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Jailed UBS Employee Gets $104 Million From IRS For Exposing Swiss Bank Account Holders

Tyler Durden's picture


Just in case there wasn't enough excitement and fury directed at Swiss bank account holders, which continue to dominate the presidential election "debate" above such mundane topics as the economy, or, say, reality, here comes the IRS, which as we noted yesterday collected $192 billion less than the government spent in the month of August alone, and have awarded Bradely Birkenfeld, a former UBS employee who in 2008 pleaded guilty to conspiracy to defraud the United States and was sentenced in 2009 to 40 months in prison, but received preferential whistleblower status after a prior arrangement to expose numerous Americans with Swiss bank accounts, has just been awarded $104 million.

From Reuters:

U.S. tax authorities have awarded $104 million to a whistleblower in a major tax fraud case against Swiss bank UBS AG that widened a government crackdown on Americans avoiding taxes in Switzerland, his lawyers said on Tuesday.


Bradley Birkenfeld, freed last month from prison, was not present at the news conference where his attorneys announced the reward made under an Internal Revenue Service whistleblower program that has come in for some criticism in Congress.


Birkenfeld had sought a large payout for his role in a tax-dodging case that resulted in early 2009 in UBS entering into a deferred prosecution agreement and paying $780 million in fines, penalties, interest and restitution.

Some more on the Birkenfeld pro- then anti-tax evasion odyssey:

Banking career


Birkenfeld began working at Credit Suisse in 1996, followed by Barclay's Bank in 1998.


In October 2001, Birkenfeld began working at UBS in Geneva, Switzerland as a private banker. His principal job responsibility was to solicit wealthy Americans to invest in the bank and thus avoid paying U.S. taxes. Although UBS was not permitted to give investment advice in the U.S., the bank instructed Birkenfeld and other similar employees to lie about the purpose of their trips to the U.S. Birkenfeld advised American clients how to avoid IRS scrutiny, including placing cash and jewels in Swiss safe deposit boxes. One of Birkenfeld's wealthiest clients was a California real estate developer, Igor Olenicoff. In 2001 Olenicoff and Birkenfeld met in Geneva, the result of which was a transfer of $200 million to UBS accessible by credit cards supplied by Birkenfeld.


Whistleblowing and arrest


In 2007, Birkenfeld decided to tell the DOJ what he knew about UBS's practices. At the same time, he wanted to take advantage of a new federal whistleblower law that could pay him up to 30% of any tax revenue recouped by the IRS as a result of Birkenfeld's information. Birkenfeld also wanted immunity from prosecution for his part in UBS's transactions. In April 2007, Birkenfeld's counsel sent the DOJ a summary of the Birkenfeld's information. The DOJ responded that it was not part of the IRS's whisteleblower program and that it would not grant Birkenfeld immunity. Nonetheless, Birkenfeld met with the DOJ. When communications between Birkenfeld and the DOJ stalled, Birkenfeld contacted the Securities and Exchange Commission, the IRS, and the U.S. Senate. In April 2008, Birkenfeld's lawyers told the DOJ that he would assist the DOJ in return for immunity. One or two months later, Birkenfeld was arrested. The DOJ's top tax lawyer said, "With regard to whistleblowers: those who seek to be treated as true whistleblowers need to know they must come in early and give complete and truthful disclosures.... Mr. Birkenfeld did not come in and give complete and truthful disclosures. Therefore, he is not entitled to whistleblower status."


Birkenfeld's plea and sentencing


On June 19, 2008, Birkenfeld pleaded guilty to a single count of conspiracy to defraud the United States. On August 21, 2009, although the prosecution recommended 30 months, Birkenfeld was sentenced to 40 months in prison. He began serving his sentence on January 8, 2010. His projected release date is November 29, 2012.

Birkenfield did not appeal the conviction. On April 15, 2010, his attorneys filed a Petition for Commutation of Sentence. As of July 7, 2012, Birkenfeld is still in prison in Pennsylvania

And now, he is $104 million richer.

Implication: Uncle Sam wants you, dear concerned citizen, to expose all other such evil Swiss bank account holders (electoral campaign implications here being painfully obvious). You will be richly rewarded. But watch your back, dear concerned citizen, if you ever succeed in escaping into the rarefied air of having 2 nickels to rub together, and decide to save them not on US soil, for some inexplicable reason, but, say, Zurich or Geneva.


