Clintons Reaped Millions From Foreign Bank After Hillary Intervened In UBS Tax Case
" A
few weeks after Hillary Clinton was sworn in as secretary of state in
early 2009, she was summoned to Geneva by her Swiss counterpart to
discuss an urgent matter. The Internal Revenue Service was suing UBS AG
to get the identities of Americans with secret accounts.
If
the case proceeded, Switzerland’s largest bank would face an impossible
choice: Violate Swiss secrecy laws by handing over the names, or refuse
and face criminal charges in U.S. federal court.
Within
months, Mrs. Clinton announced a tentative legal settlement—an unusual
intervention by the top U.S. diplomat. UBS ultimately turned over
information on 4,450 accounts, a fraction of the 52,000 sought by the
IRS, an outcome that drew criticism from some lawmakers who wanted a
more extensive crackdown.
From
that point on, UBS’s engagement with the Clinton family’s charitable
organization increased. Total donations by UBS to the Clinton Foundation
grew from less than $60,000 through 2008 to a cumulative total of about
$600,000 by the end of 2014, according to the foundation and the bank.
The
bank also joined the Clinton Foundation to launch entrepreneurship and
inner-city loan programs, through which it lent $32 million. And it paid
former president Bill Clinton $1.5 million to participate in a series
of question-and-answer sessions"
[Tax Prof Blog]
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