In a strongly worded letter to Switzerland, U.S. Deputy AG James Cole demands - by Tuesday -...


In a strongly worded letter to Switzerland, U.S. Deputy AG James Cole demands - by Tuesday - detailed information on citizens using Swiss bank accounts to dodge taxes, or possibly see Credit Suisse (CS) and 9 other banks face criminal charges.

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Comments (58)
  • Leftfield
    , contributor
    Comments (4061) | Send Message
     
    If a US government official is going after Swiss bank accounts, we can safely assume Wall Street TBTF banksters are parking their bonuses and gains elsewhere out of reach.

     

    They have bought immunity from US law and from the laws of economics until they finally crash the economy after milking it for everything they can lay hands on.
    4 Sep 2011, 10:24 AM Reply Like
  • apberusdisvet
    , contributor
    Comments (3099) | Send Message
     
    Standford hid his Ponzi in plain sight in the Carribbean; it's interesting that there has been no investigation of these more local tax havens; especially in the Cayman Islands.
    4 Sep 2011, 10:34 AM Reply Like
  • EMS
    , contributor
    Comments (586) | Send Message
     
    So true.
    I have the feeling that this is the way it has always been though. Like Monopoly, the money always goes back to the bank, they invented the game and made/ change the rules to suit.
    That being said, I would like to see some of them drawn and quartered.
    4 Sep 2011, 11:43 AM Reply Like
  • Lomey
    , contributor
    Comments (6) | Send Message
     
    The Cayman Islands!!!
    You see the swiss are too neat, easy to mess with them.
    Yes they will crash the economy in the end, and we will suffer, not the weathy weezles with the cash. US law is for the working man, not the rich, they have a differnt law.
    4 Sep 2011, 10:10 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    Pays to have Friends (Cronies) in High Places.

     

    upload.wikimedia.org/w...

     

    www.newsmax.com/Inside...
    4 Sep 2011, 10:56 AM Reply Like
  • Vuke
    , contributor
    Comments (1662) | Send Message
     
    Not long ago it was considered all government employees worked for the benefit of the citizenry.

     

    That has now changed. Clearly, all citizens now work for the benefit of government.
    4 Sep 2011, 10:59 AM Reply Like
  • Lomey
    , contributor
    Comments (6) | Send Message
     
    Goverment employees work for the government, they dont work for the citizenry, are you mad. More money and perks for them and more doom and gloom for the citizens of this fair land, and dept and unemployment, loose your home and small business you have struggled for years to build. The only benifits the government has for us is in a welfare check that they would like to shrink....
    4 Sep 2011, 10:10 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4291) | Send Message
     
    The Swiss could stop this move in its tracks by threatening to expose all the CIA front companies with secret accounts.
    4 Sep 2011, 11:45 AM Reply Like
  • bheng
    , contributor
    Comments (5) | Send Message
     
    You have no idea how true that is (than again, maybe you do)!
    4 Sep 2011, 02:57 PM Reply Like
  • Lomey
    , contributor
    Comments (6) | Send Message
     
    They could also burn all the U.S. cash in public and make a large gold statue from our gold in the shape of a giant ass.
    4 Sep 2011, 10:10 PM Reply Like
  • Tack
    , contributor
    Comments (16281) | Send Message
     
    Suggestion for Swiss government:

     

    Tell the U.S. to go take a flying leap and to stick to attempting to manage affairs within its own borders, on which it is failing miserably. What are we going to do, invade, like Iraq or Libya? Switzerland hasn't been invaded in 700 years. I don't think they need to worry now.

     

    Or, maybe, Obama can freeze foreign bank deposits. Yeah, that would be perfect. Since, they want a weak dollar, what could dissuade dollar buying faster than the fear that your assets will be frozen or confiscated?

     

    We are certifiably nuts, in our Government, these days.
    4 Sep 2011, 12:39 PM Reply Like
  • bearfund
    , contributor
    Comments (1550) | Send Message
     
    "Switzerland hasn't been invaded in 700 years."

     

    Really? Remember the short little guy from Corsica? He was almost as stupid and obnoxious as the American politicians.
    4 Sep 2011, 02:22 PM Reply Like
  • Tack
    , contributor
    Comments (16281) | Send Message
     
    bear:

     

    Yes, you're right. 1799-1803.