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Tue, 09/11/2012 - 10:56 | 2781732 Zola
Zola's picture

USSR part 2 - the snitches have a long life ahead of them.

Tue, 09/11/2012 - 10:57 | 2781739 Pladizow
Pladizow's picture

Id gladly give up 3.5yrs for $104mil.

Tue, 09/11/2012 - 10:58 | 2781745 PontifexMaximus
PontifexMaximus's picture

even 4

Tue, 09/11/2012 - 11:05 | 2781762 Pladizow
Pladizow's picture

I bet he gets out, renounces his US citizenship and is then assasinated!

Tue, 09/11/2012 - 11:06 | 2781781 Xibalba
Xibalba's picture

*heart attack(ed)* you mean? 

Tue, 09/11/2012 - 11:22 | 2781865 Dalago
Dalago's picture

Is that $104 million a taxable event?

Tue, 09/11/2012 - 11:30 | 2781877 Pladizow
Pladizow's picture

Incredibly YES!

How stupid is the IRS that they give 100 and then ask for 35 back!

Tue, 09/11/2012 - 11:48 | 2781962 SilverIsKing
SilverIsKing's picture


Tue, 09/11/2012 - 11:51 | 2781975 Frank N. Beans
Frank N. Beans's picture

maybe the $104 milyon was after taxes

maybe not

Tue, 09/11/2012 - 11:56 | 2782007 rayduh4life
rayduh4life's picture

Yes it is.

Tue, 09/11/2012 - 17:47 | 2783284 citizen2084
citizen2084's picture

Every event, and non-event or alleged event is taxable is usa.

Tue, 09/11/2012 - 11:39 | 2781931 Mad Max
Mad Max's picture

"heart attack" - ha.  He would do well to stay away from swimming pools, hot tubs, bathtubs, lakes, rivers, showers, water in any form, food, structures, vehicles of any kind, any element with more than 14 protons, etc. etc.  He might want to consider going native in Borneo, or deep in the upper Amazon.

Tue, 09/11/2012 - 11:58 | 2782014 rayduh4life
rayduh4life's picture

Pfftt.  He'll probably share a nice, small carribean island with Kenny Lay.

Tue, 09/11/2012 - 13:38 | 2782387 jeff montanye
jeff montanye's picture

listening to elvis strum an acoustic.

Tue, 09/11/2012 - 11:11 | 2781786 GetZeeGold
GetZeeGold's picture



Seems extreme......wonder if they have a plan for house arrest and staying alive?


Tue, 09/11/2012 - 11:09 | 2781801 HoofHearted
HoofHearted's picture

OK, so which one of you snitchez is going to turn in ZH membership for whatever the hell they decide we've all done? Any of you dishonor before death types? Remember the first rule of Fight Club...

Tue, 09/11/2012 - 11:13 | 2781820 GetZeeGold
GetZeeGold's picture



Hell.....I didn't figure I could count on anyone I turned myself in.


Tue, 09/11/2012 - 11:43 | 2781946 NotApplicable
NotApplicable's picture

Wait, I thought you were just another gov. agent sock-puppet, like everybody else here?

Tue, 09/11/2012 - 12:03 | 2782038 mkhs
mkhs's picture

There are only two or three humans.  The rest is AI  algos.

Tue, 09/11/2012 - 12:58 | 2782240 Gazooks
Gazooks's picture

matrix, bitchez

Tue, 09/11/2012 - 21:35 | 2783889 StychoKiller
StychoKiller's picture

Kiss my splintery, wooden @ss!

Tue, 09/11/2012 - 11:15 | 2781830 ParkAveFlasher
ParkAveFlasher's picture

$100M is a lot of money, but it would practically only take a minute fraction of this to find and track his entire bloodline "for future usefulness".  I wonder if he's considered that the people he's exposing might not like being exposed and that these people are obviously quite resourceful.

Tue, 09/11/2012 - 11:47 | 2781958 NotApplicable
NotApplicable's picture

My perspective on this is that UBS was targeted for "assassination" as it presented unwanted competition to the criminal banking sector by offering legitimate services. I'd also guess that the list of people has been scrubbed so that only those "not in the club" (or failed to keep up with their dues) appear on it.

In other words, it was a trap.

Tue, 09/11/2012 - 12:07 | 2782054 Apocalicious
Apocalicious's picture

UBS and CS aren't part of the TBTF syndicate. I mean, if you're going to fleece American "consumers" and "investors" Uncle Scam requires that you keep said fleeced wealth firmly within our national borders. Makes for much easier eventual confiscation.


