[Assam] Black Money Acct Holder Names Cannot be Made Public

Wed Jan 19 08:53:51 PST 2011

Ulongo dexh ondho rojar kahini!

On 1/19/11, Ram Sarangapani <assamrs at gmail.com> wrote:
> C'da,
>
> I heard this story in while in India. Many I came across, felt that Sonia
> Gandhi is one of the most corrupted. It seems she has brought in a host of
> relatives Italy and made them all rich. And she wields the powers, and this
> PM is just a puppet.
>
> Further, many ministers (even opposition montris), businesses & babus both
> in the Center and the State hold huge amounts of black money in foreign
> accounts. One story is that A Raja (of the 2G scam fame) stole all that
> wealth and promptly gave it to Karuanidhi's daughter (and son, Stalin - who
> is the deputy CM). The threw a few scraps to Raja. Now Raja has checked
> himself into Apollo Hospital, Chennai and is not coming out (he is very ill,
> supposedly), and not talking to anyone. He is expected to stay in the
> hospital till the elections are over.
>
> So, MMSingh will remain mum for his all powerful gaddhi.
>
> --Ram
>
>
>
> On Wed, Jan 19, 2011 at 10:04 AM, Chan Mahanta <cmahanta at gmail.com> wrote:
>
>> I don't get it Ram.
>>
>> Why doesn't MMS or India want to know who its black-money kings are?
>>
>>
>>
>>
>>
>> On Jan 19, 2011, at 9:55 AM, Ram Sarangapani wrote:
>>
>> > This article from Bloomberg might help.
>> >
>> > There is a slight problem for MM Singh. While most foreign governments
>> (like
>> > the US, Germany etc) are fighting the Swiss banks to release
>> > bank/account
>> > data, MM Singh is fighting India and cooperating with the Swiss.
>> >
>> > --Ram
>> >
>> > http://www.bloomberg.com/apps/news?pid=newsarchive&sid=akmcfUr7TqHs
>> >
>> > Swiss Banks Achilles Heel Is Workers Selling Data (Update1)
>> > By Warren Giles - Feb 02, 2010
>> >
>> > Feb. 2 (Bloomberg) -- Swiss banks are discovering that the biggest
>> > threat
>> to
>> > client privacy is their own workers.
>> >
>> > German Chancellor Angela
>> > Merkel<
>> http://search.bloomberg.com/search?q=Angela+Merkel&site=wnews&client=wnews&proxystylesheet=en10_wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1
>> >said
>> > yesterday her government may buy stolen data on Swiss bank accounts as
>> > French authorities comb information acquired from an employee of HSBC
>> > Holdings Plc’s<
>> http://www.bloomberg.com/apps/quote?T=en10/quote.wm&ticker=HSBN%3ALN
>> >private
>> > bank in Geneva. The cases come two years after Germany paid 5
>> > million euros ($7 million) for details filched from LGT Group in
>> neighboring
>> > Liechtenstein.
>> >
>> > “This is a kind of business war against Switzerland in which practices
>> which
>> > were completely illegal have become acceptable,” says Daniel Fischer,
>> > founder of Zurich-based Fischer & Partner law firm who specializes in
>> > banking law and fraud. “It’s a huge danger for Swiss banks.”
>> >
>> > The willingness of governments to pay for stolen data is fanning
>> > tensions
>> > with France and Germany as Switzerland seeks to negotiate treaties
>> > implementing its commitment to cooperate with international tax probes.
>> The
>> > Swiss government said last month it will draft a law barring officials
>> from
>> > assisting foreign countries in cases involving theft of client details.
>> >
>> > Germany’s use of such data would be “counterproductive” in future
>> > negotiations, and the German government shouldn’t be handling stolen
>> goods,
>> > the Swiss Bankers Association said in a Jan. 30 statement. The
>> association
>> > represents more than 300 banks, including UBS
>> > AG<http://www.bloomberg.com/apps/quote?T=en10/quote.wm&ticker=UBSN%3AVX
>> >and
>> > Credit
>> > Suisse Group AG<
>> http://www.bloomberg.com/apps/quote?T=en10/quote.wm&ticker=CSGN%3AVX>.
