Swiss banks will probably settle a sweeping U.S. probe of offshore tax evasion by paying billions of dollars and handing over names of thousands of Americans who have secret accounts, according to two people familiar with the matter. »
This is how prosecutors go after the execs who brought down the economy to its knees:
“The DOJ and IRS are casting a wide net as they try to identify Americans guilty of offshore tax evasion,” said Aaron D. Schumacher, a Geneva-based wealth planning attorney, with Withers LLP.
As someone with deep knowledge of these things recently told me, “Just because someone does something you find to be wrong or immoral, doesn’t necessarily mean it’s illegal. We find ways of catching them when they do illegal things.”
Or, as the DOJ and the IRS now put it, “If you have a Swiss bank account, we’re Toblerone to you.”