UBS AG

A karmatastic flushing out of bankster crap?

Bank of america, JPMorgan Chase and co., UBS AG, Merril LynchFrom Bloomberg, Bank of America, JPMorgan Chase and Co. and UBS AG have assets frozen by Italy:

Italy’s financial police are seizing 73.3 million euros ($102
million) of assets from Bank of America Corp. and a unit of Dexia SA as
part of a probe into an alleged derivatives fraud in the region of
Apulia.

Police are investigating losses on derivatives linked to the sale of
870 million euros of bonds sold by the regional government in 2003 and
2004, according to an e-mail from the prosecutor’s office in Bari
today. The banks misled the municipality, located in the heel of Italy,
on the economic advantages of the transaction and concealed their fees,
the prosecutor said.

The region, also known as Puglia, joins more than 519 Italian
municipalities that face 990 million euros in derivatives losses,
according to data compiled by the Bank of Italy. In Milan,
prosecutors seized assets from four banks including JPMorgan Chase
& Co. and UBS AG in April and requested they stand trial for
alleged fraud. Hearings started this month.

And BoA owned Merril Lynch is in deep doodoo too.

If our American politicians have sold their souls to the financial sectors (As has our SCROTUS) it doesn't mean the rest of the world will turn a blind eye to theft on a trillion dollar scale.

The Filthy Rich: UBS AG and Lichtenstein LGT Group Help U.S. Clients Hide Money

From Bloomberg:

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UBS, LGT Helped Hide Assets, Evade Taxes, Senate Says (Update1)
By David Voreacos and Carlyn Kolker

July 17 (Bloomberg) -- UBS AG and Liechtenstein bank LGT Group aided rich U.S. clients who wanted to disguise ownership of accounts and evade taxes on hidden assets, a Senate subcommittee said.

UBS, the world's largest wealth manager, hid as much as $17.9 billion for 19,000 Americans who didn't declare assets to the Internal Revenue Service, the Senate Permanent Subcommittee on Investigations said in a report released in Washington late yesterday. LGT, owned by Liechtenstein's ruling family, fostered a ``culture of secrecy and deception'' while assigning code names to U.S. clients, the panel said.

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Isn't it nice that banks will bend over backwards for the money of rich Americans?

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Senate investigators got help from former UBS banker Bradley Birkenfeld, 43, who pleaded guilty June 19 to helping California billionaire Igor Olenicoff evade taxes. Birkenfeld said he conspired with Liechtenstein banker Mario Staggl, 43, who was indicted with him on April 10.

Staggl is a fugitive.

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Anyone with information about the whereabouts of Mr. Staggl should contact the Justice Department, post-haste -- it appears that they are actually taking this case seriously, as opposed to domestic ones that are looking into multiple instances of malfeasance and criminal conduct by the Bush Administration, and therefore might actually use the information wisely.

Check out the complete article on Bloomberg (linked at the top of the story). It's an eye-opener.