>> >
>> >
>> > Incentive to Steal
>> >
>> > “What’s new recently is the price paid by states for lists, which makes
>> it
>> > more attractive” for employees to steal, Anne-Marie de
>> > Weck<
>> http://search.bloomberg.com/search?q=Anne-Marie+de+Weck&site=wnews&client=wnews&proxystylesheet=en10_wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1
>> >,
>> > managing partner at Geneva-based private bank Lombard Odier, told
>> reporters
>> > last month in Bern. In bank security, “the most important factor is
>> human,”
>> > she said.
>> >
>> > An unidentified individual has offered to sell Germany information on
>> about
>> > 1,300 holders of Swiss bank accounts for 2.5 million euros, the
>> > Financial
>> > Times Deutschland reported yesterday, without saying where it got the
>> > information.
>> >
>> > FTD said the data came from HSBC’s private bank in Geneva, while the
>> German
>> > newspaper Handelsblatt reported it was drawn primarily from accounts at
>> UBS
>> > and may yield 200 million euros in lost taxes. Frankfurter Allgemeine
>> > Zeitung today said the information came from Credit Suisse, without
>> > providing the source of the report.
>> >
>> > UBS isn’t aware of such information, spokesman Christoph
>> > Meier<
>> http://search.bloomberg.com/search?q=Christoph%0AMeier&site=wnews&client=wnews&proxystylesheet=en10_wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1
>> >said
>> > when asked about the Handlesblatt report. A spokesman for HSBC in
>> > Geneva declined to comment, and Credit Suisse issued a statement saying
>> it
>> > had “no information” that the bank was affected.
>> >
>> > “We should aim to get hold of this data if it’s relevant,” because
>> Germany
>> > needs to crack down on tax violators, Merkel told reporters yesterday in
>> > Berlin.
>> >
>> > Liechtenstein Precedent
>> >
>> > Germany last year prosecuted tax evaders, including former Deutsche Post
>> AG
>> > Chief Executive Officer Klaus
>> > Zumwinkel<
>> http://search.bloomberg.com/search?q=Klaus+Zumwinkel&site=wnews&client=wnews&proxystylesheet=en10_wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1
>> >,
>> > using the information bought from a former computer consultant at LGT,
>> owned
>> > by Liechtenstein’s princely family. Zumwinkel received a two-year
>> suspended
>> > sentence and was ordered to pay a 1 million- euro penalty after a
>> > Germany
>> > court ruled that he had “knowingly” evaded taxes.
>> >
>> > Tax authorities have increasingly been offered secret bank information
>> since
>> > the Liechtenstein case, German Finance Ministry spokesman Michael
>> > Offer<
>> http://search.bloomberg.com/search?q=Michael+Offer&site=wnews&client=wnews&proxystylesheet=en10_wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1
>> >said
>> > yesterday.
>> >
>> > “I have a hard time imagining that we are living in a world where a
>> > government, which is supposed to set an example, can take for granted
>> that
>> > stolen data will be the basis for action,” Patrick
>> > Odier<
>> http://search.bloomberg.com/search?q=Patrick+Odier&site=wnews&client=wnews&proxystylesheet=en10_wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1
>> >,
>> > chairman of the Swiss Bankers Association, said in a Jan. 29 interview
>> > at
>> > the World Economic Forum in Davos, Switzerland. “It is a real issue and
>> we
>> > have to make sure it doesn’t develop into more cases.”
>> >
>> > HSBC Agreement
>> >
>> > The French Finance Ministry said in December that it had data on Swiss
>> bank
>> > accounts held by French taxpayers, including names provided by a
>> > former HSBC<
>> http://www.bloomberg.com/apps/quote?T=en10/quote.wm&ticker=HSBA%3ALN
>> >employee.
>> >
>> > Switzerland suspended treaty negotiations with France in December
>> > because
>> of
>> > the HSBC case. After talks last week, France agreed to return the
>> original
>> > data to Switzerland and not ask for assistance from Swiss authorities
>> based
>> > on the stolen information. France will continue to use the data to
>> > pursue
>> > tax evaders at home.
>> >
>> > “The agreement won’t change anything for a client of HSBC whose data was
>> > stolen,” said Fischer, the Zurich lawyer, who added that details of the
>> > accord aren’t clear. “An agreement may, on the face of it, be good for
>> > Switzerland but not for Swiss banking clients.”
