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“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.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Acres of hemp grown by “patriotic‚” U.S. farmers in 1942 at the behest of the U.S. government:
A study suggested that the health effects of exposure to nuclear radiation at Chernobyl were no worse than ill health resulting from smoking and normal urban air pollution.
Greenpeace apologized after activists accidentally defaced the site of Peru’s 2,000-year-old Nazca Lines when they unfurled cloth letters reading “time for change” near the ancient sand drawings. “We fully understand,” the group wrote in a statement, “that this looks bad.”
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“I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.”