 The Wild Wild World of Wealth |  |
What is is about yachts and tax evasion? Earlier this month I posted an article entitled, ‘There’s that Word: ‘Cooperation.’ ” In February UBS paid the government $780 million—settling charges related to tax evasion. The bank also agreed to cooperate, which led to the arrest of “Client One” for submitting fraudulent tax returns. Now we have [...]
Consider our financial news. I’ve been following Bernie Madoff, Swiss Banks, and financial scandals on this blog. I appreciate reporters, who spend their days speaking to the front lines in ways others can’t. The last I checked, for example, it’s a career-limiting gesture to blog about your employer. In the absence of professionals, I fear the Internet will become the world’s most powerful vehicle for delivering…well…garbage.
This morning, The New York Times reported that a client was arrested in the UBS case. He’s the first one. He’s charged with submitting fraudulent tax returns. Client Arrest It’s a new era for Swiss Banking. The days of über secrecy are under assault. In this case, UBS may submit up to 52,000 client names [...]
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