Here is the real solution to the economic crises and ms fraud.
Exposing that fact that money laundering and off the books accounts are systemic.
We need to force write downs of the fraudulent loan origination and foreclosures and recover the assets.
UBS to pay $780M, open secret Swiss bank records By DEVLIN BARRETT, Associated Press Writer - 1 min ago
WASHINGTON – Banking giant UBS has agreed to pay $780 million and turn over once-secret Swiss banking records to settle allegations it conspired to defraud the U.S. government of taxes owed by big clients.
As part of the deal struck in federal court in
Fort Lauderdale , Fla., UBS has made the unprecedented step of agreeing to immediately turn over to the U.S. government account information for U.S. customers of the bank's cross-border business.
In doing so, federal authorities have struck a big crack in
's vaunted Switzerland . bank secrecy laws
UBS will pay $780 million in fines, penalties, interest and restitution for conspiring to create sham accounts to hide the assets of U.S. from the U.S. government.
According to U.S. officials, when an acquisition in 2000 of a U.S. company brought UBS a host of new, American clients, the bank set about to evade new reporting requirements for those clients. To do so, UBS executives helped U.S. taxpayers open
in the names of sham entities. new accounts
Prosecutors contend that UBS executives used encrypted software and other counter-surveillance techniques to prevent anyone from detecting that they were actively marketing such
— and Swiss bank secrecy — to American taxpayers. tax evasion
The clients, in turn, filed
that omitted the income they earned in their Swiss accounts, according to the court papers. false tax returns
Federal officials said they had pulled aside a veil of secrecy that hid a corrupt
practice. international banking
"This was not a mere compliance oversight, but rather a knowing crime motivated by greed and disrespect for the law," said Alexander Acosta, U.S. attorney for southern Florida.