Sunday, July 12, 2009
WWW.USDOJ.GOV
(202) 514-2007
TDD (202) 514-1888
The Department of Justice, UBS and the Swiss government have requested a stay with a rescheduled hearing date of Aug. 3, 2009. The proceedings should enforce the summons ordering UBS to turn over records of account holders in the biggest tax evasion case in the US. It is believed that US $20 billion was deposited in UBS to avoid federal income tax. The stay was requested in order to provide the parties additional time to discuss a possible alternative resolution of the matter.
The parties have agreed that any alternative resolution reached would necessarily include a provision requiring UBS to provide the Internal Revenue Service information on a significant number of individuals with UBS accounts. If an alternative resolution is not reached, the Department of Justice will continue to vigorously pursue enforcement of the summons through
the court.
The IRS developed a special program to allow the UBS tax evaders to come clean to avoid jail time. Former Republican Senator Phil Gramm was an executive and lobbyist for UBS. Gramm was also identified as one of the key figures in the US finacial meltdown.
Source: DOJ
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