This month, we've learned more about the way foreign banks--namely, UBS and LGT--had utilized secret accounts to facilitate tax evasion for thouands of ultra-wealthy Americans who want to enjoy the stable legal institutions that provide a way for economic growth to take place without paying their fair share of the tax burden. The Permanent Senate Subcommittee on Investigations has done some necessary probing of the two banks, and learned something about their clients and their methods. It is not a pretty picture, and it is one that demands attention from Congress.
Several people who didn't testify at the first Senate hearings were expected to show up at a supplemental hearing last week. They did so, but took the Fifth rather than testify about their offshore accounts. See this Reuters story, July 26, 2008. Peter Lowy, wealthy magnate of the Australian Westfield Group, didn't have anything to say. Nor did Steven Greenfield, wealthy NY toy importer. Levin says the Senate has the names of 147 taxpayers whose activities may shed light on its investigation of the foreign banks. And of course there are those 19,000 UBS account holders.....
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