UBS America Sold?
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Oh how the world turns…
ML issued research today on UBS’s new CEO. This is the same guy who turned around Credit Suisse. The analyst said “We wouldn’t rule out disposals of Non core businesses.” Uh, I guess that means the business that will never turn over client names and break Swiss law and integrity. That can mean UBS America is up for sale or spin-off. No way will the Swiss take this crap from the US and risk billions (Trillions?) of deposits. For those who cheated Uncle Sam I think they will be safe (sans the 250 unlucky bastards).
I couldn’t write a novel this good!
Question: for the hundreds of FAs who joined UBS and signed a contract, are they still locked in? Do they still get the back end of the deal?
I’d say if UBS stops recruiting then it’s likely true.
So is it Goldman, JP Morgan or spin-off?
I think UBS will sell it's small offices to SF. It will keep its bigger, metro office complexes.maybe WS/UBS deal on again
Mad-dog,
How would the US let UBS keep a bank based in US and not turn over the names? Do you think the US will roll over?
The US government is going after Swiss banks to hand over their super-secret account details. This is so wrong.
Leave UBS alone. It is hypocritical on the part of our government to do this.
Do you know which country is the biggest tax haven in the entire world? The United States!
Foreigners have more than $4 trillion dollars in passive investments in the form of bank accounts or brokerage accounts in the US, according to Treasury figures that Dan Mitchell from the CATO Institute helped me dig up.
And guess what. The US does not tax interest or passive capital gains on foreigners. Yup, you read that right: The US government gives HUGE tax breaks to foreigners. Why? Because we want their money and we want to attract their capital to our economy.
If a foreign government came to the United States and said “hand over information about all our citizens,” we would tell them to go blow smoke. We don’t do that. But now Congress wants Switzerland to do the same with UBS [UBS 9.64 0.88 (+10.05%) ]. It’s wrong.
Tax competition is a good thing. It should happen between states; it should happen between countries. The countries in the world that have the highest rates of tax evasion are the countries with the highest tax rates. That should be a lesson to governments, not a reason to prosecute.
[quote=Say What] Mad-dog,How would the US let UBS keep a bank based in US and not turn over the names? Do you think the US will roll over?
[/quote]
Based in the US???
UBS offshore business is based in Zurich. The tax issue was about swiss advisors not UBS american advisors.
[quote=ABOM] The US government is going after Swiss banks to hand over their super-secret account details. This is so wrong.
Leave UBS alone. It is hypocritical on the part of our government to do this.
Do you know which country is the biggest tax haven in the entire world? The United States!
Foreigners have more than $4 trillion dollars in passive investments in the form of bank accounts or brokerage accounts in the US, according to Treasury figures that Dan Mitchell from the CATO Institute helped me dig up.
And guess what. The US does not tax interest or passive capital gains on foreigners. Yup, you read that right: The US government gives HUGE tax breaks to foreigners. Why? Because we want their money and we want to attract their capital to our economy.
If a foreign government came to the United States and said “hand over information about all our citizens,” we would tell them to go blow smoke. We don’t do that. But now Congress wants Switzerland to do the same with UBS [UBS 9.64 0.88 (+10.05%) ]. It’s wrong.
Tax competition is a good thing. It should happen between states; it should happen between countries. The countries in the world that have the highest rates of tax evasion are the countries with the highest tax rates. That should be a lesson to governments, not a reason to prosecute.[/quote]
well put
more MF Obama nation BS us has NO case. none. its stupid
ubs canned that CEO cause he caved in.
this new guy a bad ass. ubs and cs are going to merge
No UBS and CS. Oswald Gruebel and Danny Ludeman know eachother quite well from when Gruebel ran Credit Suisse the first time. Its one frickin good ol boys club. WS and UBS will JV by year end, mark my words. And all you WS guys that stuck around will get the retentions you should have got 4 months ago. Best of luck to you guys
ABOM,
Yes, UBS is based in Zurich but if they want their US Bank license I’m sure they will have to answer to US Regs…right? And I say they won’t do that. As you said, UBS will tell US to blow smoke.
I’ll put a dog in this fight. The accounts are in Switzerland, and therefore governed by Swiss law, not US law. If the accounts were US accounts, the US might have a leg to stand on, but the US cannot demand a company (regardless of country) to hand over information when it is operating under the laws of another country. UBS might determine it’s worth it to sell the franchise rather than cave to pressure like this.
On the flip side of this story, there is a US citizen suing the Swiss government to keep them from allowing UBS Switzerland from complying with the US demands.I’m not sure its that simple. If that business wants its license renewed, the US might have some say.
But if the US puts pressure on UBS and they just leave the US, those Swiss will come back with a vengeance. They will aggressively promote having Americans bring their money over to Switzerland just to show the Americans they don’t run the world. Is it worth it for the US to win this battle and lose the war?
Sorry, but using a foreign account to break US laws (to evade US taxes), with US dollars IS, in fact illegal. Don’t believe me? Just watch and see what happens.
Keep in mind that in Switzerland tax fraud is illegal BUT tax evasion is NOT illegal, hence the reason why they do not force U.S. citizens to sign the W-9 form.
Fact is the U.S. gov't is attempting to reneg on its agreement with the swiss.It’s wrong to post an article written by someone else and pass it off as your own. This post was written by Michelle Caruso Carbrerra.
http://www.cnbc.com//id/29410145The US government is going after Swiss banks to hand over their super-secret account details. This is so wrong.
Leave UBS alone. It is hypocritical on the part of our government to do this.
Do you know which country is the biggest tax haven in the entire world? The United States!
Foreigners have more than $4 trillion dollars in passive investments in the form of bank accounts or brokerage accounts in the US, according to Treasury figures that Dan Mitchell from the CATO Institute helped me dig up.
And guess what. The US does not tax interest or passive capital gains on foreigners. Yup, you read that right: The US government gives HUGE tax breaks to foreigners. Why? Because we want their money and we want to attract their capital to our economy.
If a foreign government came to the United States and said “hand over information about all our citizens,” we would tell them to go blow smoke. We don’t do that. But now Congress wants Switzerland to do the same with UBS [UBS 9.64 0.88 (+10.05%) ]. It’s wrong.
Tax competition is a good thing. It should happen between states; it should happen between countries. The countries in the world that have the highest rates of tax evasion are the countries with the highest tax rates. That should be a lesson to governments, not a reason to prosecute.
by Michelle Caruso Carbrerra.
Im betting she would be a heck of a lot of fun.
WOW!! How self serving are your posts. I’m sick and tired of paying extra taxes due to unethical and hopefully illegal actions of approx. 50,000 UBS clients. I would love to see the SEC or FINRA suspend the UBS securities license until they agree to supply the clients ID. Unfortunately this won’t happen since I’m guessing that some of these names are highpowered gov’t officials and/or huge campaign contributors.
its numbered swiss banks accounts Einstein. they been doing that crap for 200 years. its not UBS in america. (ubs america is paine webber)
UBS = United bank of switzerland
I can only assume that “Einstein” was not complimentary. Your stance is that since they are numbered accounts then tax evasion and/or fraud is OK. UBS finacially gained by steering United States taxpayers (Paine Webber accounts) to tax avoidance heaven. The SEC or FINRA should suspend the lisence for UBS/Paine Webber since they profited by these U. S. clients. I’m a little unclear about your 200 year tax evasion defense. Was that included in your tax evasion marketing material?