Archive for August 19, 2009

IRS gets a key to Swiss bank accounts

Government reaches deal to access as many as 5,000 UBS accounts that U.S. investors might have used to avoid taxes.
Source: CNN Money

The Internal Revenue Service announced Wednesday that it has reached a deal with the Swiss government, gaining access to thousands of UBS AG accounts that Americans might have used to avoid paying taxes.

“Thousands of taxpayers who avoided paying taxes in the past are being brought into compliance,” said IRS Commissioner Douglas Shulman in a teleconference with reporters. “As this agreement demonstrates, the world of international taxes has drastically changed.”

An IRS press release stated that 4,450 accounts held by rich American investors were included in the settlement.

In the teleconference, Shulman said the IRS expects to gain access to a total of more than 5,000 UBS (UBS) accounts, through the IRS-UBS settlement, combined with a voluntary disclosure program and “other sources.” He said these accounts have held $18 billion in assets at one time, though he did not have a current tally for their value.

A UBS spokeswoman would not comment on the value of the accounts and referred questions to a company press release. In the release, UBS Chairman Kaspar Villiger said the settlement “helps to resolve one of UBS’ most pressing issues.”

“I am confident that the agreement will allow the bank to continue moving forward to rebuild its reputation through solid performance and client service,” said Villiger. “UBS welcomes the fact that the information-exchange objectives of the settlement can be achieved in a lawful manner under the existing treaty framework between Switzerland and the United States.”

Read the entire story here.


Congressman Barney Frank has just become my hero and role model. Why? Watch this video.

“Why are you supporting this Nazi policy?”

Frank responds: “On what planet do you spend most of your time?” He then credits free speech for her right to voice  such “vile, contemptible nonsense.” He closes by saying: “Trying to have a conversation with you would be like arguing with a dining room table, I have no interest in doing it.” Snap!

Now think about it, these so called protesters are really becoming a source of entertainment. Many of the Politicos that have been berated by their nonsense at their Town Hall meetings have tried the diplomatic approach with no success, which is no surprise. I think Barney Frank is on to something here when he asks “On what planet do you spend most of your time?”  That seemed to shut her up.

But there is reason to question not only what planet these guys reside on, but if  they were taught english as their first or second language.

“No Pubic Option”

Credit: The N&O
Credit: The N&O
More wing-nut town hall and protest pics from around the internets after the fold, It just gets better. Continue reading
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