from REUTERS”- US threatens Credit SUISSE

…some of us may find this pretty useful:

By Emma Thomasson

ZURICH | Sun Sep 4, 2011 6:48am EDT

(Reuters) – The United States has written to Switzerland to demand it hands over detailed information this week on its citizens using Swiss accounts to dodge tax or see Credit Suisse and nine other banks face charges, newspapers reported on Sunday.

The letter, quoted by two Swiss Sunday papers, was sent by U.S. Deputy Attorney General James Cole on August 31 and demands detailed figures on tax evasion at Credit Suisse by Tuesday and also seeks information from nine other smaller Swiss banks.

In the letter, Cole demands that Switzerland quickly deliver a significant number of client accounts, the SonntagsZeitung reported, adding that U.S. authorities are also ready to examine a Swiss offer to settle the dispute.

…….

US SEEKS THOUSANDS OF CLIENT NAMES

The United States is pushing for Switzerland to hand over thousands more bank client names as it did last year when it allowed UBS to bend bank secrecy and reveal the details of around 4,450 clients to avoid criminal charges.

“They won’t be contented with less than in the UBS case,” former U.S. Justice Department investigator Peter Henning told the NZZ am Sonntag newspaper.

He added that the U.S. Internal Revenue Service felt betrayed because many UBS clients had shifted their assets to smaller Swiss banks rather than declaring them.

The SonntagsZeitung quoted Swiss sources close to the talks as saying Washington is seeking details of all U.S. clients with accounts worth at least $50,000 between 2002 and 2010 at banks including Credit Suisse, private banks Julius Baer and Wegelin as well as the Zurich and Basel cantonal banks.

That could imply tens of thousands of accounts, the paper said, far more than Switzerland could deliver under a double taxation agreement with the United States that it approved in 2009 but is still awaiting ratification by the U.S. Senate.

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4 comments to from REUTERS”- US threatens Credit SUISSE

  • twisted titan

    Reading some of those comments,are painful…..they are ultra hardcore socialist

    The nerve of people wanting to protect the fruits of their labor

  • There are so many other places where people can put their money that are not subject to IRS scrutiny to the degree that the IRS says that you don’t have to declare. A condo in a foreign country is one…shares in privately held land, charities, and other kinds of corporations are another. And then there is precious metals.

    Why would anyone in their right mind keep money in paper, let alone banks? If these people are that stupid to keep cash in Swiss banks, then they (almost) deserve to get it shaken down by the Empire.

    I don’t buy these threats or these stories. I think it’s all a smokescreen to make people actually believe that there are all of these millionaires out there who stash their money in banks. But then again, maybe there are…but not any of the mega millionaires (and even billionaires) that I’ve ever met.

  • Banks are a necessity in a free market commerce. People just can’t carry around or have in their home money needed to buy …say… a home. What has become warped since the “money changer” days of Christ is the fractional banking system devised to loot others. A credit-union concept is needed, a holding house / or clearing house system that is simply used to provide the “accounting” for transactions of others.
    If not, then we will be guarding our money 24/7, from those who believe in “spreading the wealth” with others. These millionaires you speak of…they have “safe-houses” and security in place for their wealth, or they are stupid. Common middle-class just cannot maintain their money in that fashion.
    “Banks” are a necessity. ….just not the banking system now in place. Kinda like the theory of anarchy..I am not an anarchist- we need a bit of government..just NOT the kind of government that we have in place now.

    RON PAUL 2012
    ..a beginning for a new Republic of America, and new systems within, OF its people, BY its people, and FOR its people.

  • Not really…they just hold shares in charities, corporations, rental properties, or shares in high rises. If they invest in paper, it is done through proxy corporations also.

    I don’t think that this really applies to middle class anyway if they are talking about Switzerland and Americans hiding money there.

    Banks may be necessary, but in local credit unions or other forms of local investment trusts that can be set up. We don’t really need the big commercial banks. Stashing your money in a bank to collect 1% or less while your neighbor pays 22%-79% interest makes no sense if you can loan your money to your neighbor at even 8-10% interest. There are so many ways to go about it. Again, most of the wealthy and even upper middle class people that I have hold very little cash since holding cash in a bank makes them or their children a kidnapping target. If you appear broke, it’s hard for you to be shaken down.

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