Consider the only US citizen tax dodgers the IRS are really going after are those that use Swiss banks with global presence. The local Swiss banks that don't have branches elsewhere, well, those have maintained client confidentiality quite nicely.

Tue, 09/11/2012 - 12:37 | 2782173 TheGardener
TheGardener's picture

When UBS was about to hit the wall, the old CEO secured new
"funding" from the US. No bailout without conditions.
Money talks.

Tue, 09/11/2012 - 14:06 | 2782472 ParkAveFlasher
ParkAveFlasher's picture

Whether or not the informant is a tool of the .001%, he is still highly mortal.  A $100M+ prize means he's likely uncovered tens of billions of dollars (if not more) in deposits that are now targeted for IRSzation.  I am perfectly sure that none of the owners of those deposits are the Sisters of Charity.  I am sure that there are more than a few unsavory characters with the wherewithall to do grave malice towards the informant.

Tue, 09/11/2012 - 15:10 | 2782740 TheGardener
TheGardener's picture

NotApp, you are not far off the mark.

How it was played out , paid in capital on equity was the
first move for full privacy destruction. Big bailout with US secured funds.
Being Swiss did not help, they were done, so new rules.

Too big to bail, as a business entity an empty shell,
the zombie is led on strings with the business model
being stripped . And this without considering SNB action...

Tue, 09/11/2012 - 10:58 | 2781746 ChubbNut
ChubbNut's picture

Oooo idk....3.5 years is a long time to be in jail...but that is a shitload of money.

Tue, 09/11/2012 - 11:54 | 2781998 Popo
Popo's picture

He'll be heartattacked in a hot tub within the year.

Tue, 09/11/2012 - 11:08 | 2781793 johnQpublic
johnQpublic's picture

depends on the prison...attica no, but a place like Butner medium where bernie madoff is, oh hell yeah

Tue, 09/11/2012 - 12:11 | 2782063 Sofa King
Sofa King's picture

Not just 3.5 years, but 3.5 years and his farts no longer make a sound. Bonus.

Tue, 09/11/2012 - 11:02 | 2781766 MillionDollarBonus_
MillionDollarBonus_'s picture

Nothing makes me angrier than knowing that there are spineless Americans out there keeping all their property for themselves. Allowing the government to redistribute your property is a form of sharing, and there is no greater virtue than sharing your property with others. 

Tue, 09/11/2012 - 11:08 | 2781790 PontifexMaximus
PontifexMaximus's picture


Tue, 09/11/2012 - 11:09 | 2781802 johnQpublic
johnQpublic's picture

whats it called when you share, say, at gunpoint?

Tue, 09/11/2012 - 11:48 | 2781960 NotApplicable
NotApplicable's picture


Tue, 09/11/2012 - 11:10 | 2781807 CaptainObvious
CaptainObvious's picture

This is one of your weaker efforts MDB.  Put a little more credibility into that fair-share indignation, will ya?

Tue, 09/11/2012 - 11:25 | 2781878 markovchainey
markovchainey's picture

Even the inimitable MDB has his limits...

Tue, 09/11/2012 - 11:36 | 2781918 EvlTheCat
EvlTheCat's picture

Where is your girlfriend Harry Wanger?  She hasn't been around in a while. Didi you two get divorced, and you got to troll Zero Hedge in the settlement?

Tue, 09/11/2012 - 11:36 | 2781919 Bansters-in-my-...
Bansters-in-my- feces's picture


Are you not dead yet...?

It's gotta happen soon......

Hurry up and die already,would ya....!

Mon, 09/24/2012 - 09:09 | 2823914 MeelionDollerBogus
MeelionDollerBogus's picture

when my property is shared with others against my consent I shall use extreme violence, an act of counter-terrorism, to stop it.

The least virtue, the most terrorism, is to take my life, my health, my property against my will. 23 voted you up. 21 voted you down including me.

Again, peak-nihilism. OR the lemmings laughing at their own executions, seeing the truth of the nonsense but not actually sticking to their guns that they must stop it.

The algo is woring. I hate you.

When actual people show up actually saying what you say to take my things I will actually kill them. It's the only choice besides suicide for it IS suicide to let people take everything I have to "share" with the undeserving. They plan to kill anyone / everyone who has their preparations for bad times (e.g retirement, savings, a garden to live off of, etc.) so that useless bottom-feeders who REFUSE to work can still be fed. They SHOULD die of starvation. That's what's good and proper for the world to live for all else is death to us all.

