- Get rich.
- Stow your money abroad and don’t tell Uncle Sam.
- Be a 79-year-old widow.
Time was, you could count on Swiss banks to assist their clients in the business of not paying taxes, having practically written the book on how to go about keeping one’s assets a secret from prying eyes (Chapter 1: Discarded toothpaste containers make a great place to stash diamonds). Now? Not only are they no longer providing the service, they’re suddenly too good to associate with people whose hands aren’t clean. Read more »
The bank has ran its own internal investigation and found no evidence of wrongdoing but prosecutors are still going to take a look-see themselves. Read more »
Swiss Banks That Tasked Employees With Helping Clients Evade Taxes Are Saving Themselves By Turning In Said Employees, Muttering “I can’t believe you’d do something like that, don’t you know tax evasion is illegal” Loud Enough For Others To HearBy Bess Levin
Swiss banks are turning over thousands of employee names to U.S. authorities as they seek leniency for their alleged role in helping American clients evade taxes, according to lawyers representing banking staff. At least five banks supplied e-mails and telephone records containing as many as 10,000 names to the U.S. Department of Justice, according to estimates by Douglas Hornung, a Geneva- based lawyer representing 40 current and former employees of HSBC Holdings’s Swiss unit, Credit Suisse, and Julius Baer Group Ltd. The data handover is illegal, said Alec Reymond, a former president of the Geneva Bar Association, who is representing two Credit Suisse staff members. “The banks are burning their own people to try and cut deals with the DOJ,” said Hornung. “This violation of personal privacy is unprecedented in the Swiss banking industry.” [Bloomberg]
Help Me To Understand: How Stalking Kenneth Starr’s Pole Dancing Wife Is Going To Clear Wesley Snipes’ Name On Tax EvasionBy Bess Levin
As is widely known, Wesley Snipes was found guilty of tax evasion a little while back, a charge which the actor believes to be bull shit. Because he would prefer not to go to prison for three years, Wes is attempting to appeal the verdict. Separately, Snipes was once a client of accused Ponzi schemer Kenneth Starr, who it came out several months ago had screwed a bunch of investors out of a bunch of money. These are two seemingly unrelated matters. And yet, today there is this:
The pole-dancer wife of accused Ponzi schemer Ken Starr claims private eyes for Wesley Snipes have been stalking her in a bid to find evidence to clear the actor of tax charges.
Environmentalists thought they had found a “market solution” to controlling carbon emissions. Then energy traders have to go screw it all up.
German prosecutors raided Deutsche Bank and RWE, Germany’s second-biggest utility, today in a wide-ranging probe of tax-evasion and generally shading dealing in the European carbon emissions market.
In the growing battle over stolen information, who can muster the most misplaced outrage? The French, for whom the ends (prosecuting tax evaders) justify the means (using a list stolen from HSBC)? Or the Swiss, defenders of the Eighth Commandment and erstwhile protectors of tax cheats from around the world?
Or bets are on the French.
“France is committing no fraud, the tax evaders are,” said Eric Woerth, budget minister, in an interview on Canal Plus. “What counts is that we obtained [the information] legally.”