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Excercises in Burying the Lede: The UBS-Obama Connection

John on July 15, 2009 at 9:26 pm

It must be beat-up-on-Time-magazine day here at VS. This one is just too amazing to ignore:

UBS has been under investigation by the Department of Justice since last summer for allegedly helping wealthy Americans hide $200 billion in undisclosed offshore accounts to evade taxes. To absolve itself of criminal charges, the bank, one of the world’s largest wealth managers, agreed to pay a $780 million penalty and release the names of 250 clients whom the Internal Revenue Service suspected of evading taxes.

But that wasn’t enough to end the bank’s troubles. In February, the Department of Justice filed a civil lawsuit against UBS seeking the identities of 52,000 more Americans suspected of stashing a total of $15 billion at the bank. This time, the Swiss were having none of it. Citing bank-client confidentiality guaranteed in the Swiss constitution, Switzerland’s government has forbidden UBS from complying. It has also threatened to “take control of the data at UBS” to prevent the bank from handing the accounts over to the Americans.

So, it’s a major diplomatic story involving billions of dollars on which US citizens are not paying taxes. Not mentioned anywhere in the story is the name of the President of UBS Investment Bank and the Chairman and CEO of UBS Group Americas, Robert Wolf.

Who is Robert Wolf? He’s Barack Obama’s biggest bundler,  having raised at least a million dollars for “the One” from his connections on Wall Street. After the election he was given a seat on the President’s Economic Recovery Advisory Board. According to his own bio, he reports directly to the President.

Oh, did I mention that his company also received $5 billion in TARP funds which may or may not have gone overseas?

Is there a story here? Not according to Time magazine. But can you imagine the same scenario under a Republican President? Say Bush’s biggest fundraiser was sitting on his Economic Advisory Team even as the US was trying to recover millions in secret accounts from the company he heads up. Think that would have been a story?

You bet your bippy it would have.

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Category: MSM & Bias |

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