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View Diary: Swiss Bank Folds After US Criminal Conviction (43 comments)

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  •  They are going after banks (11+ / 0-)

    that help Americans hide assets from the IRS.

    The Obama administration has actually been pretty fantastic on this front. And FATCA isn't even phased in yet.

    •  They are going after the banks, but US won't.... (10+ / 0-)

      ...criminally prosecute a bank that's too big to fail.

      Editorial

      Too Big to Indict

      http://www.nytimes.com/...

       It is a dark day for the rule of law. Federal and state authorities have chosen not to indict HSBC, the London-based bank, on charges of vast and prolonged money laundering, for fear that criminal prosecution would topple the bank and, in the process, endanger the financial system. They also have not charged any top HSBC banker in the case, though it boggles the mind that a bank could launder money as HSBC did without anyone in a position of authority making culpable decisions.

      The Swiss bank that was criminally charged committed the "unforgivable" sin of being too small.

      Learn about Centrist Economics, learn about Robert Rubin's Hamilton Project. www.hamiltonproject.org

      by PatriciaVa on Thu Jan 03, 2013 at 08:50:44 PM PST

      [ Parent ]

      •  Well I was talking about tax evasion, (6+ / 0-)

        and make no mistake -- the IRS has been on a roll prosecuting tax evaders the last few years -- but I also agree with that editorial so far as it goes.

        •  Well, hard to argue that any bank has helped.... (5+ / 0-)

          ...US tax evaders more than UBS, but....

          http://www.nytimes.com/...

          U.S. Drops Criminal Charges Against UBS

          By LYNNLEY BROWNING
          Published: October 22, 2010

          Federal prosecutors on Friday dropped criminal charges against UBS, saying that the Swiss bank had gotten out of the business of selling offshore private banking services that allowed wealthy Americans to avoid billions of dollars in taxes.

          If you're too big to fail, the US Justice Dept will not seek to pull your license in the US, which would result from a criminal conviction.

          Hence, so much resistance by banks to government efforts aimed at making them more manageable.

          More manageable means smaller means higher likelihood of criminal prosecution if employees go rogue.

          Today, the top 5 US banks have a higher market share of total assets than they did just 10 years ago.

          Learn about Centrist Economics, learn about Robert Rubin's Hamilton Project. www.hamiltonproject.org

          by PatriciaVa on Thu Jan 03, 2013 at 09:20:15 PM PST

          [ Parent ]

    •  They are going after the taxes (0+ / 0-)

      owed on those accounts. They are going after the banks in great part to get them to disgorge the names.

      I'm asking you to believe. Not in my ability to bring about real change in Washington ... *I'm asking you to believe in yours.* Barack Obama

      by samddobermann on Mon Jan 07, 2013 at 04:32:00 AM PST

      [ Parent ]

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