Thursday, February 19, 2009

Obama's Transparency Promise Fails

The Obama Justice Department reached a settlement with UBS, the Swiss bank that helped 17,000 Americans cheat Uncle Sam. The offshore tax haven ran for years, even after a 2001 promise to share names with the IRS. In 2006, executives decided not to stop the practice. They couldn't part with its $200 million annual contribution to the bottom line.

The $780 million fine is less than four years of profit. It's also less than an anticipated $1 billion penalty. Did a $505,000 investment in the White House save $220 million in fines? UBS They are the #3 lifetime donor for Rahm Emanuel at $86,100. Despite evidence of widespread criminal activity, only one man has been indicted. He's a Swiss citizen, legally protected from extradition.

Phil Gramm's UBS ended up with a sweet settlement, one that will stay private. The deal is under seal. It won't be on an Obama website. American justice for the big money boys.

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