Thursday, August 20, 2009

Secret Swiss Bank Accounts Are A Good Thing

CNBC's Michelle Caruso-Cabrera steps up to the plate with a great analysis of the U.S. attempt at busting up Swiss bank secrecy:

This week's agreement between UBS and the Internal Revenue Service to reveal the names of Americans holding secret Swiss bank accounts ... is a terrible thing. There are going to be major unintended consequences.

You may think this is about rich tax cheats—but no matter what your income is—your taxes are lower because of tax havens. And they help prevent tyranny by corrupt governments.

Follow me here.

Do you know which country in the world is the biggest tax haven? The United States.

The U.S. government generally does not tax interest and capital gains received by foreigners who invest in America, according to Dan Mitchell from the Cato Institute. And guess what, if a foreign government came to us to get that information, we would have no information to give them because the IRS doesn't collect it.

But now every foreign country can come to us and say: "Hand over information about our citizens—you made the Swiss do it."

Think about that. Hugo Chavez of Venezuela, who is stealing his citizens' property in seizures every day, can come to us and say: "These people are evading my taxes." Should we hand that information over to him? By this action, we give him the moral platform to do so.


If you still don't think tax havens are about preventing tyranny, remember why Swiss banking privacy laws were strengthened in the first place: To help Jewish people hide their assets from Hitler's Gestapo...

Cabrera's full column is here.

14 comments:

  1. The state mafia thugs are coming for their protection money.

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  2. Totally agree with that. This is a whole new sort of "moral hazard" that we're creating. This is a bell that we can't unring, and considering all the debts America owes to foreign interests, this is an extremely dangerous precedent.

    In order to gain 10 cents in tax revenue from some guy in Florida, the government is risking billions of dollars in domestic investment.

    Win the battle lose the war.

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  3. She is smokin hot!

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  4. Swiss banks helped jewish people to hide their asset from nazi ? I thought it was the nazi who made use of the swiss banks to do money laundering (the money they robbed from the rich jews) ?

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  5. Swiss bankers are just that bankers.

    They do not consider it their role to be politically correct or otherwise moralize over money. You bring money in, they handle it.

    They held much Jewish money, and also likely Nazi money. A Swiss banker once told me that the reason Hitler didn't attack Swotzerland was because most of his generals had Swiss bank accounts.

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  6. article in French newspaper....

    “The French Government announced today that it will be meeting with it’s counterpart in the USA, the Internal Revenue Service, to make a demand on the US to release the names of it’s French citizens that have accounts in US banks. ‘French citizens have been evading taxes for years by hiding money in secret US Bank accounts’ says Pierre Ranault. ‘Our citizens pay no tax in the US on any gains made on those investments.’ The French Government is using the pressure established by the US(IRS)against the Swiss Banks as a precedent for the action. ‘We must collect the taxes due on those secret US Bank accounts’ says Ranault. The IRS refused comment, but a media source commented that foreign citizens have about 2 trillion dollars in US investments and that if the foreign citizens panic and “take their money and run”, it could be a big problem for the US banking industry.
    (this is fiction, but it could happen)

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  7. it is surprising how many ignorant people there are in the USA. The witch hunt by the US(IRS) is going to backfire. Where do you think those UBS brokers got the idea to come to the US to solicit rich Americans to put money in Swiss banks?? From our top investment banks, dummies! Goldman Sachs, Merrill,Morgan Stanley, Lehman Bros were sending their "wealth management" people to Europe to solicit the rich Europeans to put their money in "secret" accounts in the USA. (tit for tat)(foreigners pay no tax on gains in the US, and the banks don't keep any record of domicile for foreigners. and we have very tight privacy policies" UBS was a copycat by sending their brokers to the US. Lehman Bros was the biggest in that European solicitation effort. When it became clear that the IRS was making headway with the Swiss in getting those names as a result of the illegal solicitation, Lehman was "allowed to fail" to hide all the European solicitations. Former Brokers at Lehman Bros. are wating to see what happens to the Swiss "whistleblower". His fate will determine if they step forward. If the US Gov't gives him jail for "whistleblowing", no broker will "squeal" for fear of the same. The "good ole boys" Goldman,Merrill,Morgan will be saved. If the "whistleblower" gets off,(or doesn't get killed) brokers will step forward and tell the truth about the big investment banks solictation of rich Europeans to put money in the USA. All the large investment banks are guilty of solicitation all over the world.