     

    Maybe, Obama ("the tall black guy from America") can take that as a precedent.
    4 Sep 2011, 02:28 PM Reply Like
  • Derek A. Barrett
    , contributor
    Comments (3554) | Send Message
     
    Suvorov > Napolean
    5 Sep 2011, 01:41 AM Reply Like
  • User 487974
    , contributor
    Comments (1101) | Send Message
     
    Demand? Are you kidding me?
    Screw you and the horse you rode in on pal! You have no right to "DEMAND" anything!

     

    Hey socialist administration, I DEMAND you cease and desist on your transformation of this once great proud and noble country!

     

    May God watch over this fragile little experiment in freedom we call America
    Jerry
    4 Sep 2011, 12:51 PM Reply Like
  • dieuwer
    , contributor
    Comments (2924) | Send Message
     
    Socialist? Communist!
    4 Sep 2011, 02:58 PM Reply Like
  • Hendershott
    , contributor
    Comments (1758) | Send Message
     
    What's socialistic about cracking down on tax fraud? By freedom do you mean the freedom to evade your taxes? Somehow I'm not seeing a transformation in the US. What got transformed?
    4 Sep 2011, 07:25 PM Reply Like
  • bearfund
    , contributor
    Comments (1550) | Send Message
     
    Freedom to do whatever's legal under Swiss law while in Switzerland without having Uncle Sam looking over your shoulder trying to enforce his laws on someone else's territory.

     

    If the US wanted to accurately measure assets leaving its jurisdiction, it has plenty of legal ways to do so without interfering with the sovereignty of other nations. If it chooses not to employ those mechanisms, that's its own problem.
    4 Sep 2011, 07:54 PM Reply Like
  • JB1982
    , contributor
    Comments (100) | Send Message
     
    No, the US is not trying to enforce US law in Switzerland.

     

    The US is trying to enforce US tax law upon income earned within its tax jurisdiction and not paid because they were hidden from the IRS via Swiss bank accounts.

     

    To that end, the US is using the legal framework set up between the US and Switzerland to compel Swiss banks to hand over the information in compliance with the laws and agreements the Swiss government has agreed to.
    4 Sep 2011, 08:52 PM Reply Like
  • Hendershott
    , contributor
    Comments (1758) | Send Message
     
    I don't believe helping foreigners illegally evade taxes in their home countries is legal in Switzerland either. It may have been standard practice among Swiss banks and ignored by the Swiss government but that doesn't make it legal.
    5 Sep 2011, 12:13 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    You've got the wrong culprit. This proud country has been going down hill ever since Reagan, His the one that introduced the American people to dog eat dog, me, me, me "VOODOO" economics. Oh, I didn't come up with the VOODOO stuff, George Bush did. They've been at their "Starve the beast" strategy for thirty years. This strategy is designed to gut government and make it as ineffective as possible. One day you'll wake up and it won't be government of, by, and for the people, it will be government of, by, and for the corporation. Hell, we're almost there. You won't have any right to petition the corporation, but, you will have a credit card to the company store. Good luck with that, we already know how that works.
    9 Sep 2011, 01:57 PM Reply Like
  • Derek A. Barrett
    , contributor
    Comments (3554) | Send Message
     
    Well said. I believe competition and teaching people to fish instead of giving them a fish is a good thing, but this has gone too far and out of balance.

     

    We now have a system that pits the strong against the weak, blames the weak for their demise, and places all the emphasis and success on capital and all the blame on labor.

     

    Not everybody has the skills to be a Steve Jobs and it's silly and unrealistic to expect that.

     

    My grandpa's mother died when he was 18 and his father skipped town. Well guess what, he had to stay home and raise 6 kids by himself. He had a high school diploma and that was it. You think he had time to get some higher education with all that going on? Hell no, he had to raise a family. He wasn't lazy, life just gave him a tough hand but he made a positive life out it, and I guarantee he worked 100 times harder than any of these holier-than-thou conservative a-holes with an entitlement complex that judge everyone else as being the cause of their own problems. F these guys.
    9 Sep 2011, 02:07 PM Reply Like
  • allforone
    , contributor
    Comments (301) | Send Message
     
