Tag Archive
Switzerland Caves In To IRS Demands – US-FOREX.US
To assist the U.S. government Switzerland has lifted its veil of secrecy and has agreed to give 4,450 banking client names to the Internal Revenue Service. The international crackdown on tax evasion has been gaining ever more momentum as governments, smarting from the economic crisis, seek to claw back as much revenue as they can…. »
UBS Likely To Name Names – US-FOREX.US
Some relief at long, long last for UBS. The embattled Swiss bank will no longer be facing a lawsuit demanding that it hand over the details of 52,000 U.S. citizens suspected of tax evasion. Stuart Gibson, a tax attorney for the U.S. Department of Justice said during a conference call on Wednesday that the case… »
UBS Caught Up In The Issues – US-FOREX.US
You’d think the issue of international tax evasion was big enough to keep government officials talking for a lengthy amount of time. But American and Swiss authorities have a lot more than that to discuss as they seek an agreement over UBS handing over to the U.S.’ Internal Revenue Service the names of several thousand… »
UBSU.S. Strike Last-Minute Deal – US-FOREX.US
UBS has narrowly avoided a court hearing after reaching an “agreement in principle” with U.S. authorities over a tax conflict that has mired the bank’s road to recovery.The agreement was reached on “major issues” while outstanding issues were expected to be resolved in the coming week, UBS said in a statement on Friday. It follows… »
Corruption Scandal Roils Switzerland – US-FOREX.US
A senior Swiss official accepting a 45,000 bribe? The U.S. citizen who made the allegation as he pled guilty to hiding money from the U.S. government might just has well have insulted all Swiss grannies. Switzerland prides itself on its clean image: the country ranks fifth on the 2008 Corruption Perceptions Index of Transparency International,… »
Credit Suisse Steps Up – US-FOREX.US
So far this season with write-downs mostly behind them, banks with large investment banking operations have been falling into two categories: banks like Goldman Sachs saw revenues rising across the board, whileothers such as JP Morgan have seen their successes fall mainly in the fixed income category. Despite a still sluggish equities market, Credit Suisse… »
Swiss Bluster Pays Off For UBS – US-FOREX.US
Are American authorities backing down in their attempt to wrestle around 52,000 client names from UBS?
Over the weekend, U.S. authorities appeared to be wavering on their tough line to get the names of wealthy American clients suspected of evading U.S. taxes. UBS and the U.S. Department of Justice called for the proceedings, due to start… »
Taxing Times For UBS – US-FOREX.US
If UBS had hoped for any let-up from the Swiss government that could ease relations with United States tax authorities demanding the details of some 52,000 clients, it will be sorely disappointed.The Swiss Federal Office of Justice rejected the claim by U.S. authorities last week that UBS would not have to expect a criminal proceeding… »
UBS A Bid For Freedom – US-FOREX.US
Is UBS testing the waters to see if it can get on without state support? This seems a possibility after the beleaguered bank announced Friday that it would place 3.8 billion Swiss francs with a small group of institutional investors to raise its core capital ratio by 100 basis points, to around 13%. “It… »
Are The Swiss Meddling With Their Currency – US-FOREX.US
If Switzerland made a move on its currency this week, it could be both dubious and trend-setting.Analysts believe other central banks could consider alternative means to stimuluate their economies after the Swiss franc fell sharply on Wednesday, leading to speculation that the Swiss National Bank had intervened to weaken the currency by selling it. The… »