So lets get this straight. When Jon Corzine fraudulently steals $3 billion in MF Global client funds OUTRIGHT, the Justice Dept. doesn't give a da**.
When Wegelin & Co, the oldest private Swiss Bank allows US clients to deposit $1.2 billion, they are INDICTED by the Justice Dept. on charges of enabling Americans to evade taxes. WTF!?!
This is beyond outrageous, but is a major tip-off as to what is coming for US citizens. Expect to see strict capital controls implemented in the US in the near future.
The United States indicted Wegelin, the oldest Swiss private bank, on charges that it enabled wealthy Americans to evade taxes on at least $1.2 billion hidden in offshore bank accounts, the U.S. Justice Department said on Thursday.
The announcement, by federal prosecutors in Manhattan, represents the first time an overseas bank has been indicted by the United States for enabling tax fraud by U.S. taxpayers.
The indictment said the U.S. government had seized more than $16 million from Wegelin’s correspondent bank, the Swiss giant UBS AG, in Stamford, Connecticut, via a separate civil forfeiture complaint. Because Wegelin has no branches outside Switzerland, it used correspondent banking services, a standard industry practice, to handle money for U.S.-based clients.
UBS could not be reached for immediate comment.