Swiss Moguls hit Avalanche on Bahnhof St.

52,000 American citizens may be at risk for Income Tax Evasion.  You know, that same thing that got Al Capone!  The Financial Times today says that initially only about 250 low level “off shore investors” may have to be outed in the press…..but that number could be merely “wine from the teaspoon”!

First flush of the reports mentioned about 17,000 people that “might have been given bad advice by Swiss Bankers”.  That number quickly accelerated to include about $15 Billion dollars in “hide these funds”.  The bad news is that the “evasion provision” would mean that approximately $300 million dollars in unpaid taxes were being missed by the US Government every year because of Swiss Banking Brokers.  Before the last shoe drops…the number of investors affected and the money missed by the Federal Government may be in the hundreds of thousands and the cash missed in the Billions!

At to this, the big flap with Sir John Stanford…..a true Bernie Maddoff   guy living comfortably in Aruba.  People in Aruba and Venezuela are wrapped around the block…waiting to get their money out of Stanford Banks.  Vijay Singh even wears a Stanford Investment hat on the PGA tour!  Stanford seems to have been caught trying to sell those high yield “Credit Default Swap” thing-a-mi-jiggies!

Meanwhile, Union Bank of Switzerland just got $60 billion bucks from the Swiss Government to cover their “sub-prime” worthless paper….they got from more US Bankers and citizens.  They will be paying the US Government close to a Billion of that immediately for not reporting illegalities regarding US Citizens investments – that Swiss bankers seems were complicit in.

Since the days of Henry VIII, Swiss Bankers have been busy covering up the locations of ill-gotten gains of one thing or another.  In World War II, they had no qualms about taking Nazi Gold and Bearer Bonds.  Much of that turned out to be Jewish goods taken during the war and before.  Swiss banks are still attempting to make restitutions to the families of the Jewish families affected.

That brings us up to today!  52,000 US Citizens may be outed in one way or the other.  Once you tell a Swiss Banker he may be spending 100 years in prison….it kind of gets their attention.  The initial number of outed “Tax Evaders” as we say….will be about 250.  What happens after that….we have yet to determine.  One thing for sure:  “Off Shore Banking and Accounts” are now ON the table for discussion.  Turks & Caicos, Aruba, Freeport Bahamas, Panama and Costa Rica….all need to batten down the hatches.  World banking regulators will be chatting with you soon.

The implications for Grandmas and Uncles that gave their cash and valuables to their nephews and nieces in Investment Banking….may have to be getting some Tax Attorney advice pretty soon.  For all the high profile celebrity types…….their days may be numbered.  Just like those Swiss Bank Accounts…NUMBERED!