    Ronald Reagan brought 30+ years of prosperity. How's that hope and change going for you personally? It sure has brought depression and destruction of the dollar and euro. For a government not 'of, by or for' the people there would have to be a majority of democrats running the nuthouses again.
    11 Sep 2011, 11:03 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    Allforone, your delusional at best. Ronald Reagan was without doubt our worst president. He spent us into incredible debt (voodoo economics as characterized by George bush) that took nearly 10 years to "almost" pay off by the Clinton administration. It wouldn't be so bad if he spent it on things we needed, but, he spent it on crap like refurbishing WWII Battleships that were atleast 40 years obsolete and reserrecting the B-1 Bomber which was cancelled because it was already obsolete on the assembly line. His decision to reserrect the B-1 meant that there was not enough money to buy the B-2 in numbers that would be meaningful. If you think the thirty years since Reagan were prosperous you must have been born after 1980 and don't know any better. That is precisely when all our troubles began. That was the beginning of the end for the middle class.
    12 Sep 2011, 08:26 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    Allforone, your delusional at best. Ronald Reagan spent this country into so much debt (voodoo economics is what George Bush called it) it took ten years to "almost" pay it down under the Clinton administration. Of course the country was booming the DON'T TAX AND SPEND YOUR ASS OFF FISCALLY IRRESPONSIBLE REPUBLICANS had the whole country living off of government spending in the extreme. It wouldn't be so bad if he spent the money on things the nation needed, but, he spent it on refurbishing WWII battleships that were obsolete 40 years earlier. Oh, and lets not forget how he resurrected the B-1 Bomber when it was already obsolete on the assembly line. Resurrecting the B-1 meant that we didn't have enough to buy a meaningful number of B-2 Bombers that are still in short supply today.

     

    Any prosperity we enjoyed under Reagan was due to the investments the country made in science, technology, and infrastructure in the 40 years leading up to his election.
    12 Sep 2011, 08:56 PM Reply Like
  • bearfund
    , contributor
    Comments (1550) | Send Message
     
    The Swiss government should remind the US what sovereignty is. They've had it for three times as long and should know. They should state categorically that the US's options are to stop recognizing Switzerland or GTFO. If the US won't allow Swiss banks to do business there, so be it. The accounts will be closed, the banks will keep the money, and nobody will be happy.
    4 Sep 2011, 12:59 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    bearfund,

     

    Your obviously strident in arguing your case. Which suggests to me you have one of those accounts.

     

    Hey U.S. Deputy AG James Cole. Over here.....bearfunds one of the guys you looking for!!!!!!!!!

     

    I hope I get some money for ratting you out.
    5 Sep 2011, 04:00 AM Reply Like
  • bearfund
    , contributor
    Comments (1550) | Send Message
     
    If I had the kind of money those accounts are set up to hold, you can bet I wouldn't be working for a living, posting on Internet message boards, or worrying about US taxes (mine or otherwise). I would be living somewhere warm, green, and sandy in Latin America with a cheap passport of convenience and a nice local girl. And I'd never look back. Sadly, I think I probably have just enough money to pay the Swiss banks' fees for a year or two before going broke. Maybe someday.

     

    What you overlook is that if the US can enforce US law in Switzerland today, it can enforce US law in Mexico tomorrow. So after a lifetime of working and paying outrageous US taxes on my earnings, I finally retire to my nice little beach, taking my money with me and leaving my US passport in the trash can. But I won't be safe! Because the US could decide, constitutionally or not, that my money is the government's property even though I'm no longer a citizen and the money is no longer in its jurisdiction (see HEROES Act; it's just a warmup for this kind of thing). Hey, they're gonna have to do something to pay their bills, right? The US government is a mafia capo who owes another capo a whole bunch of money. His choices are to try to kill the other capo and his goons or go on a major crime spree to raise cash. Neither scenario is good for the neighbourhood, so I'd like to get out, and I'd like to be able to keep my life savings, already 40% smaller than they should be thanks to rapacious taxation. That requires that there be somewhere to get out TO, which there isn't if other nations allow the US to disregard their sovereignty.

     

    Make more sense now?
    5 Sep 2011, 10:30 AM Reply Like
  • Poor Texan
    , contributor
    Comments (3527) | Send Message
     
    Reminds me of the situation a few decades ago when states were trying to impose their state income tax on retirees who had moved from the state or workers who had transferred to other states but whose company was headquartered in their state. Supreme Court, after a lot of cases and tons of legal fees by all concerned finally said, 'no go'. They're not in your state, you don't tax them, even if they had lived there in the past. Not right on point, but indicative of the problems of enforcing extraterritorial jurisdiction.
    5 Sep 2011, 04:59 PM Reply Like
  • allforone
    , contributor
    Comments (301) | Send Message
     
    not if you exchange your cash for gold or silver, then it would be hard (not impossible) for the government to take it from you.
    6 Sep 2011, 12:42 AM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    en.wikipedia.org/wiki/...

