Thursday, July 17, 2008

Congressional Investigation Finds That Swiss Bankers...

..acted like, well, Swiss Bankers.

US Congressional investigators will on Thursday accuse UBS and Liechtenstein’s LGT Group of using the “cloak of bank secrecy laws” to help American clients evade billions of dollars in taxes, according to FT.

A 100-page report to be released by the Senate permanent subcommittee on investigations details allegations about how the banks “colluded” with US clients to help them shield taxable income from regulators even though they knew their clients were seeking to hide from the Internal Revenue Service.

They needed a 100 page report to find this out? This is what Swiss Bankers do!

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