Financial Transparency Coalition

WASHINGTON - A federal court in Newark, N.J., denied Schering-Plough Corp. a $473 million refund in connection with two transactions in which Schering-Plough sought to avoid taxation on $690 million in profits it repatriated from offshore subsidiaries into the United States.

As the Tax Justice Network notes:

Tucked away low down in an article in the August edition of the Swiss review, there is this:

“Switzerland has become a paradise for foreign capital on which tax is not paid. The uproar from foreign governments is understandable.”

These are not the words of a critic of the banks, but of private banker Konrad Hummler. He says that around 30%, or CHF 1,000 billion, of the CHF 2,800 billion or so of foreign assets in Swiss banks is untaxed “black money”.

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NEW YORK (Reuters) - Executives at Swiss banks Julius Baer (BAER.VX) and Credit Suisse (CSGN.VX) expect to avoid a U.S. tax investigation into their private banking businesses on the same scale as their peer UBS (UBSN.VX), they told The Financial Times on Sunday.

Swiss Bankers Association has declined to give names of Indian holding accounts in Swiss banks. But they could not hold American's names, they buckled down, revealed names of US nationals and paid fines to US also. Why do we then fail?