Tue, 09/11/2012 - 10:56 | 2781733 hedgeless_horseman
hedgeless_horseman's picture



Snitchezzz, bitchezzz!!!

Tue, 09/11/2012 - 12:02 | 2782031 Saro
Saro's picture

Snitchezzz get stichezzz, bitchezzz!

Tue, 09/11/2012 - 10:56 | 2781735 lizzy36
lizzy36's picture

Be first, be smarter or cheat.

Tue, 09/11/2012 - 11:05 | 2781778 ZaphodBeeblebrox
ZaphodBeeblebrox's picture

Naw. Be smarter and cheat and then turncoat and cheat the system.

Tue, 09/11/2012 - 10:57 | 2781737 MFLTucson
MFLTucson's picture

The moral of the story is, never trust a Jew banker.

Tue, 09/11/2012 - 10:59 | 2781747 BaBaBouy
BaBaBouy's picture

Trust your GOLD ...

Tue, 09/11/2012 - 11:14 | 2781823 Darth Sidious
Darth Sidious's picture

don't you understand that we jews control everything in a massive international conspiracy and we are monitiring this website and gathering data and information on you and all those who make posts like this.  Mossad and our even more secret and nefarious organizations will deal with all of you in due course.

Tue, 09/11/2012 - 11:22 | 2781867 Henry Hub
Henry Hub's picture

I just shit my pants!

Tue, 09/11/2012 - 12:01 | 2782020 BaBaBouy
BaBaBouy's picture

Thats why the US Military is creating a new Personal "iDrone" ...


Everyone is getting one assigned to them. You get Outta Line, you get "Taken Out" ==> With

Minimal Collateral Damage!

Beware... "iDrone"

Tue, 09/11/2012 - 13:36 | 2782380 AlamoJack
AlamoJack's picture

The Home Drone Bone BITCHEZZZ

Tue, 09/11/2012 - 10:57 | 2781742 ChubbNut
ChubbNut's picture


Tue, 09/11/2012 - 11:01 | 2781744 Cognitive Dissonance
Cognitive Dissonance's picture

Maybe Blankfein should turn himself in (aka rat on himself) to the IRS. It could be worth millions to him in finder fees (bankers LOVE fee income).

It would most certainly be his final f**k you.


Tue, 09/11/2012 - 11:10 | 2781804 ZaphodBeeblebrox
ZaphodBeeblebrox's picture

No need to rat on himself. They already have the Goldman Sachs golden parachute program (i.e. Hank Paulson). Stroke Obama. Get into the Treasury dept, you are required to sell conflicting interests (Goldman stock) but so sad you HAVE to sell so we forgive you having to pay any capital gains. 


right on the sarc of fahq you because it's actually a fahq us.

Tue, 09/11/2012 - 11:11 | 2781816 nonclaim
nonclaim's picture

I have a feeling that the award also contemplates the bank accounts he *didn't* disclose.

Tue, 09/11/2012 - 11:18 | 2781841 Cognitive Dissonance
Cognitive Dissonance's picture

The IRS can't "find" what they ain't looking for.

Tue, 09/11/2012 - 11:30 | 2781902 nonclaim
nonclaim's picture

Sure, I meant had he made those accounts public then the IRS would have to "find" them.

Tue, 09/11/2012 - 11:35 | 2781915 Cognitive Dissonance
Cognitive Dissonance's picture

Agreed. I knew what you meant. I was just playing with the kitty cat. :)

<Watch those claws little princess.>

Tue, 09/11/2012 - 11:56 | 2782008 Urban Redneck
Urban Redneck's picture

I wonder why the CIA with its huge balance sheet has never been tripped up by the Deptarment of the Treasury and its subsidiaries (IRS, SEC, et al), could it be that all the best and brightest at tax evasion, offshoring, and money laundering who chose to work in the public sector chose the other side of the Potomac River?

Tue, 09/11/2012 - 12:04 | 2782039 rayduh4life
rayduh4life's picture

Uh CD, I believe that should read (Bankers love free income)

Tue, 09/11/2012 - 10:59 | 2781750 mspgrandi
mspgrandi's picture

AS soon as this news was released on Bloomberg the entire floor went mute.... then a few people spittered the words "oh my god" ... then suddenyl we all reached for our phones....(i asssume the dealerboard at the IRS will be busy today)

Tue, 09/11/2012 - 11:00 | 2781752 Quinvarius
Quinvarius's picture

If I know the IRS, this is not the end of it.  They don't just leave you alone in these situations.  This dude needs to exit the country and never look back.  They want that money back, plus interest.

