ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

UBS Gnomes of Zurich Hide Money for Rich Italians and Greeks, Too--CROOK ALERT!

Updated on November 2, 2012
Gnome of Zurich
Gnome of Zurich

Swiss Banks, UBS and Credit Swisse Under Fire for Hiding Money for Italian Tax Evaders

Lugano, a town of 57,000 near the Italian border has become a major haven for Italian tax evaders. Last summer the Italian government, to make up for government budget deficits, began a crackdown on tax evaders with secret UBS accounts in Lugano, Switzeland's third largest banking center after Zurich and Geneva.

Italy's finance minister, Giulio Tremonti, vowed last summer to "dry out" Lugano as a haven for Italian tax evaders. He installed video cameras at the border crossings to record license plate numbers of Italians visiting Lugano and is taking other measures that threaten the huge Italian deposits in Credit Suisse, UBS and other smaller Swiss banks in Lugano. Tremonti also announced an amnesty for depositors who come forward and pay a 5 percent tax on their secret deposits. The amnesty program, according to Tremonti, has resulted in $136 billion in deposits returned to Italy and a $7 billion tax windfall.

[See NY Times article by John Tagliabue 1-7-10 linked below.]

Comments

    0 of 8192 characters used
    Post Comment

    • Ralph Deeds profile imageAUTHOR

      Ralph Deeds 

      5 years ago from Birmingham, Michigan

      11-2-12NYTimes--Justice Prevails in Greece--Editor Acquitted

      Greek Editor Not Guilty in Publishing Names With Swiss Accounts - NYTimes.com

      The editor fueled a scandal when he charged that Greece was governed by a small group of business elites who were above paying taxes while the rest of the population suffered deep cuts.

    • Ralph Deeds profile imageAUTHOR

      Ralph Deeds 

      5 years ago from Birmingham, Michigan

      10-29-12NYTimes "Greek Editor Arrested After Publishing List of Swiss Accounts" OUTRAGEOUS!!!

      Greek Editor Arrested After Publishing List of Swiss Bank Accounts - NYTimes.com

      Kostas Vaxevanis, the editor and owner of Hot Doc magazine, said the list contained the names of 2,000 Greeks who had possibly been evading taxes.

    • Ralph Deeds profile imageAUTHOR

      Ralph Deeds 

      5 years ago from Birmingham, Michigan

      10-28-12NYTimes--Secret Accounts in Swiss Banks Help Greeks as Well as Italians and Americans

      List of Swiss Accounts Turns Up the Heat in Greece - NYTimes.com

      A Greek magazine published a list of more than 2,000 Greeks said to have accounts in a Swiss bank, raising the stakes in a battle over whether officials had used it to check for possible tax evasion.

    • Ralph Deeds profile imageAUTHOR

      Ralph Deeds 

      7 years ago from Birmingham, Michigan

      UBS client pleads guilty to tax evasion. Kenneth Heller, who hid more than $26.4 million at UBS and will pay a fine of $9.8 million, faces a maximum prison term of 15 years.

    • Ralph Deeds profile imageAUTHOR

      Ralph Deeds 

      7 years ago from Birmingham, Michigan

      HSBC Target of Tax Evasion Investigation

      Federal authorities are considering whether to serve a broad legal summons on HSBC to ascertain whether it sold tax-evasion services to scores of wealthy American clients, people briefed on the matter said Wednesday.

      http://www.nytimes.com/2011/01/27/business/global/...

    • Ralph Deeds profile imageAUTHOR

      Ralph Deeds 

      8 years ago from Birmingham, Michigan

      Thanks for your commemnts, Sabu and Springboard. We're on the same wavelength.

    • Springboard profile image

      Springboard 

      8 years ago from Wisconsin

      For Italy this is a good thing, and I think that the U.S. should delve deeper into this as well (they've at least started). Still, the focus should be on corporate tax breaks and incentives to boost the American economy and increase the tax rolls. Give American companies tax breaks for bringing jobs back, for example, and breaks for creating real and lasting jobs.

      And Americans? Well, start buying American whereever and whenever you can and be willing to pay a little premium. I've been doing it myself. For example, socks made by Champion are Made in the USA. It may cost a little more per pair of socks, but an American job is being saved and that will do more to boost tax rolls in this country than going after tax evasion.

      BTW, I love the Gnome. :)

    • sabu singh profile image

      sabu singh 

      8 years ago

      Thank you for this Hub, Ralph. In India, we certainly need a Giulio Tremonti. There was a story doing the rounds on the net that the largest deposits in Swiss banks are from India. Ofcourse it is impossible to authenticate this, but I am willing to believe it.

      I have this theory that the richest man in the world has to be an Indian. Unfortunately, since this person's wealth is illegal and ill-begotten, it will remain hidden and the Bill Gates', Carlos Slims' and Warren Buffets' of the world will continue to claim the throne.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)