As billionaire Beanie Baby creator H. Ty Warner awaits his sentence for offshore Swiss bank tax evasion, he may find solace in the sentences many similar felons are getting -- probation or prison terms lighter than prosecutors wanted.
Dozens of U.S. citizens who used offshore accounts to avoid taxes have helped the federal government in a criminal investigation of two Israeli banks, Bank Leumi Le-Israel Ltd. and Mizrahi Tefahot Bank Ltd., two people familiar with the matter said.
The European Union failed to seal a deal on Basel bank rules after disagreeing on bonuses, capital requirements for big lenders and powers available to the European Banking Authority at talks in Brussels yesterday.
U.S. citizens and residents with UBS AG accounts are racing the clock to disclose their secret holdings to the Internal Revenue Service after the Swiss Parliament ratified an agreement to surrender the names of 4,450 bank clients, tax lawyers said.
UBS AG may escape a “game of chicken” played by Swiss lawmakers as the price of failure to back a tax treaty with the U.S. would be too high: the bank’s American operations and the country’s export industry.