The lawsuit, which UBS described in an internal memo late Tuesday, stems from UBS’s agreement last week to turn over to federal authorities in Washington the names of 250 wealthy Americans suspected of using secret UBS offshore accounts and entities to evade taxes.
UBS reached a $780 million deferred-prosecution agreement to settle accusations that it used undisclosed offshore private banking services to help wealthy Americans evade taxes. But the bank is still under scrutiny by the Justice Department, which is seeking to force it to disclose the names of the 52,000 American clients it suspects may have evaded taxes.
So how many of these people will be serving time in jail do you think. Lets say for example, they ended up stealing $10,000 from the US government by evading taxes. Now UBS has to worry about the Swiss laws on disclosing information. But for the Americans all they are doing is trying to cover up a crime they committed. Do you think they will be punished for the crime in the first place? What about for trying to cover up the crime after the fact? The lack of moral fiber of so many rich in the USA is disheartening. I hope those that tried to steal from all the rest of us, and then tried to cover up their crimes, are thrown in jail at least as long as an average criminal that is young and poor that steals the amount they did and then tries to prevent witnesses from providing evidence to the Justice Department. And not in some country club jail either. But I doubt they will be. More rich people act ethically than those that don’t, but the number that are outrageously unethical is far too high.