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  8. It is better to be proud but to be powerful, because the powerful persons them use fighting and battling, to kill to some body, a proud person them use to lawyer person, to can right to some body powerful with out making fighting and killing many innocent persons, as a like the powerful Swiss bank directors, them use fighting and battling, to can be thief’s, the Swiss people, them going straight to a country, to can assassinate to some body proud owner, for the Swiss people to can be thief, the Swiss people them are nasty powerful people, in the moist there it is the believing that a proud person them must to be more expensive that power, that a proud bank client, he may be, them can right to some body Swiss bank worker and director, as powerfully, with a single fine lawyer, after the proud person he prove, he does a legal owner and client from the Swiss bank, the nasty thief director from the Swiss bank, them can reject that Cain as proud, a lawyer he can sent to a powerfully nasty director for being thief, from some body proud person, it is an adoption of the Swiss system it is not a rule, as suppose to be the Swiss system them are out of communism, them are out of politics, as suppose to be the Swiss bank system. them are a neutral system, to make safe of some bodies legal money, yes the Swiss bank system them are have the rights to make investigation of the legal process, of the some client banked money, if it is the decision from the Swiss bank system, but after that investigation, the Swiss bank system them doesn’t have the right to stole that legal proud money, as by example there it is the believing that many Swiss bank workers, them find that, the money in the Swiss bank from the American business men mr. Howard Hughes, and his son Ludwig he owned a legal clean money, but it is clean only for his son and relatives, but the Swiss workers them want to stole that money to the mr Howard Hughes son, after them find out, it is clean money, them want to stole that money, the Swiss worker them want to say it is them clean money for them also, the Swiss workers them are fighting to many relatives from mr Howard Hughes, to stole, it is the believing that the nasty Swiss bank workers, them want to send to kill to many from the Howard Hughes family, for the Swiss nasty workers to can be thief’s, the international police them must to make notice of that, plus the united nation them must to make notice of the Swiss thief people, for them to make the properly changes, the Swiss nasty bank workers them want to kill any relative, many them are in the puberty and them are in any Cain race, the Swiss bank workers them want and to avoid, to any witness public, of that robbery. It is the believing that the mr Howard Hughes money it can be change from a bank to another, it like from Swiss to Italy or to Jewish bank for better safe and in the most for proud.

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  9. Update .Oct 29th .2010.

    BANKS -PARTNERS IN CRIMES.

    Pictet & Cie Bank.

    Ivan Pictet.
    Charles Pictet.
    Nicolas Pictet.
    Jacques de Saussure.
    Jean – Francois Demole.
    Renaud de Planta.
    Philippe Bertherat..

    Pictet & Cie.- claim they are the “Rolls Royce”of Swiss banks.

    Swiss Banks or more correctly Swizz banks.

    Swizz. ---- “ a great disappointment.” or a “ fraud.”

    Fraud. ---“ an intentional deception or dishonesty.”— “a crime.”

    Crime. ---“ an act committed or omitted in violation of a law.”

    Serious Crimes .
    Conspiring to pervert the Course of Justice.
    Perverting the Course of Justice.
    Contempt of Court.



    Pictet & Cie Bank –Partners –(1996—2010)-liable.
    Peters &Peters – Partners.—(1999----2010)-liable.

    The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.
    Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael –and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.

    British Parliament. Hansard .29th March 2007.
    Barry Sheerman .M.P.—quote.

    ---------“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie - - a French Bank - - and Pictet Asset Management to back the fraud being perpetrated.””

    (1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.)

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  10. Update . Nov 11 th .2010.

    BANKS -PARTNERS IN CRIMES.

    Pictet & Cie Bank.

    Ivan Pictet.
    Charles Pictet.
    Nicolas Pictet.
    Jacques de Saussure.
    Jean – Francois Demole.
    Renaud de Planta.
    Philippe Bertherat..

    Pictet & Cie.- claim they are the “Rolls Royce”of Swiss banks.

    Swiss Banks or more correctly Swizz banks.

    Swizz. ---- “ a great disappointment.” or a “ fraud.”

    Fraud. ---“ an intentional deception or dishonesty.”— “a crime.”

    Crime. ---“ an act committed or omitted in violation of a law.”

    Serious Crimes .
    Conspiring to pervert the Course of Justice.
    Perverting the Course of Justice.
    Contempt of Court.



    Pictet & Cie Bank –Partners –(1996—2010)-liable.
    Peters &Peters – Partners.—(1999----2010)-liable.

    The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.
    Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael –and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.

    British Parliament. Hansard .29th March 2007.
    Barry Sheerman .M.P.—quote.

    ---------“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie - - a French Bank - - and Pictet Asset Management to back the fraud being perpetrated.””

    (1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.)

    (2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted .

    (3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .

    (4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael).

    (5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .

    (6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.

    (7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.

    In the F.S.A. cover up , they concluded that there had been “ Rogue” elements in Pictet & Cie’s , London operations . They had been moved from their London Office so who was there left to prosecute. “ Unbelievable.”

    On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.


