In February, I wrote that the United States was suing Swiss bank UBS in order to get the offshore institution to release the names of the wealthiest 19,000 of the 52,000 American bank account owners. These depositors have managed to evade paying United States income taxes on the interest earned within these foreign accounts.
The New York Times is now reporting that the U.S. Justice Department plans to drop the case due to lobbying pressure from the bank and the Swiss government. Many tax evaders, fearing the bank would release their name publicly, have already come forward to claim the interest they earned and perhaps pay the income tax owed to the government.
Some smaller accounts have been transfered to domestic banks.
Settlement Anticipated in UBS Case, Lunnley Browning, New York Times, June 22, 2009
Published or updated June 23, 2009. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.
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There were probably some friends and family members of our leaders who would have had their reputation tarnished further if the accounts names were made public.