UBS sponsors posh Miami art show while under federal indictment for tax fraud.
UBS sponsors posh Miami art show while under federal indictment for tax fraud.
Last July, a federal grand jury in Florida “indicted the head of UBS’s worldwide wealth management business, Raoul Weil, for his alleged role in helping thousands of Americans hide their money in secret accounts set up by UBS.” Yet, despite the investigation, ABC News reports that the Swiss bank is back in business in Florida this week “as the main sponsor of one of the great gatherings of the super-rich, the Art Basel exhibition in Miami.” One tax expert questioned whether UBS should be allowed host extravagant parties in the U.S. while under indictment:
“They sent their salespeople here. They have encrypted computers. They smuggled assets out of the country to help those people conceal what they should have paid the IRS,” said Jack Blum, a Washington tax lawyer and consultant to the IRS. “So the question is, why should a bank like that be allowed to continue in business?” said Blum of UBS.
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SHOULDN’T REPUGLICANS BE FIGURING OUT HOW TO GET THIS CORPORATION SOME BAILOUT CASH?
December 4th, 2008 at 6:04 pmUBS was either the top-most or second most prolific corporate donor to the Obama campaign…
just sayin…
also, remember, Phil Gramm is one of theop UBS officers in the US.
Remember Gramm? With Robert Rubin and larry Summers, he killed off the Glass-Steagall act…
Remember them? Rubin? Summers? Yeah, prominent Obama supporters, advisors…
make ya wonder?
just askin’
December 4th, 2008 at 6:07 pmHey, it’s not like they committed a serious crime like selling a baggie of marijuana.
December 4th, 2008 at 6:10 pm/snark
Oh, pooh! The law is for the little people.
December 4th, 2008 at 6:20 pmAh, the oinking of the ruling class…
December 4th, 2008 at 6:22 pmtokin librul Says:
links…….if you’re going to make accusations. We already know you don’t like anything or anyone but you still have to back up your statements or you’re just a troll.
December 4th, 2008 at 6:28 pm“So the question is, why should a bank like that be allowed to continue in business?” said Blum of UBS.
Because they voted for Dubya? Because they funneled huge contributions to the GOP? There are bound to be perfectly good reasons.
December 4th, 2008 at 6:29 pmIf accoutability and the rule of law for all come’s back in style re remind us, maybe something will get done then…Other wise all these criminal’s and their crime’s just make this another fluff piece…Blessings
December 4th, 2008 at 6:37 pmWell I remember something about the TSA takeing ppls computers and when they come into this country hell even just takeing a flight in country why do these salesmen get to keep there computers and its encrypted?? sounds all terrusty to me made the tsa instead of makein american grandma’s jump tru hoops to get on a flight why not see exactly whats on those computers
December 4th, 2008 at 6:37 pmIf other white people become rich off UBS’s secret schemes, it will be deemed appropriate. If the Big Three auto makers need a hand, forget about it! Rich white people make nothing, but get rich. Blue collar Detroit makes things (real things) and their request gets the bums rush. Why is that?
Are we to become a nation where nothing gets made anymore?
December 4th, 2008 at 6:42 pmWhat’s worse? Bush appointed a UBS exec as the securities industries rep on the SIPC. That’s the group protecting investors. Do you feel protected?
December 4th, 2008 at 6:45 pmlook state and tokin, crimes committed under the bush admin can’t be handed off to Obama just because you want them to.
regulations that Obama will encourage would have stopped these crimes so you are just making judgements based on your hatred of Obama……you are just sore losers.
December 4th, 2008 at 6:53 pmFred, quit putting words in my mouth. I posted something against Bush & UBS. That’s all.
If you want to cheer Bush’a appointment, go ahead.
December 4th, 2008 at 8:03 pmRich support the rich.
IS it time for the revolution YET?
December 4th, 2008 at 10:32 pmStill mystified as to exactly how you punish a company found guilty of a crime…do you just ignore the jail term aspect of the crime’s penalty and go with the fine? do you put the B.O.D. in jail? now that would be a doozie..
December 5th, 2008 at 5:45 amThank goodness for karma. Today’s bankers are tomorrow’s lab animals.
http://www.youtube.com/watch?v=WugcAuQMP1s
December 5th, 2008 at 6:30 amThis might seem a minor point, but it isn’t. Miami Basel is not an “art show”.
It’s the equivalent of a trade show, an industry convention. People can scoff at the art world all they want, but fairs like this are where business is done, and millions are spent in the local economy for the duration of the fair. ABC acts as if this show were wholly underwritten as a decadent luxury by UBS. Bull. Dealers have to pay up to $100,000 for space to sell their wares, like any other industry trade show.
ABC is trying to make connections that are tenuous and misleading.
People can snark about the rich all day, but the fact remains, they are the ones who directly support art and artists. If the rich stopped buying art, no one wins.
December 5th, 2008 at 12:49 pmArtists starve, our cultural reputation suffers, revenue and jobs disappear from events like this. Some might want to get over their class envy. I say this as a non-rich person.