    *** We thank --David Cameron. M.P. ( Canary Wharf Speech.) Dec. 15th. 2008.
    Now--- PRIME MINISTER.

    (1) Bankers who behave irresponsibly should face professional consequences.
    (2) If anyone is found to have behaved criminally they must be prosecuted.
    (3) The F.S.A and the Serious Fraud Office should be following up every lead,
    investigating every suspect transaction .
    (4) We need to make it 100% clear –those who break the law should face
    prosecution.
    (5) That we make sure we root out any wrongdoing that may have happened, whoever
    is involved, however high or well connected they may be.

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  11. *** Were currently waiting to see if the West Yorkshire Police :-
    (1) Chief Constable. --- Sir Norman Bettison.
    (2) Forces Solicitor . -- Mike Percival .
    (3) Head Of Economic Crime Unit. -- Det . Chief Inspector Steven Taylor.
    continue to attempt to cover this case up like their F.S.A. counterparts. If they do –“ then watch this space.”

    We were informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London.
    It has been noted that the book launch for PICTET was held at Lord Myners Belgravia home.We might as well have asked Ivan Pictet to investigate our complaint.-or someone from FRIENDS RE-UNITED.
    Lady Myners on Prix PICTET advisory board.

    The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

    Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”
    In America ---- they would have all been in prison for the last seven years.

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  12. WEST YORKSHIRE POLICE.

    We note that Det. Chief Inspector Steven Taylor has been removed as the Head of Economic Crime Unit and demoted to Det. Inspector. ( One down two to go).

    A file of some 339 pages including scores of documentation as been forwarded to the following from Aug.4th to Aug.6th. 2011.

    640 --- Members of Parliament.
    460 --- Members of the House of Lords.
    Ministry of Justice
    F.S.A --- Financial Services Authority
    Serious Fraud Office.
    Peters & Peters. London. --- Solicitors.
    Pictet & Cie. Bank ---- London & Geneva.
    West Yorkshire Police Authority.
    I.P.C.C. – Independent Police Complaints Commission.
    C.C.R.C.—Criminal Cases Review Commission.
    Swiss Ambassador London.

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  13. The Criminal Super Class.
    Bankers.
    Lawyers.
    Police. April.2012.

    Over approximately five years of hitting the internet with a case that involves criminality by a major Swiss Bank , Britain's most prominent fraud lawyer and a regional police force headed by one of Britains top policeman. ( Surely justice should prevail.)

    In fact the complete opposite even though the offences committed are very serious.

    Conspiring to Pervert the Course of Justice.
    Perverting the Course of Justice.
    Contempt of Court.------------------ plus a dozen or so smaller offences.

    In the five years some 6-7million e-mails have been forwarded to all Members of Parliaments in Britain and Switzerland, every barrister and chambers in Europe .
    Every law inforcement body in both countries , and America. Even raised in Parliament twice.

    The banking fraternity fully aware of this case still decide to give the Private Banker of the Year Award to Ivan Pictet --- Pictet & Cie Bank. ( Him being the person most responsible for the crimes committed by him and his bank partners. )

    The legal fraternity decided that Monty Raphael of Peters & Peters . London became an honourable Queens Counsellor and to rub the salt in six months later made a Master of the Bench. He also was guilty of all the above offences but so what. At this rate he might become King by the end of the year.

    The police ( West Yorkshire Police.) headed by Sir Norman Bettison has not improved as a force on fighting crime. They are now worse than the days of the Yorkshire Ripper , when they had him in custody nine times and let him go. If it hadn't been for the South Yorkshire Police force catching the Ripper he would have still been at large to day .


    Then they wonder why the man in the street becomes angry and decides to riot.
    Even after five years of exposing their crimes on the internet , they dare not take legal action to stop us --- no injunctions --- no writs – they can't risk going to jail.
    All we can do is to continue pressing for justice and up the pressure on the internet. For the next five years and beyond.

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  14. Pictet & Cie. Bank – list of crimes.

    1996 ---- Breach in London.
    2003 --- FSA --- States rogues operating in Pictet’s –London
    Office . Ivan Pictet said documents were forgeries but
    were lated proved to be genuine. Had documents held
    in London office destroyed.

    2007 --- Japan. ---- The Securities and Exchange Surveillance
    issued a recommendation that the Prime Minister and
    The Commissioner of the FSA to take disciplinary
    action against Pictet Asset Management. Japan Ltd.

    2008 --- Dec. ---Pictet Bank state --- “ we have never chosen
    any funds linked to Madoff.”

    2011 --- Madoff Trustees sue Pictet & Cie. For $156 Million.

    2011--- Bank at centre of Bribery and money laundering case.
    Being sued for $350 million. ( In U.S.A.)

    2012.--- Geneva Bank Pictet used in Offshore Tax Scheme.
    U.S. Authority states.

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