Profits shipped to the Cayman Islands

MONTREAL, Canada: Center for Research on Globalization, July 9, 2009 – American industrial capacity shows 35% of equipment idle and world trade has fallen 50% over the last two years. Trade war is already underway and we cannot compete unless we drop wages from $16.00 an hour to $3.00 an hour. Now you can see how transnational conglomerates, such as Wal-Mart, IBM and others are ripping us off. Look at the profits, which are shipped to the Cayman Islands where they pay 2% in taxes. The last time, four years ago, that they brought $350 billion back, they didn’t pay 35% taxes, they paid 5-1/4%. Thanks to our purchased Congress and a promise to create jobs. They never created any – another handout to the elitists. Mark our words global trade will come to a halt over the next three years and it is about time.


Transfers from UBS to Cayman accounts would not have worked

NEW YORK, USA: Seeking Alpha, July 9, 2009 – Any wire transfer or bank draft from a foreign financial institution to a US bank account that is greater than $10,000 is an automatic Red Flag item for both the bank and the computers that monitor these flows. The minimum balance on the UBS accounts was $150,000. Therefore anyone who had an account was automatically caught. It is possible that a portion of the account holders were able to direct the payment to other offshore accounts prior to the 12/31/2008 deadline. But that would not have worked either.

Say that one of the account holders wanted his money to go to Panama, Cayman or Macao. It is possible that UBS would have made the payments to the new secret account. But this activity would clearly come to the attention of senior management at the UBS Head Office. The Swiss laws are clear. They do not sanction tax evasion. The Swiss banks participate with a variety of international law enforcement agencies. They do not want illegal activity on their books. UBS can provide information on account holders if they deem the activity to be suspicious. To do so is not a violation of Swiss banking laws. It is an obligation of the banks to provide information on possible illegal activity.