WHAT ARE THEY TRYING TO HIDE?

I expect some want to avoid exposing the fat bank account they've managed to set aside for their mistress but could there be other reasons, like ILLEGALLY AVOIDING TAXES?

Group of Rich Americans Sues UBS to Keep Names Secret in Tax Case

By LYNNLEY BROWNING
Published: February 24, 2009
NY Times

UBS was sued on Tuesday in a Swiss federal court by wealthy American clients seeking to prevent the disclosure of their identities as part of a tax-evasion investigation by the United States Justice Department.

The suit, filed by a lawyer in Zurich, Andreas Rued, on behalf of nearly a dozen American clients, underscores the growing clash between Swiss banking secrecy laws and those of the United States. Tax evasion is not considered a crime in Switzerland.

At the WSJ's Law Blog, some commenters are behind the tax cheaters:

Good, I hope the clients win. There is no proof that those clients committed tax evasion or any other crime. It is a crime, though, for a swiss bank to give out identity and bank account information. I hope the plaintiffs and UBS has to pay $$$$.
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In the meantime, I am guessing they are losing a lot of swiss banking business right now. Who on earth would use UBS after this mess?

Comment by Anonymous - February 25, 2009 at 9:42 am

What’s wrong with dodging taxes??

Comment by Tim - February 25, 2009 at 1:08 pm