Offshore banking

They ran seminars inside of the USA promoting their offshore Swiss Banking and Lichtenstein Trusts.  So if the bank records, corporate records and stock broker records have you as a citizen of a small country that does not tax offshore income you will not be caught in any of these fishing nets.  Ten days ago, Bradley Birkenfeld, who between 2001 and 2006 was a senior UBS banker, signed a US court statement detailing how he smuggled diamonds in toothpaste tubes, deliberately destroyed offshore bank records on behalf of clients and helped Olenicoff evade taxes of $200m on offshore assets worth $7.  UBS bankers, he said, assisted wealthy Americans to conceal ownership of their assets by creating ‘sham’ offshore trusts.  Just how US citizens got to park their wealth offshore in ever-increasing numbers dates back to rules framed by former US President Bill Clinton and his Treasury Secretary, Robert Rubin, now chairman at US bank giant Citigroup.  Democratic candidate Barack Obama, meanwhile, has made no secret of his drive to tax the rich and rein in offshore tax abuses, having signed Senate legislation last year to do just that.  ‘UBS is working diligently with both Swiss and US government authorities, consistent with Swiss law and the legal frameworks for intergovernmental cooperation and assistance, to promptly provide information concerning instances in which the establishment and operation of such offshore entities and their UBS securities accounts appears to have been part of a scheme to defraud US tax authorities.  ‘By concealing US clients’ ownership and control in the assets held offshore, [UBS] managers and bankers.

Statement

You should obtain a Product Disclosure Statement relating to the product referred to herein and consider the Statement before making any decision about whether to acquire such product.  For its part, the Swiss government said in separate statement that it was “confident that this package of measures will contribute to the lasting strengthening of the Swiss financial system.  Duronio had also purchased puts against other companies in addition to UBS, said defense attorney Chris Adams, a partner at Walder Hayden & Brogan in Roseland, New Jersey, in his opening statement.  UBS denies authorising or encouraging any breaches of applicable laws and regulations and has put out a statement saying it will fully cooperate with all authorities and address any issues raised by the investigation (see below).  Chairman Peter Kurer also said in an official statement that the bank expected to post a “small” profit when it reported its third-quarter earnings on Nov.

Policy

It is likely that other banks in Switzerland and elsewhere will adopt such a policy to avoid encounters with the USA.  With Gramm in the driver’s seat as his leading economic adviser, now you know why economists and analysts are saying that McCain’s economic policy plans are untenable.  Oil is the key to world recoveryThe shock of $140 oil has created inflationary and deflationary pressures that threaten world economy and policy toolsFormer President Bush energy adviser says oil is running out BackgroundOil is the key to world recovery Banks may need to pump billions into scheme UK economic growth weakest for three years Related Internet LinksFull credit crunch coverageBackgroundHappy days are over for UK households Banks restrict mortgages by brokers Credit crunch halves lending at Nationwide JPMorgan to cut Bear Stearns jobs George Soros: Crunch will bite deeper in UK Related LinksUBS chairman goes as sub-prime losses hit $37bn A shudder in the Alps, but faith in future UBS plans $31bn mortgage escape route Have your saySafe, steady income from mortgage backed securities.  UBS’s caution in testing international waters, however, was a longstanding matter of policy.