Word: bankses
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These revelations come as the financial meltdown has punched a huge hole in projected revenues for governments, which are suddenly a whole lot less tolerant of tax cheats. That's particularly true in Germany, whose wealthy account for a significant portion (at least 10%) of the $1.8 trillion in Swiss...
Pick a dictator, almost any dictator - Cuba's Fulgencio Batista, the Philippines' Ferdinand Marcos, Haiti's Papa and Baby Doc Duvalier, the Shah of Iran, Central African Republic Emperor Jean-Bédel Bokassa - and they all have this in common: they allegedly stashed their loot in secret, numbered accounts...
But the dramatic federal investigation of Switzerland's UBS has blown the lid off bank secrecy - and revealed how Swiss banks abet tax evasion on a far more widespread, if more banal, level. Over the past two decades, these secret banking services have been peddled progressively downmarket - first to the...
Still, recent reports demonstrate that bank secrecy is still very important for Switzerland and suggest how Swiss banks intend to maintain that secrecy for years to come. Credit Suisse, which took a net capital outflow hit of $5.5 billion in the fourth quarter of 2009, reported it had about $100...
Andrew Herzberg shrugs off such concerns. He says it all comes down to how the assets are managed, how the real estate performs, and, if all else fails, a reinsurance contract. He says the 20% premium fee will be placed into an investment trust and actively managed over the eight...