UBS pushes IRS back on Joe Doe Subpoena
Quoted from Alibaba.com:
UBS AG asked a U.S. court on Thursday not to proceed with a high-profile tax evasion case brought against it by the U.S. Internal Revenue Service, saying the case would violate Switzerland’s strict bank secrecy laws. …
U.S. tax authorities are pursuing a civil lawsuit against UBS seeking to access the data of 52,000 Americans it says are hiding about $14.8 billion in assets in Swiss bank accounts.
UBS presents dueling claim of sovereignty—our laws preclude disclosing your tax cheats so take it up your our mutual State Departments via a tax treaty. In other words if we want to design a banking system that attracts your tax cheats so what.
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*Kleptocracy AKA: Sometimes cleptocracy, occasionally kleptarchy, is a term applied to a government that extends the personal wealth and political power of government officials and the ruling class (collectively, kleptocrats) at the expense of the population, sometimes without even the pretense of honest service. The term derives from the Greek root klepto (theft). In this case, the population is U .S. taxpayer.