Tue, 09/11/2012 - 11:00 | 2781756 mckee
mckee's picture

The silliness is getting sillier!

Tue, 09/11/2012 - 11:00 | 2781757 FubarNation
FubarNation's picture

I briefly thought I'd do 4 years of time for 104 mil but I'd miss my kids.  Not worth it. 


Good for that fucking chump who sold out his customers for a hundred mil.  


Wonder how long he'll last on the outside?

Tue, 09/11/2012 - 11:02 | 2781763 mckee
mckee's picture

104 million and a name change will go a long way in Belize

Tue, 09/11/2012 - 11:14 | 2781825 Lord Blankcheck
Lord Blankcheck's picture

What's the tax rate on that payout?

Tue, 09/11/2012 - 12:08 | 2782055 rayduh4life
rayduh4life's picture

Depends upon which offshore, numbered account he had it deposited in.

Tue, 09/11/2012 - 12:12 | 2782071 TheGardener
TheGardener's picture

Only if you have a nice taint as Berlusconi attested to
that other displaced person without a valid birth certificate.

Tue, 09/11/2012 - 11:08 | 2781794 Quinvarius
Quinvarius's picture

If you were my dad, I'd want you to do it.

Tue, 09/11/2012 - 11:12 | 2781817 hedgehog9999
hedgehog9999's picture

outside???, he might never get out of jail, they don't like snitchez over there, almost as low as child molesters in status!!

Tue, 09/11/2012 - 12:00 | 2782024 TheGardener
TheGardener's picture

The Austrian who sold the German customer data got picked
up by the Swiss Secret Police and duly managed to hang himself in his cell. Would not sell my worst enemy for 100 mil fiat but I know most people would, except some on this board.

But let's not talk about this soon to be deceased snitch
but celebrate the downfall of an empire that seems to love the traitor more than treason, or desperately gives
the impression thereof. 100 Million for fucks sake ? They lost the plot. Completely morally bankrupt, total numbers no longer matter .

They are a spent force, good riddance.

Tue, 09/11/2012 - 11:01 | 2781759 KidHorn
KidHorn's picture

Crime doesn't pay.

Tue, 09/11/2012 - 11:10 | 2781806 tocointhephrase
tocointhephrase's picture


Tue, 09/11/2012 - 14:33 | 2782591 PontifexMaximus
PontifexMaximus's picture


Tue, 09/11/2012 - 11:04 | 2781772 rufusbird
rufusbird's picture

That will teach them for fucking with someone who knows something.

Tue, 09/11/2012 - 11:04 | 2781773 f16hoser
f16hoser's picture

In other news; IRS taxes UBS Whistleblower to the tune of 50% of funds awarded in ratting-out Swiss Bank account holders.

Tue, 09/11/2012 - 14:34 | 2782598 PontifexMaximus
PontifexMaximus's picture

And another 40% bonus to his jewish lawyers?

Tue, 09/11/2012 - 15:37 | 2782845 TheGardener
TheGardener's picture

If they were really what you think they had been , well
why not open a new account on the other side of the the road
with the OTHER Passport ? Being hit hard and still being
cool makes the difference. Stop whinging, and cut out lawyers, for f` sake. They trade the system ,as any lawyer would and they would trade you in for any silly legal

Tue, 09/11/2012 - 11:05 | 2781779 LeisureSmith
LeisureSmith's picture

The ratfaced man with brass balls gonna need kevlar underpants. My guess is some of those "wealthy Americans" is also dangerous Americans.

Tue, 09/11/2012 - 11:08 | 2781795 LibertyForSome
LibertyForSome's picture

So if I have this straight, our national tax law rewards some scum for being scummier than the rest of the scumbags they work with.

May the rats live long and prosper.

Tue, 09/11/2012 - 13:31 | 2782360 MachoMan
MachoMan's picture

Yes.  Qui Tam/Federal False Claim Act incentivizes citizen snitches/whistleblowers to come forward with their information.  Personally, I wish we would go to a system exclusively like this and whittle the amount of agents/buildings/etc. down to nil, given there really isn't much need for monitoring or policing proper...  There are a lot of comments about rats on this board, but it seems like rats eating rats to me... 

