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Suing for bank, and tax, secrecy

Don't tell me you didn't see this coming.

Shush_quiet A group of wealthy Americans with accounts at UBS have filed a lawsuit against the beleaguered Swiss bank in an effort to keep their identities secret.

While the suit names UBS, the real target is U.S. investigators who want the account holders' names in connection with their probe of offshore (IRS speak for foreign) tax evasion.

The Department of Justice thought it was getting those names last week when it reached a nonprosecution deal with UBS. But when the Swiss bankers didn't immediately start naming names, the feds filed their own lawsuit to compel the alleged tax haven institution to comply.

The tax evasion inquiry highlights the culture clash between the United States and Switzerland.

Tax evasion is not a crime in Switzerland, according to the New York Times.

But disclosing client names is another matter.

Under Swiss law, violation of the country's bank secrecy laws is a criminal offense and can expose bank executives and officers to fines, prison terms and other penalties.

Vive la tax difference!


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leave it to the USA to sue. the thing we do best, with all the lawyers in political office.
I wonder if the Swiss would sue us to get the names of their citizens that invest in the USA.


UBS did, but apparently decided not to comply as quickly as the Justice Department wanted --


Didn't UBS agree to release that client list already?


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