     

    History is very interesting in the United States.
    6 Sep 2011, 01:35 AM Reply Like
  • allforone
    , contributor
    Comments (301) | Send Message
     
    I wouldn't have a problem with the 1933 law being re-inacted. I have gold coins which are exempt from confiscation. Besides, no one knows about my stash or where it is. Besides, if BHO confiscates gold in the US the rest of the world is free.
    6 Sep 2011, 10:18 AM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    Geez bearfund, it was humor.

     

    Hell, I wouldn't rat you out.

     

    Unless of course there was a lot of reward money. (More Humor)
    9 Sep 2011, 02:43 AM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    www.reuters.com/articl...

     

    That link works. Basically it's another fishing expedition:

     

    "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."

     

    Time for the nice Swiss authorities to reveal which US Government officials now hold, or have held, accounts in Switzerland. Based upon the last fishing expedition at UBS, the US got very little for all that noise, and the few who did go to court ended up settling. Basically this is diplomacy at it's worst from the United States.
    4 Sep 2011, 01:40 PM Reply Like
  • spald_fr
    , contributor
    Comments (2814) | Send Message
     
    All monies subject to USA taxes should be identified and taxed according to the law. No exceptions.
    4 Sep 2011, 01:41 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    How much should US Laws dictate the Laws of Switzerland?
    4 Sep 2011, 01:52 PM Reply Like
  • rooftop
    , contributor
    Comments (140) | Send Message
     
    Agreed. However if the US screws up and fails to enforce its own tax laws, how is it Switzerland's problem? This isn't quite like closing the barn door after the horses are gone, it's more like failing to close the door and then getting angry at all the other ranchers who found free horses on their properties ... and not knowing who they are, strong-arming some third party to reveal their names.
    4 Sep 2011, 08:41 PM Reply Like
  • Lomey
    , contributor
    Comments (6) | Send Message
     
    The U.S. shouldn't have any say. The swiss have been the worlds bankers for years, and needed no help. We need to stop poking our noses in other peoples business.
    4 Sep 2011, 10:10 PM Reply Like
  • Buddy Canuspare
    , contributor
    Comments (406) | Send Message
     
    To the extent that bilateral treaties dictate, eh?
    5 Sep 2011, 12:25 AM Reply Like
  • John ODonnell
    , contributor
    Comments (17) | Send Message
     
    There seems to be something the US government doesn't understand about "sovereign state". The Swiss parliment already rejected changing the law to assent to the US Treasury Department request. We seem to be resorting to bullying where I am quite certain there are myriad other ways to get at the information that they seek assuming the individuals are still US citizens and residents.
    4 Sep 2011, 02:00 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4291) | Send Message
     
    If only God would give me some clear sign! Like making a large deposit in my name at a Swiss bank.
    Woody Allen
    4 Sep 2011, 02:30 PM Reply Like
  • wyostocks
    , contributor
    Comments (9113) | Send Message
     
    The arrogance of this administration knows no bounds.
    4 Sep 2011, 02:48 PM Reply Like
  • BuildingBlocks
    , contributor
    Comments (47) | Send Message
     
    Was there also a picture of a serious face included with the letter?
    4 Sep 2011, 03:24 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    www.seriouscat.com/
    4 Sep 2011, 03:39 PM Reply Like
  • tjohn1
    , contributor
    Comments (151) | Send Message
     
    Yes, Justice will get those names. How is Justice going to deal with each of those accounts? I bet Justice will treat some with favor. Some it is going to deal harshly. I have seen how Justice Department operates. Do you remember how some U.S attorneys were fired and some kept because of political reasons? Our government is always harsh with the poor and meek. The rich and powerful always triumph. Equal justice under law?
    4 Sep 2011, 04:14 PM Reply Like
  • Buddy Canuspare
    , contributor
    Comments (406) | Send Message
     
    The rich and powerful are businessmen and entrepreneurs, yes? And the poor and meek very possibly members of grasping, anti-capitalist unions, eh? So aren't things turning out the way heaven and the tea party intends them to?
    5 Sep 2011, 12:30 AM Reply Like
  • allforone
    , contributor
    Comments (301) | Send Message
     
    Yes, the proud TEA party is beginning to have an effect on the country. The rich and powerful are doing just fine under the new socialism laws enacted by BHO the past 2.5 years.
    6 Sep 2011, 10:21 AM Reply Like
  • balois
    , contributor
    Comments (167) | Send Message
     
    "The Financial Stability Board, a global regulator focused on the G-20, has created a list of 30 financial institutions considered systemically important in case of a future financial crisis. The companies on the list are likely to spread systemic financial risk around the world" (source Financial Times).

