Washington Babylon — March 17, 2010, 12:31 pm

Campaign Dollars and the Financial Services Reform Legislation Debate

“U.S. tax authorities are expected to ‘very shortly’ launch another prosecution against a foreign bank similar to the tax evasion case they pressed against Switzerland’s UBS,” an Internal Revenue Service (IRS) agent was quoted saying earlier this week. “Linda J. Osuna, IRS Special Agent in Charge of the Tampa Field Office, told Reuters the expected U.S. case against the foreign bank, which she declined to name, would be for ‘the same behavior that got UBS in trouble’.”

Last year, UBS settled two U.S. government lawsuits against it over accusations that it had helped American citizens hide assets held in offshore accounts.

Osuna didn’t name the bank but it is very likely HSBC. That bank’s Political Action Committee has given $137,000 to members of congress in the current election cycle and more than $500,000 during the last election cycle.

Incidentally, well over half of the members of the Senate Banking and House Financial Services Committees received money from HSBC.

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