Tue, 09/11/2012 - 11:09 | 2781797 atomic180
atomic180's picture

Mitt Romney and his Swiss bank account... no wonder he wont/can't release his 2009 IRS income taxes...

Tue, 09/11/2012 - 11:16 | 2781831 foodstampbarry
foodstampbarry's picture

He'll release it, when Barry releases his college transcripts and provides a legitmate birth certificate.

Tue, 09/11/2012 - 11:21 | 2781853 atomic180
atomic180's picture

 Mitt for President... a great example for the COMMANDER AND CHEAT...

Tue, 09/11/2012 - 15:01 | 2782706 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

Can I get a reward if I turn in Mitt? Maybe nobody got around to telling the IRS about him...

Tue, 09/11/2012 - 11:09 | 2781798 CaptainObvious
CaptainObvious's picture

See something, say something!

Now I have to worry if the neighbors will rat me kids have a piggy bank with relatives in Spain.  I wouldn't be surprised if the IRS comes beating on my...hold on, I hear a knock at the door...

Tue, 09/11/2012 - 12:16 | 2782084 mkhs
mkhs's picture

Hurry, turn yourself in.  You'll get back 30%.

Tue, 09/11/2012 - 11:09 | 2781803 max2205
max2205's picture

After taxes.... $50 mill

Tue, 09/11/2012 - 11:48 | 2781959 sluggo
sluggo's picture

Nah....He was in jail for more than 12 months; he should pay long-term capital gain rate on the $100 million!

Tue, 09/11/2012 - 11:11 | 2781809 tocointhephrase
tocointhephrase's picture

Dead in 5...4...3...2...

Tue, 09/11/2012 - 11:11 | 2781810 ptoemmes
ptoemmes's picture

So let me get this right using the Underpants Gnome system:

1) Get Jailed

2) Whistleblow

3) Profit

Tue, 09/11/2012 - 11:18 | 2781844 ParkAveFlasher
ParkAveFlasher's picture

4) Die in Belize

Tue, 09/11/2012 - 11:12 | 2781814 Inthemix96
Inthemix96's picture

A zionist jew I wonder?

Lets hope the fucker is locked and loaded. (pardon the pun).  I know a few ex jailbirds.

The only thing worse than a grass (snitch, sell-out), is a peodophile.  Look out son, there is a whole load of wrath coming you're dispicable arse saving way.


Tue, 09/11/2012 - 11:44 | 2781950 falak pema
falak pema's picture

with 104 million he can get a face job, have his bum hole panelled so that you have to have a biometric key to get in and then go live in any other country than Swiss land or USA. 

He can even have a Don C sized praetorian guard to tuck him into bed; with the maid thrown in. 

Tue, 09/11/2012 - 11:53 | 2781990 Inthemix96
Inthemix96's picture

104 mil?

What a tidy sum for grassing?  Hope some nice bloke he crossed gives him a handsome chelsea smile.  No one, and know one I know likes a grass.  Lower than a snakes belly.  What a snivelling scumbag this cunt is.

Tue, 09/11/2012 - 12:34 | 2782166 Overfed
Overfed's picture

In this part of the world, he's what we like to call a Toenail; it's about 3 feet below a cunt.

Tue, 09/11/2012 - 11:12 | 2781815 omi
omi's picture

I wonder how many rich folks he pissed off that the question becomes is 104M worth it?

Tue, 09/11/2012 - 11:15 | 2781827 Crtrvlt
Crtrvlt's picture

larry flynt will pay you too

Tue, 09/11/2012 - 11:20 | 2781856 BudFox2012
BudFox2012's picture

I have a list of people I will "volunteer" information on for 104 million...

Tue, 09/11/2012 - 11:35 | 2781868 linrom
linrom's picture

IRS is getting smarter, finally! It used to be that they could only go after people claiming 'homestead exemptions' or 'slavery' tax credits. It's a toss up between US and Greek tax collectors for absolute structural ineptness.


This is old news, US is not going to prosecute anybody. They said so several years ago! The implications are obvious, evade taxes, US government will not do anything. After all, the name of the game is to suck everything up and don't pay any taxes, that's a cardinal sin amongst global elites.



