Michigan Senator Recommends Revoking Swiss Bank UBS's License for Helping Americans Cheat on their Taxes
Senator Carl Levin (D-MI) told ABC News that the Swiss banking giant UBS should have their banking license revoked until it "cleans up its act". UBS stands accused of setting up "undeclared" accounts for approximately 19,000 American citizens, "hiding" an estimated $18 billion from the IRS.
Levin said, "I don't think that any bank that goes to the extent that UBS has gone through to avoid doing what their agreements with the United States require them to do, should be allowed to continue to do business unless they clean up their act."
Further setting up his case against UBS, Levin revealed a list of some of the "sneaky tricks" that UBS used to skirt US laws, as well as provide services that they were not licensed to offer.
Tax Haven Bank Secrecy Tricks, as prepared by the U.S. Senate Permanent Subcommittee on Investigations, July 2008:
- Code names for clients.
- Pay phones, not business phones.
- Foreign area codes.
- Undeclared accounts
- Encrypted computers
- Transfer companies to cover tracks.
- Foreign shell companies
- Fake charitable trusts
- Straw man settlors.
- Captive trustees.
- Anonymous wire transfers.
- Disguised business trips.
- Counter-surveillance training.
- Foreign credit cards.
- Hold mail.
- Shred files.
So far one UBS banker has plead guilty, and has admitted to smuggling diamonds bought using a US client's Swiss bank account into the country by hiding them inside toothpaste tubes.
The Pot Calling the Kettle Black
How about shutting down Carl Levin and the whole extortion sector called "Congress"? Creators of wealth have moral every right to keep it out of the clutches of the predators, if they can. The couple of thousand men and women who oversee the forcible expropriation of trillions of tax dollars, not UBS, are the natural outlaws who are genuinely guilty of engaging in "economic warfare," to cite Levin's demagogic rhetoric. The message behind his performance yesterday was clear: the American people must understand how seriously governmental racketeers take any efforts by wealth creators to exercise their right to dispose of all of it as they see fit; wealth creators own only that portion that the racketeers allow them to keep; if one slaves "gets away" with keeping more than that percentage, that's not "fair" to the slaves who work for four to five months a year for the privilege of being pushed around by clowns like Levin, of having their wealth diluted by the Federal Reserve System's printing press, and of choosing among various "programs" like empire-building or the completing the socialization of healthcare. Those are your choices, fellow slaves, and if you don't like it, threatens Levin in so many words, we will take away everything from you, your wealth, your liberty, and if you're foolish enough to resist, your life.
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