Right or wrong - USB turning over swiss bank info to the US?

[LurkerNoMore]

One thing I have learned over the years from firsthand experience and knowledge is that despite common belief and conception, MOST of the offshore accounts are not being used by the mob, drug dealers, or for other illegal means.  The majority of them are held by law abiding citizens and such.

What impact does this (or do you think will it have) on US interests and economy?  Think more people will move the funds into stocks and foreign bonds or bring it home and reinvest here (which might cause a small uptick on the index).

[Soul Crusher]

One thing I have learned over the years from firsthand experience and knowledge is that despite common belief and conception, MOST of the offshore accounts are not being used by the mob, drug dealers, or for other illegal means.  The majority of them are held by law abiding citizens and such.

What impact does this (or do you think will it have) on US interests and economy?  Think more people will move the funds into stocks and foreign bonds or bring it home and reinvest here (which might cause a small uptick on the index).

I think that the list went from 58,000 down to 4,400 because many prominent people called their congress people and/or senators and promised campaign contributions or something of the like.

Personally, I dont like this because it smacks of snitching. 

   

[brooklynbruiser]

Snitches get richest. And sometimes even, stiches.

USB is out of order.

[Soul Crusher]

Snitches get richest. And sometimes even, stiches.

USB is out of order.

Ha ha.  Curtis Sliwa says that every night. 

Snitches get stiches!

[LurkerNoMore]

Looks like the peeps that went to Singapore instead of Swisszy are getting the last laugh now.

[Soul Crusher]

Looks like the peeps that went to Singapore instead of Swisszy are getting the last laugh now.

It seems to me the safest thing is jewels or gold coins in a safe buried 6 feet in the backyard somewhere undfer a boulder. 

[240 is Back]

i'm not familiar with swiss bank accounts.

is this where people hide $ so they dont have to report it as income here?

[LurkerNoMore]

It seems to me the safest thing is jewels or gold coins in a safe buried 6 feet in the backyard somewhere undfer a boulder. 

Yeah, but you would still have to convert that into cash if you needed to use it and that leaves a paper trail which leads to taxes and possible audits.  Even if you don't actually physically touch the cash, you got to find a way to unload the goods in a way that doesn't come back to bite you in the ass in the end.

[LurkerNoMore]

i'm not familiar with swiss bank accounts.

is this where people hide $ so they dont have to report it as income here?

Yes and no.  Not everyone is hiding money with offshore accounts.  Some use the accounts for other purposes that do not involve anything illegal or shady.

[MB_722]

published in '03. still a good read.

"The Sink" tells the how, when and why of criminal and terrorist money laundering, the murky and ultra-secret world where the line between legitimate business and crime vanishes. In 1994, when Jeffrey Robinson, author of "The Laundrymen", first brought to the world's attention the problems of dirty money - revealing how otherwise legitimate lawyers, bankers, accountants and even governments were helping drug traffickers hide the proceeds of their crimes - he labelled money laundering the world's third largest business, estimating that at any given time there was around $300 billion circling the globe, looking to get clean. Now, in the sequel to "The Laundrymen", Robinson calculates that the dirty money business has doubled in less than ten years and is ever more sophisticated (law enforcement and concerned governments flounder in its wake) - and he lays the blame on the offshore world. In an eye-opening piece of investigative journalism, Robinson reveals the state of the art of business-as-crime worldwide. As vast profits are turned into seemingly legitimate money, lawyers, bankers, accountants, brokers and governments have sold out to the mob and terrorists learn the lessons too and use Western financial networks to finance attacks on those same systems.

[240 is Back]

Yes and no.  Not everyone is hiding money with offshore accounts.  Some use the accounts for other purposes that do not involve anything illegal or shady.

I see. 

how are honest people who are following the law being hurt by this law?

[Hedgehog]

sweden s done a similar thing. there was comparartively lots of money hidden  away.
i could imagine its even more us cash hidden..

[240 is Back]

I just want to make sure I understand this issue.

people are bashing obama because he is trying to find money that people aren't paying taxes on?

So, they're brekaing the law, and bush didn't do squat.  and he is, and it's not cool now?

[Hedgehog]

lol. you would at the very least think they were consistent in their criticism. but first Obama were soft on banks. letting them get away with robbery. now it's Obama being too tough.
i honestly didn't think it was possible to flip flop when bashing someone - but these hacks pulls it off.

[24KT]

lol. you would at the very least think they were consistent in their criticism. but first Obama were soft on banks. letting them get away with robbery. now it's Obama being too tough.
i honestly didn't think it was possible to flip flop when bashing someone - but these hacks pulls it off.

I guess it's time to switch to the Caymans.

[240 is Back]

lol. you would at the very least think they were consistent in their criticism. but first Obama were soft on banks. letting them get away with robbery. now it's Obama being too tough.
i honestly didn't think it was possible to flip flop when bashing someone - but these hacks pulls it off.

great call.

The crickets have come out on this thread. 

[Soul Crusher]

great call.

The crickets have come out on this thread. 

What the heck are you clowns talking about?

Obama goes easy on GS because those are his man contributors.  The individual depositors in foregin accounts are not related to that in any way.  The two have nothing to do with one another. 

[LurkerNoMore]

I guess it's time to switch to the Caymans.

Caymens share info with the US no matter what they say and try to make you believe.

[Soul Crusher]

Caymens share info with the US no matter what they say and try to make you believe.

Most people do it for asset protection, not tax avoidance. 

Enforcing a foreign judgement is almost impossible unless its a huge amount.