Tue, 09/11/2012 - 11:23 | 2781871 Mad Max
Mad Max's picture

The delicious irony would be if this award was then confiscated as the proceeds of organized crime - but only after it was treated as taxable income to him, generating a ~38M tax bill, which he would then have to come up with funds for.

Yes, that is Catch-22.

Tue, 09/11/2012 - 12:27 | 2782128 TheGardener
TheGardener's picture

Yes madmax, not just delicious irony but the way government
operates. Never ever trust them, you can`t make a deal with
double crossing multiheaded beasts that claim authority by
spitting fire.

Most stupid case study in legal academia is "prisoners
dilemma" where they take all those wrong assumptions
of their ivory tower existence for granted and pompously
misjudge the common man.

Tue, 09/11/2012 - 11:26 | 2781888 bubbleburster
bubbleburster's picture

I am perplexed at all the knee-jerk shock and awe.  I am reading the closing pages of "Liar's Poker" and I gotta tell you, nothing has changed and most likely nothing will change certain types of human behavior.  To say that people will persue self interest at the expense of just about any other human being, seeing them in their rear view mirror as just so much road-kill on the road to their own self-enrichment.....well, that's just the name of the game, isn't it?  Why are we so shocked?  Ivan Boesky, Michael Milken, Bernie Madoff.....the swamp is wide, deep and dark and Wall Street is just the shiny plated sign that we all talk about.  It's truly more the dark side and way too many movers and shakers are cast from the mold of Darth Sidious.....

Maybe it will take a total collapse of the carnival act to bring on the type of enlightenment from the grassroots all over the world.  Without the walls and ceiling falling all the way down, the carnival barkers will keep the show going 24/7, no matter how illicit and fixed the outcome.  I am reminded of Leonard Cohen's "America" ....>"I have seen the future and is murder"

Tue, 09/11/2012 - 12:16 | 2782083 rayduh4life
rayduh4life's picture

Try "Lords of Finance".  None of this crap is new.

The only way to win the game is not to play.

Tue, 09/11/2012 - 11:29 | 2781899 dolph9
dolph9's picture

This is what happens under a corrupt, collectivist regime.  Which we basically have the world over now.  Everybody's a snitch.

Trust me, the old and the rich will turn on each other.  It's only a matter a time before the bankers and politicians do the same.  The folly will be there for all to see.

Tue, 09/11/2012 - 11:54 | 2781997 linrom
linrom's picture

Nazism is a collectivists ideology! I bet you think of collectivism as Communism? On the other hand Fascism(Crony Capitalism), is not collectivist ideology, You got it wrong! No surprise here.

Tue, 09/11/2012 - 14:43 | 2782404 TheGardener
TheGardener's picture

Oh linrom, you truly smell Nordic. Volksheim or how is it called up there ?

You might have a thing or two to educate us on this equality
rejecting individualist Nordic commune based existence, we can`t spell your competing Nordic gods and we only have silly ideology to compare with...

Tue, 09/11/2012 - 13:04 | 2782256 TheGardener
TheGardener's picture

"Trust me, the old and the rich will turn on each other. It's only a matter a time before the bankers and politicians do the same."

Thanks for cheering us up. My only hope since 2008 that
turning them against each other would me see alive at the big change.

Tue, 09/11/2012 - 11:34 | 2781913 Meesohaawnee
Meesohaawnee's picture

wheres jon corzine?

Tue, 09/11/2012 - 11:44 | 2781949 linrom
linrom's picture

He is too busy counting his money in Swiss accounts, skiing in Swiss Alps and eating Swiss cheese in this parasitic nation living off bankers vig.

Tue, 09/11/2012 - 13:29 | 2782350 TheGardener
TheGardener's picture

Linrom ? Do I smell Nordic envy?

You must hate being left out by Bismarck with his dismally small minded small Reich . Yes, all the tribes left out
by Bismarck don`t have to call themselves "German" and left
to their own devices on the periphery were doing all the better for it. Back to the future, how would you do in free
secessionist free European states or better free fiefdoms ?

Envy Swiss bankers, the best the world has ever seen
and were made to go down ? Envy for what ? Capital flight ?
Relationship banking assumed her eternal rule back in the nineties. Get real, kicking the living off zero/negative interest rate Swiss is so much 90`s and before, now they are
the ones to adjust the most drastically with their business
model being made obsolete.

Tue, 09/11/2012 - 11:40 | 2781940 JackT
JackT's picture

And yet the gov't is seeking Occupier's twitterings, or they will fine Twitter:

Tue, 09/11/2012 - 11:56 | 2782009 NotApplicable
NotApplicable's picture

Wait, is twitter private now? Other than headlines, what's the point in subpenaing public info?

