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Hundreds Of The Super Rich Under INvestigation
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Nofsdad


Joined: 06 Jul 2003
Posts: 7087
Location: Central CA
Posted: Thu Jul 17, 2008 12:31 am    Post subject: Hundreds Of The Super Rich Under INvestigation  

Next time some dittohead gives you that famous bullshit line about the corprate and Wall Street super rich Deserving to control 50+ percent of the wealth in the country because they pay all those taxes on it, just smile and ask them if they can spell "bullshit".

Then refer them to a list of the Fortune 500 companies who paid little or no taxes at all last year and the list of KPMG clients caught up in the BLIP scandals involving offshore tax shelters... and this one.
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Hundreds of rich Americans whose names and secret foreign bank account information were turned over to US tax authorities could face criminal prosecution. A Senate committee is scheduled to convene tomorrow and among those called to testify are foreign bank account holders, including one of the wealthiest men in Los Angeles.

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For years, the LGT Bank in the tiny European principality of Liechtenstein, tucked between Austria and Switzerland, has been regarded as a safe haven for wealthy Americans trying to hide their money from the IRS. It helps that the reigning prince there, Hans-Adams II, and his family own the bank and strictly enforce the country's bank secrecy laws.

"Liechtenstein is regarded as one of the most secretive places in the world," said John Christensen of the London-based Tax Justice Network.

Aw come on... would our global noble aristocracy ever try to shirk their responsibilities by trying to avoid their taxes? Gee, that might even contribute to bad things like "mild recessions" and "economic downturns" and they certainly wouldn't do that. Would they?
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But all that changed when a disgruntled computer technician at LGT, Heinrich Kieber, downloaded all the names and secret accounts on to two CDs and turned them over to tax authorities in the US and Europe.

"It completely exposed the fact that Liechtenstein is nothing but a place to hide your money from tax collectors, and any other police who might be interested," said Kieber's Washington-based attorney Jack Blum. Kieber is now wanted in Liechtenstein for violating bank secrecy laws there, but his attorney says it is the tax cheats that are the real criminals.

And all this time I thought it was only here that the person who exposes the criminals was treated worse than the criminals themselves. Mr. Green

Two CDs, roughly 700 Mb per disk... that's one HELL of a lot of names and account numbers there.
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Also called to testify tomorrow are current and former officials of the giant Swiss bank UBS, including the head of the private wealth management Americas office, Martin Liechti, who was briefly detained by US authorities in Miami in May.

In court documents, federal prosecutors say UBS bankers helped set up many of the secret accounts in Liechtenstein and, overall, hid as much $20 billion belonging to US citizens.

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One UBS banker, Bradley Birkenfield, pleaded guilty last month and admitted to smuggling cash and diamonds for Americans trying to hide their wealth from the IRS.

In federal court documents obtained by ABC News, federal prosecutors allege that Birkenfield's bank trained bankers traveling to the US in "techniques to avoid detection" by law enforcement authorities, "including training bankers to falsely state on customs forms that they were traveling into the United States for pleasure and not business".

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Prosecutors say part of the Swiss bank scam was for the bank managers to have a third party who would set up sham entities for the US clients in tax havens, such as Panama or the British Virgin Islands, and pose as the owners of the entities.

"By concealing the US clients' ownership and control in the assets held offshore," the prosecutors say the Swiss bank and its managers "defrauded the IRS and evaded United States income taxes."

"The Americans were probably very shocked when their information wound up in the hands of the Internal Revenue Service," said Blum.

Ah yes... just remove all of that government regulation and oversight. Those rich folks can always be counted on to do the right thing, eh? Who the hell would SUPPORT this kind of crap except someone who felt that they gained from it or might gain from it someday)?

I suppose we could start a pretty good little pool based on the number of these reptiles who will ever be prosecuted.
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Simmons46


Joined: 03 Mar 2008
Posts: 60
Location: MPU
Posted: Thu Jul 17, 2008 3:55 am    Post subject:  

You da man, Heinrich Kieber.
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dictators_rule


Joined: 08 Jul 2003
Posts: 5005
Posted: Fri Jul 25, 2008 6:12 pm    Post subject: The European Caymans  

Sounds like the European version of the Caymans.But don't they ask YOU on your tax return ALL accounts must be accounted for and isn't there a seperate statement about off shore or forgien bank accounts.

This is an internal issue.I don't think we should be imposing IRS regs on forgien countries although you want US aide you had better get rid of loopholes like this.
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Nofsdad


Joined: 06 Jul 2003
Posts: 7087
Location: Central CA
Posted: Fri Jul 25, 2008 6:54 pm    Post subject:  

I don't think we're trying to dictate to foreign countries how they ought to run their banks so much as we're pretending to be telling the American upper crust that if they get caught hiding assets from the IRS they're in trouble, just like anyone else that lies about their income to avoid paying taxes on it.

Unfortunately, the only way the overweight felines going to GET caught is if some whistle blower comes forth and rats them out, as in this case. The chances of that happening, the present case notwithstanding, are slim to none and our government regulatory agencies know that. The only reason they're making any noise now is because the news leaked out and they HAVE to pretend to be as outraged as everyone else is.

If the US government was really interested in doing something about the situation, they would simply close the damned loopholes that allow major corporations and the top perhaps five percent of the population to DO this shit in the first place. Make them keep their damned ill gotten gains in American banks subject to scrutiny by people acting on behalf of the OTHER ninety five percent.

All we're going to get now is a bunch of smoke blown up our various orifices about how they're GOING TO crack down on the crap and then when the headlines fade and the noise and hoopla dies down (gee, like about now, eh?) then it's just going to be more Business As Usual for these scumbags.
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