Thursday, April 09, 2009

WHAT'S THE MATTERHORN WITH SWITZERLAND?

TUCKED SWEETLY AMONG THE ALPINE VALLEYS, WHERE YODELERS SIP NESTLES AND THE ALPHORN ECHOES THROUGH CHARMING VILLAGES, SITS UBS.

UBS, AN EFFICIENT LITTLE BANK IN THE LAND OF NEUTRALITY.

WELL, NOT QUITE SO LITTLE.
ACTUALLY, UBS IS THE WORLD’S LARGEST PRIVATE BANK.

IT DOES A FINE BUSINESS IN PART BECAUSE IT OFFERS ITS DEPOSITORS A TIDY PLACE TO STORE CASH WHILE EVADING TAXES.

IN FEBRUARY, THE BANK ADMITTED TO FEDERAL AUTHORITIES ITS INVOLVEMENT IN A CONSPIRACY TO DEFRAUD THE I.R.S. BY HELPING SCORES OF WEALTHY AMERICANS HIDE NEARLY $ 20 BILLION OVERSEAS.

TO MAKE NICE, THE BANK PAID A PENALTY OF $780 MILLION AND REVEALED THE NAMES OF 285 OF ITS 52,000 AMERICAN CLIENTS.

THE FIRST WAS ARRESTED THIS WEEK.
LEGAL PRESSURE MAY COMPEL THE BANK TO DISCLOSE THE REMAINING NAMES.

IT WILL BE INTERESTING TO SEE JUST WHO THESE FINE AMERICAN PATRIOTS ARE.

3 comments:

ben's friend said...

The big industries in Switzerland have been watch making and private banking. Once the banks have violated confidentiality that sector of the economy is in jeaprody. They'll have to crank out many more watches.

quicksand said...

BEN

...OR LICENSE PLATES

mountainpalm said...

Asparagus farming is BIG there.......HUGE in fact......and don't forget Swiss chocolate, and
cheese.
Switzerland will be fine.......they are the ones who invented the "CUCKOO" clock afterall.