United States, UBS and Switzerland Request Stay in Court Proceedings
The Department of Justice, UBS and the Swiss government have requested a stay with a rescheduled hearing date of Aug. 3, 2009, in the proceedings for enforcement of the summons ordering UBS to turn over records of account holders. 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 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.
I don't realistically see the UBS giving in to these demands. They are completely protected under Swiss law, and if they give up their loyal investors their image will be effectively ruined.
ReplyDeleteAccording to one video, "1/3 of internationally invested private wealth is still kept in Switzerland." Imagine how much of that would vanish if the UBS revealed it didn't actually have its investors' best interest at heart.