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Wary Swiss Banks Shun Yanks

by Joe Mobley
9 replies
  • OFF TOPIC
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The new law, expected to be phased in over several years, requires foreign banks to identify Americans among their clients and to provide their financial information to the Internal Revenue Service. Just one person overlooked could mean a penalty equivalent to 30% of a bank's U.S. income.
Wary Swiss Banks Shun Yanks - WSJ.com

I posted this in September of 2011.

http://www.warriorforum.com/off-topi...ml#post4726024

Joe Mobley
  • Profile picture of the author kenmichaels
    Originally Posted by Joe Mobley View Post

    Joe, that was all over with in a wk or so ofter 9-11.
    regardless of what any one says.

    How do i know. Well that's a mighty long story.

    The mini version is pre and post 9-11 i had bookoo depositions
    Pre 9-11 the info came back from the banks it said some thing like this

    " XXX amount from our trusted confidential client "

    Post 9-11. It came back with your name ... and everything else.

    So what i am saying is, anyone thinking of it as a tax shelter or
    even as a anonymous stash house.... since 9-11 is delusional.

    edit--
    just remembered something else too.

    pre 9-11 you could also get a swiss account via proxy, and or over the phone.

    post 9-11, now you have to show up, and show all kinds of ID
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    • Profile picture of the author Joe Mobley
      Ken,

      This has nothing to do with tax havens, hiding money or doing anything illegal. This is normal everyday banking activities.

      If JoeMo who works with JoeCo takes his blue (US) passport into a Swiss bank to open a bank account to receive his paycheck and pay his bills... Not Happening!

      The Swiss banking authorities indicate that it is not worth it for them to deal with US IRS regulations.

      Interestingly you can open a Belize bank account over the Internet.

      Joe Mobley



      Originally Posted by kenmichaels View Post

      Joe, that was all over with in a wk or so of 9-11.
      regardless of what any one says.

      How do i know. Well that's a mighty long story.

      The mini version is pre and post 9-11 i had bookoo depositions
      Pre 9-11 the info came back from the banks it said some thing like this

      " XXX amount from our trusted confidential client "

      Post 9-11. It came back with your name ... and everything else.

      So what i am saying is, anyone thinking of it as a tax shelter or
      even as a anonymous stash house.... since 9-11 is delusional.
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      • Profile picture of the author kenmichaels
        Originally Posted by Joe Mobley View Post

        Ken,

        This has nothing to do with tax havens, hiding money or doing anything illegal. This is normal everyday banking activities.

        If JoeMo who works with JoeCo takes his blue (US) passport into a Swiss bank to open a bank account to receive his paycheck and pay his bills... Not Happening!

        The Swiss banking authorities indicate that it is not worth it for them to deal with US IRS regulations.

        Interestingly you can open a Belize bank account over the Internet.

        Joe Mobley
        OIC.

        my bad man.. i did not read the article...
        i read what you posted... thought about the last 11 years
        of shit i had to deal with ... got kind of cranky
        and then posted a response...

        obviously one that is waaaay off.

        Do you want me to delete what i said?
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        • Profile picture of the author Joe Mobley
          Originally Posted by kenmichaels View Post

          OIC.

          my bad man.. i did not read the article...
          i read what you posted... thought about the last 11 years
          of shit i had to deal with ... got kind of cranky
          and then posted a response...

          obviously one that is waaaay off.

          Do you want me to delete what i said?
          Nope. You're cool. Clarification is a good thing.
          I can see where an overseas bank account could be thought of as potential tax evasions.

          Joe Mobley
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          • Profile picture of the author kenmichaels
            Originally Posted by Joe Mobley View Post

            Nope. You're cool. Clarification is a good thing.
            I can see where an overseas bank account could be thought of as potential tax evasions.

            Joe Mobley
            yeah, back in the day swish banks were synonymous with anonymity

            not any more.

            then it was the caymans, and then other islands...

            the issue with the caymans and others is the banks tended to fold and move.
            literally...

            leaving the people who banked there with nothing

            Back when the US could subpoena a swiss back for info, and they said
            bugger off... it was a thing of beauty, but then the US decided to throw
            embargo's into the mix and they folded like a wet paper towel.
            .
            ending almost 100 something years of awesomeness.
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  • Profile picture of the author seasoned
    Actually, this was over with in the 1990s!!!!!!! Numbered banking, for americans and some doing business for them is DEAD, and has been for a LONG time!

    Steve
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    • Profile picture of the author kenmichaels
      Originally Posted by seasoned View Post

      Actually, this was over with in the 1990s!!!!!!! Numbered banking, for americans and some doing business for them is DEAD, and has been for a LONG time!

      Steve
      uh steve, as some one who dealt with this.. your wrong

      Sorry man, i like you... but in this instance, your just wrong
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      • Profile picture of the author seasoned
        Originally Posted by kenmichaels View Post

        uh steve, as some one who dealt with this.. your wrong

        Sorry man, i like you... but in this instance, your just wrong
        determination
        of whether that person might have access to inside information. 1s
        The volume of Swiss bank trading on Wall Street is significant.19 That fact, as
        well as the vigorous enforcement of insider trading regulations by the SEC,20
        demonstrates the friction which exists between Swiss bank secrecy and the
        enforcement of U.S. regulations. In response both to complaints from Switzerland21
        and SEC frustration,22 the United States and Switzerland signed a
        Memorandum of Understanding,23 on August 31, 1982, following negotiations
        between the Swiss Bankers Association (SBA)24 and SEC.25 The Memorandum
        outlines a procedure under which the Swiss banks shall provide the SEC with
        information about customers and their transactions if the SEC has reasonable
        grounds for suspecting insider trading in specific cases.26
        This Comment begins with an overview of the nature and obligation of Swiss
        bank secrecy and explains how secrecy laws inhibit insider trading investigations
        and prosecutions. A discussion of the insider trading problem in the United
        States and past efforts to resolve the problem posed by Swiss bank secrecy
        (1982), and was organized on July 2, 1934. The SEC is an independent, nonpartisan agency with
        primary responsibility for admininstering and enforcing securities laws. It consists of five members
        appointed for staggered five year terms. It is also a policy-making body, with a staff of over 2,000.
        Securities and Exchange Commission, The Work of the Securities and Exchange Commission, reprinted in
        W. CARY & M. E1SENBERG, CORPORATlONS A-67 (5th ed. 1980).
        Just a sample... http://lawdigitalcommons.bc.edu/cgi/...1&context=iclr Tell it to all the people indicted, etc... Switzerland CEASED to be such a tax haven LONG ago. The US was one of the LARGEST customers in all of history, and could EASILY make all swiss bank access illegal and frustrate it, and they threatened to do so.

        Steve
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        • Profile picture of the author kenmichaels
          Originally Posted by seasoned View Post

          Just a sample... http://lawdigitalcommons.bc.edu/cgi/...1&context=iclr Tell it to all the people indicted, etc... Switzerland CEASED to be such a tax haven LONG ago. The US was one of the LARGEST customers in all of history, and could EASILY make all swiss bank access illegal and frustrate it, and they threatened to do so.

          Steve
          you can quote whatever you want brotha.

          I am not saying the laws did not exist, i am not saying anything more then...

          i received my first subpoena in 2000. and my last one in 2010
          i received roughly 3 -6 per year.

          I spent many .. many .. too damn many hours going over fiances with the
          feds.. and others...

          I know for a fact, my name was never more then "confidential client "
          until AFTER 911.

          you can't argue that, its real life. It happened to me.

          i don't care what some article, or even the law says.

          What is supposed to be, and what actuality is . .. is not always equal.
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