1. Based on the <em>“Wealth Management Crisis at UBS,”</em> my opinion is that the government and national culture of Switzerland, the U.S. Treasury, and some corrupt governments around the world, played a major role in aiding the tax fraud scandal committed by more than 52,000 U.S. residents.
The extent to which the corporate culture of UBS also contributed to the scandal is that the bank continued to help these U.S. residents to hide billions of dollars in untaxed assets. Why should the bank deliberately hide accounts for U.S. residents?
2. The global financial crisis between 2007 and 2009 helped in uncovering the secret accounts and tax fraud scandal because its challenges encouraged the U.S. Department of Justice (DOJ) decided to investigate the tax frauds committed by foreign account holders.
The implication is that without the global financial crisis, the investigations that uncovered the tax fraud would not have been initiated by the U.S. Department of Justice (DOJ) soon.
3. It matters to the entities that could have been impacted by the scandal. For instance, the U.S. Treasury was being deprived of hundreds of millions of dollars in taxes, according to the report.
Without the bailment from the Swiss government, UBS would have collapsed. Many account holders would have lost their savings in the process.
There is no way no losses would not have been incurred if the scandal continued.
4. Importantly, we are not supposed to wait for the next global recession to uncover similar financial scandals and tax frauds around the world.
Thus, tax havens, like the UBS, must come under rigorous investigations from time to time. Such regular investigations would deter would-be tax fraudsters and assets looters from committing to hiding their accounts.
Learn more about asset looting and Wealth Management crises at brainly.com/question/24554162 and brainly.com/question/25664180
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