The IRS-Swiss Banker Arrests Everyone's Been Waiting For - futures io
futures io futures trading



The IRS-Swiss Banker Arrests Everyone's Been Waiting For


Discussion in Traders Hideout

Updated
    1. trending_up 1,164 views
    2. thumb_up 0 thanks given
    3. group 0 followers
    1. forum 0 posts
    2. attach_file 0 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

The IRS-Swiss Banker Arrests Everyone's Been Waiting For

(login for full post details)
  #1 (permalink)
Aurora, Il USA
 
Experience: Advanced
Platform: TradeStation
Trading: futures
 
kbit's Avatar
 
Posts: 5,902 since Nov 2010
Thanks: 3,294 given, 3,357 received

Government authorities are going after three Swiss bankers suspected of stashing over a billion dollars out of reach of the U.S. Internal Revenue Service. The Huffington Post published details of the case on Tuesday afternoon, "Three Swiss bankers were charged Tuesday with hiding more than $1.2 billion in U.S. taxpayer accounts from the IRS, by Preet Bharar, the Manhattan U.S. Attorney."

Bharar, of course, is the same U.S. Attorney that recused himself from investigating News Corp.'s phone hacking investigation due to his close relationship with a member of the company's board, but he's also one of the most ruthless prosecutors when it comes to major white collar crime cases.

Judge Jed Rakoff, recently identified as Occupy Wall Street's hero in the Department of Justice, for refusing to allow Citigroup to settle a case related to the financial crisis without fully divulging the details of what it did. Of the three bankers charged -- following up with the names Michael Berlinka, Urs Frei and Roger Keller -- HuffPost's Marcus Baram noted, "All three Swiss bankers worked at Wegelin & Co., which has been in cross-hairs of US authorities…" and points to a Bloomberg report from last March of a Wegelin banker arrested by F.B.I. agents at the Miami airport in October 2010 and later convicted of money-laundering charges, to which he had confessed.Related: Tax Rates Down Dramatically for the Super Wealthy


News of such a massive case of tax evasion that will be pursued by DOJ all-stars like Bharara and Rakoff weighs heavy on a developing issue of American corporations using possibly committing tax evasion by exploiting loopholes.

Known as the Double Irish, many companies set up global headquarters in countries like Dublin, allowing them to exploit a loophole in the U.S. tax code that saves companies tens of billions of dollars. Google, for one, is currently under investigation by the IRS for suspected tax evasion, after it saved an estimated $60 billion for paying what amounts to a 2.4 percent tax rate.

Until we know the full details of latest case against the Swiss bankers we won't know if the most recent case relates to the income shifting that allows U.S. corporations to stow away taxable revenue in foreign banks, but these charges at least show Americans that the IRS is cracking down on off-shore accounts.


The IRS-Swiss Banker Arrests Everyone's Been Waiting For - Yahoo! News

Started this thread Reply With Quote


futures io Trading Community Traders Hideout > The IRS-Swiss Banker Arrests Everyone's Been Waiting For


Last Updated on January 3, 2012


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
 

Journal Challenge w/$1500 prizes from Topstep!

February
 

Battlestations! Show us your trading desk - $1,500 in prizes!

March
 

Call Option Buying: The New Pain Trade? w/Carley Garner

Elite only
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts