Friday, Feb 07, 2014, 20:59:34

Several Swiss regional banks hired by US federal tax .......of course "without pay".

New US Blackmail.
(Reuters) - Several Swiss regional banks said on Monday they would cooperate with U.S. officials to avoid prosecution in a crackdown on Swiss lenders suspected of helping wealthy Americans evade taxes through offshore accounts. 
Among others Zurich Cantonal Bank which is the largest cantonal bank and fourth largest bank in Switzerland, as well as the leading financial services provider in the Greater Zurich area, with total assets of over CHF 110 billion.On October 2009, Global Finance magazine rated ZKB as one of the five safest banks in the world, on the basis of it being one of only five financial institutions that enjoyed a triple Standard & Poor'sFitch and Moody'sAAA/Aaa rating globally.
Banque Cantonale Vaudoise (BCV), Banque Cantonale de Geneve (BCGE), St. Galler Kantonalbank, Zuger Kantonalbank, Luzerner Kantonalbank and Graubuendner Kantonalbank said they were participating in the program.BCV's subsidiary Piquet Galland & Cie SA and St. Galler KB's subsidiaries Hyposwiss Privatbank Zurich AG and Hyposwiss Private Bank Geneve SA also decided to join the deal.About a dozen banks have now come forward to say they are participating in the scheme brokered by the Swiss and U.S. governments this summer to allow banks to make amends for aiding tax evasion by paying fines and disclosing information.All the cantonal banks that said on Monday that they would join the scheme said they had never focused on acquiring U.S. clients but said they could not completely rule out some customers had not met their U.S. tax obligations.St. Galler KB said it would deliver data about its U.S. business that would not include client data to U.S. authorities by the end of June 2014. Based on this information, the U.S. Department of Justice would enter into individual negotiations with the bank that should end "at the earliest in late 2014".The bank said it could not communicate on the expected amount of fines and corresponding provisions, but intended at this stage to leave its dividend unchanged.
In other words this means that the Swiss banks have to do the job of the American Federal Tax.Checking every dollar coming in,  for potential tax-evasion.This system should be introduced to all New York -restaurants a.s.a.p.  When you have finished your meal or Mac-cheese, you have to prove that the money you pay  is not black. This could then become global project, with a US government "food green card" to taxed meals for all citizens from "fuck EU" to "fuck Asean".


Gabor Fabricius


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