It has been a bad few months for some very wealthy people hiding money in Lichtenstein. Disgruntled LGT Bank employee, Heinrich Kiebler downloaded all their private accounts. Then Mr. Kiebler sold the list of investors to the US government and twelve other countries. In addition to money from the sale Mr. Kiebler stands to earn 30% of all tax revenue collected from the hidden accounts. In the wake of the Kiebler incident, UBS the largest bank in Switzerland, announced this week that they would no longer be helping American investors evade taxes through offshore accounts.
UBS has an estimated 19,000 U.S. clients with a combined $17.9 billion in accounts "that have not been disclosed to U.S. tax authorities," according to estimates given to the Senate panel by the bank and Bradley Birkenfeld, a former UBS banker.
I'm afraid that upsetting many of the richest people in the world will not end well for Mr. Kiebler. Enjoy your money, hide well, and have someone else start your car.
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