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

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  •  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 ]

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