An American jury took just over an hour to acquit a Swiss banker of conspiracy in helping wealthy Americans in the U.S. to avoid taxes.
I have no idea What this will mean for FATCA. I do know U.S. Treasury, IRS, Levin, Schumer, Casey, et al will be in a rage. That could make them even more determined to nleash their wrath on honest people and on banks around the world. Or–wishful thinking–it could knock some sense into them.
Raoul Weil’s lawyer summed it up succinctly:
“Who are the criminals here? Who are the ones that should be punished instead of getting sweetheart deals?”
It is time for them to go after the real tax cheats and leave honest people alone.
My understanding of the American justice system is that there can be no appeal of this verdict because that would contravene the double jeopardy protection.
It took a bit longer (four hours), but another American jury acquitted a retired Israeli banker on charges he helped Americans conceal assets.
http://www.bloomberg.com/news/2014-11-01/ex-mizrahi-octogenarian-banker-acquitted-at-tax-trial.html
I want to be clear. I do not support tax evasion. But lawyers for both men have strongly made the point the responsibility is with the taxpayer–not with the banks. Juries agreed.
Now I hope someone will get the point we are NOT U.S. taxpayers and focus instead on the real tax cheats.
Unfortunately, as a retired Human Resources Manager, I know the best predictor of future behavior is past behaviour. So, I predict this will cause U.S. Treasury to intensify their attack on their claim to all “U.S. persons.”
One of the best ways you can help stop that attack is to donate to ADCS now.
These 2 verdicts are stunning defeats for the Treasury Dep’t. The 2 cases probably cost $200,000+ to prosecute. They will have to think very carefully before going after anyone else who is not a) wealthy and b) a US resident. Canadian grannies can sleep easier.
@Duke: Sleep? What’s that?
RT @MapleSandbox: U.S. Jury Acquits Swiss Banker: http://t.co/1LCE4a7Ykg What will this mean 4 #FATCA?
Maybe there is some hope now. The GOP now controls both branches of congress and have previously said they would repeal FATCA.
Of course we can fully expect the MSM anointed messiah in the oval office to veto any such repeal. The more the world sees of that feckless clown, the more the world can see that he is nothing more than an affirmative action thug stuffed into a shirt and tie.
I hope congress gets down to business early and gets it done. The best thing for Obama would be to do the one thing he has proven to be good at, which would be to go on a golf vacation. He is a star performer on that one. If he would just stay on vacation he would be out of the way.