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Should the President of the United States have a Swiss bank account?

Discussion in 'Sports and News' started by TigerVols, May 1, 2012.

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Page 12 of 29
  1. The Big Ragu

    The Big Ragu Moderator Staff Member

    What exactly does that mean?
     
    The Big Ragu, May 1, 2012
    #133
  2. Azrael

    Azrael Well-Known Member

    Exactly what it says.

    If the only benefit to a Swiss bank account is (or was now that the laws have changed) secrecy, what's the point of keeping your money there, other than secrecy?

    I can understand keeping it in all sorts of offshore funds and instruments and investments, but why continue on in a traditional "Swiss bank account"?

    Especially if you've been running for president since 2007?

    Terrible image management.
     
    Azrael, May 1, 2012
    #134
  3. Piotr Rasputin

    Piotr Rasputin New Member

    As far as I'm concerned, the only type of people who have Swiss bank accounts are Cobra Commander, Destro, and the villains who do business with them.

    Major Bludd, for instance. He was always paid directly into a Swiss bank account.
     
    Piotr Rasputin, May 1, 2012
    #135
  4. Azrael

    Azrael Well-Known Member

    Don't forget Blofeld. And le Chiffre.
     
    Azrael, May 1, 2012
    #136
  5. The Big Ragu

    The Big Ragu Moderator Staff Member

    There are a zillion reasons to work with a company like UBS, especially if you have hundreds of millions of dollars you want to put to work. You are going to have investment and bank accounts all over the place. And UBS is huge. Like $1.5 trillion in assets huge.

    First, UBS is a global company. As much of its workforce is in the United States as is in Switzerland. They have a Global Asset Management division that offers all kinds of traditional and alternative investments, for example, and it is as easy to invest in them as an American as it is to invest in a Fidelity mutual fund. I have some money in a partnership-structured investment from another large Swiss bank, and it's not like I am Mitt Romney wealthy. So how many others do -- even people who don't realize they do, because they just pay their U.S. taxes. Have you checked where every investment fund or ETF you own is domiciled? You might be surprised.

    Secondly, not everyone that invests with UBS ($1.5 trillion in assets worth, or thereabouts), or banks with them, is trying to hide their money from U.S. tax collectors, which is what is maddening about this -- it is innuendo playing to people's ignorance (which showed up on this thread, before the tone changed to, "Well, it's not a smart image move.").

    The fact that we know about these accounts because they were on Mitt Romney's TAX RETURNS should be enough for you to brand the innuendo nonsense. You used the word secretive just now -- about accounts we know about because he was reporting them to the IRS!

    If this wasn't Mitt Romney, but instead John Kerry, wouldn't you be the first person on here calling it nonsensical?
     
    The Big Ragu, May 1, 2012
    #137
  6. LongTimeListener

    LongTimeListener Well-Known Member

    http://abcnews.go.com/m/story?id=15447680

    Notable that the Swiss account in question was not listed on Romney's disclosure forms when he announced his candidacy, and that an amended form was released after the absence was caught on tax returns.

    An "inadvertent trivial" oversight, his campaign said.

    Mmm hmm.
     
    LongTimeListener, May 1, 2012
    #138
  7. Azrael

    Azrael Well-Known Member





    Head off this whole thing if he did his banking at Bank of America. Twice the assets of UBS. And the word 'America' right above the door.
     
    Azrael, May 1, 2012
    #139
  8. The Big Ragu

    The Big Ragu Moderator Staff Member

    You are telling me the early posts on this thread filled with stupid innuendo, some of it based on mistaken assumptions about what anyone gains from banking with UBS, was concern about what Mitt Romney is doing with his political image?

    I find the "concerned" posts on here tired. But you use it an awful lot.

    What this boils down to is that you are concerned?
     
    The Big Ragu, May 1, 2012
    #140
  9. LongTimeListener

    LongTimeListener Well-Known Member

    The assumptions about banking with UBS weren't mistaken, though. Plenty of people gain tax advantages. You may want to believe that they don't count because they are "illegal," but in practice they aren't illegal because the Swiss value their secrecy and won't turn over the data anyway. So it functions as a tax shelter for many people -- though maybe not Romney, that part is indeed unclear.
     
    LongTimeListener, May 1, 2012
    #141
  10. TigerVols

    TigerVols Well-Known Member

    It's called an evolving discussion, Ragu. Not everyone browbeats every detail to death, especially on an anonymous Internet message board.

    [​IMG]
     
    TigerVols, May 1, 2012
    #142
  11. RickStain

    RickStain Well-Known Member

    Ah, "unclear." You aren't saying Romney *is* a tax cheat, you just want to see the long form tax return, and until he does it's unclear.
     
    RickStain, May 1, 2012
    #143
  12. LongTimeListener

    LongTimeListener Well-Known Member

    No no no. Track back on this and you will see that where I started discussing this part was when Ragu was asking how ****anyone**** could benefit on taxes from a Swiss bank account.

    The Cayman account Romney has, though? That's all tax avoidance.
     
    LongTimeListener, May 1, 2012
    #144
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