Wednesday, February 26, 2014

Taxes And Criminal Laws Are For The Little People

The allegations were particularly stunning in the face of the budget cuts and deficits that the United States faces, lawmakers said. The report casts the Justice Department as a hapless enforcer that has dragged its feet in getting Credit Suisse to turn over the names of some 22,000 U.S. customers. Lawmakers have accused the bank of helping wealthy Americans avoid paying taxes on as much as $12 billion in assets held at the institution. Prosecutors have been aware of the misconduct at Credit Suisse for at least four years, in which time they have indicted seven bankers and launched a probe of the institution, according to the report. But no one has stood trial, and the bank has not been held legally accountable, the report says. Justice spokeswoman Emily Pierce bristled at the report’s characterization of the department, pointing out that it has charged 73 account holders and 35 bankers and advisers with offshore tax evasion offenses since 2009. “We have acknowledged that as many as 14 Swiss financial institutions are currently under investigation, and we won’t hesitate to indict if and when circumstances merit,” Pierce said. Prosecutors have been hampered by the Swiss government, which has prevented banks from handing over information after its largest bank, UBS, turned over 4,700 accounts in 2009. Justice has yielded 238 names of Credit Suisse customers through treaty requests.
Eric Holder has been an abysmal Attorney General and the Justice Department in general one of the low lights of the Obama administration.  That aside, it's a travesty that the US allows these tax havens to call the shots, and Holder is only part of the problem.  The bigger issue is a government that is largely captured by wealthy interests, and serves them.
The allegations were particularly stunning in the face of the budget cuts and deficits that the United States faces, lawmakers said. The report casts the Justice Department as a hapless enforcer that has dragged its feet in getting Credit Suisse to turn over the names of some 22,000 U.S. customers. Lawmakers have accused the bank of helping wealthy Americans avoid paying taxes on as much as $12 billion in assets held at the institution. Prosecutors have been aware of the misconduct at Credit Suisse for at least four years, in which time they have indicted seven bankers and launched a probe of the institution, according to the report. But no one has stood trial, and the bank has not been held legally accountable, the report says. Justice spokeswoman Emily Pierce bristled at the report’s characterization of the department, pointing out that it has charged 73 account holders and 35 bankers and advisers with offshore tax evasion offenses since 2009. “We have acknowledged that as many as 14 Swiss financial institutions are currently under investigation, and we won’t hesitate to indict if and when circumstances merit,” Pierce said. Prosecutors have been hampered by the Swiss government, which has prevented banks from handing over information after its largest bank, UBS, turned over 4,700 accounts in 2009. Justice has yielded 238 names of Credit Suisse customers through treaty requests.
Nothing will change while the guilty remain hidden, protected and unprosecuted.  We publicly shame "johns" who patronize prostitutes (and the sex workers as well), but large scale tax evaders get the velvet rope treatment.

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