Wednesday, August 26, 2009

Who Is Obama Playing Ball With?

by Amy Goodman

It looked like it was business as usual for President Barack Obama on the first day of his Martha’s Vineyard vacation, as he spent five hours golfing with Robert Wolf, president of UBS Investment Bank and chairman and CEO of UBS Group Americas. Wolf, an early financial backer of Obama’s presidential campaign, raised $250,000 for him back in 2006, and in February was appointed by the president to the White House’s Economic Recovery Advisory Board. Economic recovery for whom?

Interestingly, Wolf’s appointment came in the same month that UBS agreed to pay the U.S. $780 million to settle civil and criminal charges related to helping people in the U.S. avoid taxes. Not to worry. UBS, an ailing bank with a pre-existing condition, had great insurance coverage. It was actually receiving $2.5 billion in a backdoor bailout from bailed-out insurance giant AIG. Sen. Olympia Snowe, R-Maine, said, “It looks like we’re simply laundering this money through AIG.” UBS, this bank that shelters wealthy tax dodgers, was actually being bailed out by hardworking U.S. taxpayers.

UBS, which once stood for Union Bank of Switzerland, was founded more than a century ago. Its success hinges on Switzerland’s famous banking secrecy laws, allowing people to squirrel money away in untraceable “numbered accounts.” Secret Swiss bank accounts have become a favorite way for wealthy people in the U.S. to dodge taxes. According to the U.S. Senate’s Permanent Subcommittee on Investigations, in a July 2008 report, “From at least 2000 to 2007, UBS made a concerted effort to open accounts in Switzerland for wealthy U.S. clients, employing practices that could facilitate, and have resulted in, tax evasion by U.S. clients.”

As part of the settlement, UBS agreed to share client account information with the U.S. government. While there may be as many as 52,000 such accounts, UBS is releasing only about 4,450 client names. Internal Revenue Service Commissioner Doug Shulman said in a press release, “We will be receiving an unprecedented amount of information on taxpayers who have evaded their tax obligation by hiding money offshore at UBS.” UBS will be sending account holders notification that their names may be among those delivered to the IRS, and the IRS, in turn, is granting leniency to tax dodgers who turn themselves in before Sept. 23. Account holders won’t know if their names are included, though, so gamblers among them may keep quiet and hope their accounts stay secret.

Last Friday, as Wolf was preparing for his golf game with Obama, UBS whistle-blower Bradley Birkenfeld was sentenced to 40 months in prison for facilitating offshore tax evasion through UBS banking schemes, despite assisting federal investigators in exposing the secretive bank.

Above the entrance to UBS’ headquarters in Zurich is a bust of the Greek god Hermes—not only the fleet-footed messenger of the gods, but also the god of thieves and merchants. The symbolism is striking. Whether or not Wolf won his golf game against Obama, UBS has clearly scored a hole in one.

Denis Moynihan contributed research to this column.

Amy Goodman is the host of “Democracy Now!,” a daily international TV/radio news hour airing on more than 750 stations in North America. She is the co-author of “Standing Up to the Madness: Ordinary Heroes in Extraordinary Times,” recently released in paperback.

Thursday, August 20, 2009

Astroturf: Exposing the Fake Grassroots

Friday, August 07, 2009

And while we're on the general subject....




Here's a little Glenn Beck gallery. Yet another triumph of noise over reason, sheer stupidity over intelligence. 1/4 to 1/3 of the American public feed out of this halfwit's hand.

Scary.











































Now this last one is not of ol' Glenn, but nobody - no less an elected official - so forcefully combines sheer ignorance with outright wingnut lunacy as the Honorable Rep. Michelle Bachman of Minnestota (yes, the same bipolar state that barely elected Al Franken to the Senate).

So, here's my piece of unsolicited advice to all of those first class idiots that swarmed the health care town hall meeting in Tampa the other night, screaming about socialism and nazism:

THIS fat fuck calls Obama a Nazi?!?!?!?

Let us hope that next time Rush the Scumbag comes back from one of his sex tourism jaunts in the Dominican Republic, they find more than an empty vial of Viagra.

Oh ... and as for you so-called dittoheads, do us all a favor and march off in unison into the sea sooner than later.