Does anyone think that UBS will loose its charter to operate its business in the U.S. After all, it is going up against IRS, trying to hide all those tax evaded clients.
This scares me...especially after being deferred a one year start date as a starting analyst.
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One hundred days ago I would have said such a thing was unimaginable. Now, you could suggest that the US government would use the power of the "free" press to bully a respected bank in to abdicating its fiduciary responsibilities, and I would believe it was possible... oh, wait. Yeah. Horrifying.
Highly doubt it. It would cause way too much of an international commotion. Besides, if it ever came to a situation, where the US was threatening to cancel their operating charter, then UBS would most certainly hand over the necessary documents and fines to the IRS/US government.
^^^ I Agree.
Also to drexel I don't personally think that any institution that aids people in trying to defraud the government is 'respectable'. Don't get me wrong I think it's great that UBS can turn a profit (sometimes) but when it does so by knowingly committing/encouraging a serious criminal offense it loses that respect it may have built up from years of honest business.
Was actually a reference to Perella Weinberg. I'm pretty sure representing creditors trying to recover their losses from deadbeat borrowers is still considered a respectable line of work.
OK I agreed in the case of PW but the circumstances of UBS are completely different.
Right, my point was I didn't think either one would have been imaginable before Obama, but now very little would surprise me
Well Arthur Andersen was working in some interesting financial stuff during Bush's administration and it went away pretty quick.
Wrong, Arthur Anderson never lost their license, it was the free market which ended them as a viable enterprise. The firm is still in existence though
If they did lose it, it would take quite a long time of going back and forth over this new tax treaty and fighting in court. Long enough for people like me who are going to work there to get in and out and move on.
Haha Actually it was a texan court (damn liberals!) that ended them as a viable enterprise, if not their own actions and resulting media frenzy (that wonderful free press we enjoyed 7 years ago). And AA does not have a license anymore as it turned it in after being found guilty of operating illegally in the enron case.
I don't know... shredding documents, withholding names; both cases are similar in nature and possible result - regardless of who is sitting in the big chair.
Arthur Anderson turned in their license voluntarily, the conviction was overturned on appeal by SCOTUS (damn activist judges!)
I'd agree AA was responsible for their own destruction, but UBS isn't guilty of anything other than being a Swiss bank, and if that isn't sacrosanct, what is?
Well UBS did help thousands of U.S. citizens evade paying taxes, just like Arthur AndersEn (it's spelled with an "E" by the way) helped Enron's management defraud investors.
UBS should turn over the information or suffer the consequences. If they don't like well established U.S. laws then they can hand their U.S. clients over to more law abiding firms, just like Andersen did.
how are you guys surprised there are rich people with off shore bank accounts not paying taxes?
Not surprised at all, but if you get caught you pay the consequences, right?
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