[...]
>>
>> Fischer put the Serbian money in a Swiss bank, UBS, unaware
>> that the Swiss bank secrecy laws are now essentially
>> ineffective when U.S. citizens are being pusued by the
>> U.S. authorities.
>>
>> UBS, under pressure from the U.S. Department of Justice
>> and, presumably, the IRS, froze his account.
>>
>> Bobby didn't pay his taxes either. U.S. citizens and greencarders
>> must file U.S. tax returns and pay U.S. taxes, no matter where they
live.
>UBS did not freeze RJF's account; rather, it chose not to do business
>with him.
This is so. I drew the wrong conclusion from Fischer's rants re UBS.
The correspondence between UBS, the bank ombudsman, Fischer
and lawyers representing Fischer is utterly absurd, see
http://www.geocities.jp/bobbby_a/list/si/Si_0.htm
It does show clearly one aspect of Fischer's insanity: the morbid
magnification of insignificant details, which was already apparent
in his squabbles about playing conditions. Remember the candy
wrappers?
It is interesting to speculate why UBS decided to close his account,
on which the bank would have made about $50'000 a year.
The Swiss banks have agreed not only to re****t U.S. Tax information
and file forms such as 1099-misc, they have also agreed to respond to
DOJ warrants, when U.S. citizens are involved. As a result many
banks, and especially finacial consultants, are politely asking
U.S. citizens to take their business elsewhere, since the
re****ting burden and potential legal liabilities are
too onerous. - In fact, of course, almost all foreign deposits in
Switzerland and Liechtenstein are in need of 'enhanced discretion'.
Fischer took the closing of his account as a personal affront, but it
is very unlikely that there was anything personal to it.
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