There's a legal battle underway pitting America's I(nfernal) Revenue Service against a large Swiss bank- UBS.
According to the Associated Press- around 52000 Americans have an estimated nearly $15-billion stashed away in secret UBS accounts.
The IRS claims it has a right to know the identities of those Americans holding the secret accounts- the UBS is clinging to Swiss privacy laws.
If I were to wager this situation- I'd bet that American million/billionaires will prevail here- the rich always do (see Bernard Madoff).
At worse- the rich are incarcerated in their penthouses.
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