Saturday, January 10, 2009

Citing pressure from U.S. federal authorities, Swiss mega-bank UBS said yesterday it will close 19,000 accounts

From Jim Sinclair's Mineset:

Dear Friends,

For the past many years I have been telling you that if you don’t have private assets do not try and obtain them. Certainly do not use any internet means of finagling because you risk two problems - getting caught and having your money stolen simultaneously. The "deposit your money with an internet vehicle and have gold appear in another country" vehicle is inviting only to the terminally gullible.

"Citing pressure from U.S. federal authorities, Swiss mega-bank UBS said yesterday it will close 19,000 accounts that the IRS believes to be tax havens for American investors. The bank will write checks for the balances in house, or transfer them to other accounts… either way creating a paper trail for IRS hounds to follow.

“You can either take that check,” an anonymous UBS client told The N.Y. Times, “and throw it in the woods, or deposit it somewhere and get busted. There’s nowhere to hide.”"

According to the IRS, UBS is helping American investors evade around $300 million in taxes each year. You can bet your last dollar, if you’ve got any left, UBS won’t be the last target of IRS probes.

Regards, 
Jim

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