Tue, 09/11/2012 - 11:44 | 2781948 markar
markar's picture

where can I get a job in criminal banking?

Tue, 09/11/2012 - 11:59 | 2782016 NotApplicable
NotApplicable's picture

Whoosure daddy?

Tue, 09/11/2012 - 14:38 | 2782623 PontifexMaximus
PontifexMaximus's picture

Pls take care for me as well!

Tue, 09/11/2012 - 11:45 | 2781956 the 300000000th...
the 300000000th percent's picture

Thats one rich snitch

Tue, 09/11/2012 - 11:53 | 2781993 hapless
hapless's picture

Fuck the UBS depositors.  Over 300 banking institutions in the country and they are stupid enough to place their money with one of the least solvent banks on the planet.  Have they not heard of Tier One Capital ratios?

Tue, 09/11/2012 - 11:54 | 2781999 Pairadimes
Pairadimes's picture

Apparently there are 8 signs of the Apocalypse.

Tue, 09/11/2012 - 13:48 | 2782417 Apocalicious
Apocalicious's picture

8? Nah, we're just getting warmed up. Trust me...

Tue, 09/11/2012 - 12:02 | 2782015 dark pools of soros
dark pools of soros's picture


Tue, 09/11/2012 - 12:11 | 2782066 aerojet
aerojet's picture

Still waiting for DOJ to do anything about Eric Holder relating to the Fast & Furious blatant illegality.  I don't hold out much hope for finance industry prosecutions at this point.

Tue, 09/11/2012 - 12:11 | 2782067 lemarche
lemarche's picture

HUGE. JAIL = BEST JOB EVER with this kind of check.....

Tue, 09/11/2012 - 12:24 | 2782123 mkhs
mkhs's picture

Almost.  Being corzine pays better.

Tue, 09/11/2012 - 12:27 | 2782125 spooz
spooz's picture

Rarified air of having two nickels to rub together is not the same as having money parked offshore in a Swiss bank account. The latter is primarily a tool for elites and trying to paint it as everybody's problem doesn't cut it. I have no sympathy for financial parasites.

Tue, 09/11/2012 - 14:04 | 2782468 TheGardener
TheGardener's picture

Back in the old days of public procurement, you had to have a Swiss account for provisions only. Not you with no capital and negative taxes upon it, not even for bribes or any other dirty things , just for paying facilitators rents due.

International taxes.

Tue, 09/11/2012 - 12:26 | 2782126 Xandrino
Xandrino's picture

IRS is not even legal. It's an UN organisation. In fact the whole US Treasury is now IMF/World Bank.

There is no law that you have to pay Federal income tax bitchez.

Tue, 09/11/2012 - 12:28 | 2782137 q99x2
q99x2's picture

How much is a current House Rep worth.

Actually the IRS could cut down on its payment to crooks for info if it made up a list of positions and how much it will pay for info that leads to their arrest.

They could have easily brought in a 104 democrats and/or republicans with that much of a payment. Perhaps even a President or two. Certainly the Attorney General would a been busted.

Tue, 09/11/2012 - 13:26 | 2782339 Floodmaster
Floodmaster's picture

The US$1.4 trillion of Indian black money stashed in Switzerland should be seized and redistributed to the India's poorest.

Tue, 09/11/2012 - 14:01 | 2782458 lemonobrien
lemonobrien's picture

i'd suck dick for a 104 million; of course, I'm smart enough to leave the country afterwards. and not look back.

Tue, 09/11/2012 - 14:02 | 2782463 Shakes
Shakes's picture

Snitchez get Richez

Tue, 09/11/2012 - 15:26 | 2782803 proLiberty
proLiberty's picture

"...pleaded guilty to a single count of conspiracy to defraud the United States. "


Typical of government: make it a crime to defraud government while they defraud the taxpayer from start to finish.


Tue, 09/11/2012 - 15:48 | 2782874 r00t61
r00t61's picture

Governments hold de jure monopolies on justice, violence, and coercion, which means that they then gain de facto monopolies on lying, cheating, and stealing.

Tue, 09/11/2012 - 18:18 | 2783381 caconhma
caconhma's picture

What a country? It is a paradise for hitmen. By telling the truth, hitmen are get paid by both the employer and by the government.

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