     

    Credit Suisse is prominent on that list, with their 42 000 billion derivatives casino (20-F SEC 2010 report) and their gambling operation concentrated in the US.

     

    The Swiss Gov should just batten the hatches and let the US go ahead, file criminal charges against Credit Suisse and subpoena the heck out of them, paralyze the bank, shut down their liquidity pipeline to peers.

     

    It would get interesting instantly:

     

    A Lehman like earthquake rattle the counterparties, the other 'systemically important institutions'. The dominoes on WS start wobbling dangerously. Geithner and Bernanke, in catastrophe action mode, trying to fix another TARP but getting slaughtered on the Hill. Obama stepping in, overstepping his authority, and being successfully impeached...

     

    Well, it does sound like a really tempting conspiracy after all, a Tea Party dream come true. Somebody just tell the Swiss Gov, hunker down and, for god s sake, do not respond to that Deputy Attorney General.

     

    Have a good night
    4 Sep 2011, 07:59 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3527) | Send Message
     
    "Somebody just tell the Swiss Gov, hunker down and, for God's sake, do not respond to that Deputy Attorney General."

     

    How serious can this be when Holder sends an unknown flunky to deliver the message?
    4 Sep 2011, 08:41 PM Reply Like
  • Lomey
    , contributor
    Comments (6) | Send Message
     
    We should just invade the Swiss and take everything. Thats what we do isnt it. Lots of gold and all the names of the IRS trators can be found and we can shoot them all. Of course, the well known would be excluded. Cover up for them..
    The arrogance of this administration knows no bounds. Even the Germans in WWII didnt tell the Swiss what to do. After all they had all that lovely loot in there bank vaults. This country is in a mess, Dept, no jobs, homes lost by the thousand and dumb asses running things.
    Will the madness ever end here, or will the people end up revolting in the end as things get worse. Ressession is not over by a long shot. The worst is yet to come, I see it...........
    4 Sep 2011, 10:10 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    It's a big boat, why rock it? Wachovia.

     

    www.youtube.com/watch?...
    4 Sep 2011, 10:21 PM Reply Like
  • lrm21
    , contributor
    Comments (56) | Send Message
     
    This is why the dollar is the reserve currency, it doesn't matter how much money is printed because the U.S. govt will go to whatever means necessary to collect the tax. No Taxing agency in the world is as efficient, ruthless and well equipped as the IRS.

     

    I say screw it raise the top tax rate to 90% on net worth and unleash the dogs of war on Buffett and his ilk. Send the SEALs to collect the debts.
    4 Sep 2011, 11:36 PM Reply Like
  • allforone
    , contributor
    Comments (301) | Send Message
     
    yea, taking everything all the rich have will pay 2 days of spending in America. The problem isn't collecting taxes, it's the spending problem.
    6 Sep 2011, 12:45 AM Reply Like
  • Duude
    , contributor
    Comments (3413) | Send Message
     
    Plenty of rich Americans with accounts in Switzerland will be sorry they didn't donate more money to the Obama election campaign. I wouldn't be surprised they're stepping up now.
    5 Sep 2011, 08:52 AM Reply Like
  • Teutonic Knight
    , contributor
    Comments (3443) | Send Message
     
    The following is my own speculation.

     

    The Trillions in secret Swiss accounts are not sitting there. The banks would have lent them out to secondary lenders who may even funnel them to funding a sewage treatment plant in Africa, at a much higher rate though.

     

    Third word rates would be much higher if these monies are repatriated.
    6 Sep 2011, 05:08 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    Boy, you Republicans like the free ride. Just can't bring yourself to pay taxes and you venerate "Tax Cheats". Pretty sorry S#!+.
    8 Sep 2011, 12:25 AM Reply Like
  • bearfund
    , contributor
    Comments (1550) | Send Message
     
    Sorry, man, but I paid just over 40% of my gross income in taxes last year, and I don't even have money. You can take your "can't bring yourself to pay taxes" attitude and ... well, figure it out for yourself. I'll be willing to pay when the 45% of Americans who paid NOTHING last year quit suckling at the socialist teat and start paying for the services THEY USE and I DON'T.

     

    Oh, and I'm not a Republican. Never voted Republican, either.
    8 Sep 2011, 12:43 AM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    Well bearfund, I would say your one of the ones I WASN'T talking about.

     

    I like your politics.
    9 Sep 2011, 02:49 AM Reply Like
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