>> >
>> > Swiss secrecy laws, which threaten bank employees with as much as five
>> years
>> > in jail if they divulge client information, have failed to stop staff
>> from
>> > stealing data.
>> >
>> > ‘Gray Zone’
>> >
>> > Switzerland’s argument that foreign governments should abide by
>> established
>> > codes of conduct that bar the use of stolen information may also fall
>> short,
>> > said Thomas Cottier, a professor of European and international economic
>> law
>> > at the University of Bern.
>> >
>> > “We are entering a gray zone of intelligence and the principles are not
>> as
>> > strict as in penal law, where information unlawfully obtained is not
>> > admissible,” said Cottier. “The risk is that foreign governments won’t
>> say
>> > where they got the information from, leading to less rather than more
>> > transparency.”
>> >
>> > Banking secrecy has been the focus of international attention for the
>> past
>> > two years as the U.S., France and Germany target tax evaders to help
>> close
>> > widening budget
>> > deficits<
>> http://www.bloomberg.com/apps/quote?T=en10/quote.wm&ticker=FDEBTY%3AIND
>> >after
>> > the worst economic crisis since World War II.
>> >
>> > Switzerland agreed in March to cooperate with countries investigating
>> > tax
>> > evasion in order to avoid being placed on a list of uncooperative tax
>> > havens. The Swiss government in August said it would give data on as
>> > many
>> as
>> > 4,450 UBS accounts to the Internal Revenue Service after the country’s
>> > biggest bank admitted that it helped clients avoid U.S. taxes.
>> >
>> > UBS Whistleblower
>> >
>> > The case hinged on information provided by Bradley
>> > Birkenfeld<
>> http://search.bloomberg.com/search?q=Bradley%0ABirkenfeld&site=wnews&client=wnews&proxystylesheet=en10_wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1
>> >,
>> > a former UBS banker who told U.S. authorities how the bank courted
>> wealthy
>> > Americans without a license from U.S. regulators and helped them set up
>> > accounts to evade taxes.
>> >
>> > Mirabaud & Cie., one of Geneva’s oldest private banks, says the risk
>> > from
>> > employees isn’t new.
>> >
>> > “The human factor is obviously a risk, and we’re always evolving as it’s
>> a
>> > continuing concern,” Yves
>> > Mirabaud<
>> http://search.bloomberg.com/search?q=Yves+Mirabaud&site=wnews&client=wnews&proxystylesheet=en10_wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1
>> >,
>> > partner at the 191-year-old bank, said in an interview.
>> >
>> > “We only put people that we’ve known for many years in the most
>> > sensitive
>> > positions,” Mirabaud said. “We try to avoid the basics such as leaving
>> > people alone in a room for hours where they can have access to sensitive
>> > data.”
>> >
>> > Still, the latest developments are “worrying,” he said.
>> >
>> > “It’s like Big Brother. Do the state and your neighbor have the right to
>> > know everything about you?”
>> >
>> > To contact the reporter on this story: Warren
>> > Giles<
>> http://search.bloomberg.com/search?q=Warren+Giles&site=wnews&client=wnews&proxystylesheet=en10_wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1
>> >in
>> > Geneva at
>> > wgiles at bloomberg.net.
>> >
>> > To contact the editor responsible for this story: Frank Connelly at
>> > fconnelly at bloomberg.net.
>> >
>> >
>> > On Wed, Jan 19, 2011 at 9:30 AM, Chan Mahanta <cmahanta at gmail.com>
>> wrote:
>> >
>> >> Black Money Acct Holder Names Cannot be Made Public, so sayeth the
>> >> personally honest PM.
>> >>
>> >>
>> >>
>> http://timesofindia.indiatimes.com/india/Black-money-info-cant-be-made-public-PM/articleshow/7320434.cms
>> >>
>> >>
>> >> Funny nobody asked WHAT those treaty obligations might be and how they
>> >> prevent the state from releasing those names
>> >> that could very likely be involved with corruption? Like ex-or sitting
>> >> ministers, MPs, high public officials, bureaucrats,
>> >> private citizens working for or with the state, like contractors and so
>> >> forth?
>> >>
>> >>
>> >>
>> >> _______________________________________________
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>> >>
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>>
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