in the US. Apparently it's not just the UK that's getting into the Pyrrhic victory game.
Running For Cover
Posted by Greg Michaels, Aug 26, 2009, 1:46pm
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Posted by guest , Aug 26, 2009 2:14PM
[stinkbomb going off]
Posted by guest , Aug 26, 2009 2:21PM
GM short interest increases 50%
Posted by guest , Aug 26, 2009 2:23PM
sucks like your mother
Posted by guest , Aug 26, 2009 2:26PM
[empty cardboard box on Greg's desk]
Posted by Heinz Geyer , Aug 26, 2009 2:27PM
It is Wegelin, but details apart it should be pointed out that they see a risk for all non-US investors with US assets. There might be a chance that they could find themselves subject to US inheritance tax if the tax code is interpreted aggressively by the IRS. So all US assets are off-limits.
Posted by guest , Aug 26, 2009 2:30PM
General malaise, etc., but on what level is fereting out/deterring tax evasion a pyrrhic victory?
Posted by guest , Aug 26, 2009 2:39PM
"The tax evasion can squad can..."
Nice job, Greg.
Posted by guest , Aug 26, 2009 2:43PM
you are so fucking boring Greg. Your posts suck.
Posted by guest , Aug 26, 2009 2:47PM
@6, they're urging their clients to dump US Securities.
It's an open question whether the this administration's tax collection ends justify its means.
Posted by guest , Aug 26, 2009 2:50PM
@6-Kos called. he wants you back BAD. So please leave quickly and know that you are actually wanted in some deluded corner of the internet.
Posted by guest , Aug 26, 2009 2:53PM
I wish I was a little bit taller, I wish I was a baller - greg michaels
Posted by guest , Aug 26, 2009 3:20PM
@11...STFU. What is wrong with you?? The last time you publically wished you were taller you were trying to kiss ass at a midget show.
Posted by guest , Aug 26, 2009 3:22PM
Yeah @11....grow up will you? The last time you signed a fake name to something weren't you signing the medical release forms at a cocksucking class? Good Lord!!
Posted by guest , Aug 26, 2009 3:24PM
Have you heard this one: no one can time the market? Think again, because it is bullshit. Do not believe it? Do how come the blog nailed the exact bottom on March 06, 2009 (it is in google history machine, so no lies).
It also nailed the top of August 25 (which most likely you have not understood yet until it is too late). Called top before it happened, and exactly at the time it happened (Qs 44.68, and SPY 104).
link: http://financialtraders.blogspot.com
Posted by Mark Klein MD , Aug 26, 2009 3:39PM
The rich seem to be fine using government services when they're calling the cops on maniacs chopping their hedge rows down with chainsaws. Why are they always whining about paying the taxes for those services then? I don't complain when I pay my taxes, and after the judge ordered me to, the taxes of my ex-wife.
Posted by Andrew Ross Sorkin , Aug 26, 2009 3:47PM
Thank fucking god they took you, Mark.
Posted by guest , Aug 26, 2009 3:52PM
15- You pay social security- that's not taxes.
Posted by guest , Aug 26, 2009 4:00PM
So what does a swiss bank fall back on when it's out of the tax evasion business?
Imagine if wall street couldn't provide 'tax advantaged' strategies....
Posted by guest , Aug 26, 2009 4:07PM
11 here. I had no idea you are short gregg. It was just a hunch. Somehow I see you as the skee-low of DB.
Posted by guest , Aug 26, 2009 5:05PM
Are we discriminating against Switzerland? Let them institute a credit against the tax. That way the Swiss can pay to ensure their status as a tax haven.
Posted by guest , Aug 26, 2009 7:43PM
#11 so did Obama call the bottom (the now mysterious EP Obama Portfolio). The President never says sell.
Posted by guest , Aug 26, 2009 7:43PM
#11 so did Obama call the bottom (the now mysterious EP Obama Portfolio). The President never says sell.