Chapter 278: The White House is in trouble
After receiving David's confirmation and assurance one after another, Donald and Obadiah were already convinced by this, and at the same time, a sense of anger rose in their hearts.
Your Swiss bank has already made a lot of money in the United States by relying on the banking industry and various derivatives, but now that it is so good, you actually dare to deduct my share of the IRS?
This is simply unreasonable!
Have you ever taken the IRS seriously?
"Okay, David, we will follow your request and immediately seal down all branches of Swiss banks in our country and bring back all relevant personnel, but you will need to handle the follow-up work."
Before Donald could speak first, Obadiah spoke first.
“Director, as long as you seal down all their branches and personnel, just leave the rest to me.”
……
Los Angeles Internal Revenue Service , David hung up the phone and immediately entered a busy state.
The two products CUUI and CUUO cover a wide range of aspects, and it is necessary to find core personnel to operate them for customers. This can be said to be a huge workload.
At the same time, the order from the Washington General Administration was quickly spread to the IRS branches in various cities across the country.
An unprecedented seizure of Swiss banks began, which once again ignited discussions among major media around the world and people online.
“Oh my god, the IRS has not only targeted the Los Angeles branch of UBS, but now it has targeted all branches across the country. It’s simply unbelievable!”
“The General Administration of Taxation is here. How dare you cooperate with David to close down all UBS branches across the country, and take away the senior executives of so many regional branches? Are you not afraid of UBS launching a diplomatic protest? "
"The IRS is crazy. This is going to completely anger the Swiss Bank. Maybe the presidents of the two countries will have to come forward to negotiate!"
Not to mention the people of the United States at this moment. .
Even people from other countries are in disbelief at the IRS's arrogant behavior.
Let’s not talk about whether Swiss Bank has violated the law. Just shutting down all branches for investigation will not only cause Swiss Bank to face huge losses, but also the stock price will have a huge evaporation.
It’s strange that Switzerland and Swiss Bank are not impatient!
Maybe it will escalate into a diplomatic conflict between the two countries!
In fact, as everyone guessed, at this time in the UBS Group headquarters, all the senior executives were about to explode with anger.
“Damn, why, why does the IRS dare to do this!”
“Damn IRS, damn David, this is a naked violation of our failure to cooperate with the transfer of Thacker. To retaliate against the Le family's property, we must lodge a stern protest and let them know that our Swiss bank is not something that the IRS can take advantage of!"
"With such a draft of the national tax, our losses will be huge. We must not only protest against them, but also demand huge compensation from them!”
When they heard that David had closed down the Los Angeles branch and taken away the president and other related personnel, these senior executives were already extremely angry.
It's good now. Not only the Los Angeles branch has been closed down, but all branches in the United States have been closed down. This can be said to be riding on their heads.
Do they really think that their Swiss bank is a local American company, and they can’t do anything they want to do with it?
Unlike other senior executives who were in a state of anger, Group President Jets did not have any angry gesture at this moment, but his face was constantly turning.
David is not a fool, and the IRS executives are neither fools.
They should know very well what consequences this will have, but why do they still dare to do it?
There must be some confidence!
Thinking of this, he immediately stood up and looked at Candreva, who was in charge of taxation, and asked in a deep voice: "Candereva, have you already called the branch manager over there and asked? "No problem, right?"
"Well..."
At this point, Candreva still dared to give his assurance and became hesitant.
Seeing Candreva's expression, Jets frowned for a moment, and immediately asked: "It's already here, what else is there to hesitate about, and let go of anything!"
"That's it. Mr. President, through personal files and other investigations, I discovered that our Los Angeles branch manager has committed several illegal lending practices. Is there something wrong here?”
< br>Candreva answered bravely.
He couldn't guarantee whether David's confidence came from this level.
Hearing this, Jets and the other executives’ expressions suddenly dropped.
If things like illegal lending were normal, it wouldn't be a big deal at all.
After all, what bank doesn’t have a few such loans?
But now David has made it clear that he wants to punish them. If he must make a fuss from here, then he will more or less have an excuse.
“Wait a minute...it’s just illegal lending, and the president is responsible for this matter. So, let’s ask the lawyer to talk to the president of the bank and let him take care of everything. That’s it. It won’t have much impact on UBS as a whole!”
The person in charge of the legal department immediately suggested.
"That's true. I agree with this approach!"
"You're right. Illegal lending is a personal problem of the president. At most, we only bear some secondary responsibility. The IRS wants to rely on this The reason to punish us is not enough!”
“Yes, if you make a fuss about this issue or even close down all our branches in the United States, it is obviously making a fuss out of a molehill!”
After being awakened by the head of the legal department, the rest of the high-level brain circuits also turned around in an instant.
“No, I think the reason why David dared to close down our branches across the country must be more than just this. He must also have an important weight. Think carefully about where else he could go wrong. Problem! ”
Jets can be the president of UBS Group, and his brains are naturally beyond the reach of ordinary people.
Now it seems that David wants to punish UBS on the grounds of the branch president’s illegal lending.
But he knows very well that this can only be done for the Los Angeles branch.
I believe David and the top brass at the IRS are also aware of this.
As for the seizure of branches nationwide, the persuasiveness is not enough!
Hearing Jie Zi's words, the other executives seemed to have come back to their senses at this time, and their faces were twisted.
"Mr. Jets, there is a call from the president, asking you to report the situation!"
While everyone was still thinking, a staff member of UBS Group came in remind.
"I'm going right now!" When he heard it was the president, Jets didn't dare to neglect, and quickly stood up and walked out.
An hour later, with countless eyes from around the world focused on it, Swedish officials formally lodged a solemn protest with American officials.
In the protest announcement, he severely criticized the IRS for its unruly enforcement of the law, and even used words that would damage relations between the two countries.
For a time, the IRS was on the cusp of a huge storm.
The White House, in the office of the President's Chief of Staff.
"Mr. Clemont, you also know that it is always difficult for us to intervene in the affairs of the IRS. This matter is really not an order from the White House."
"Mr. Wilder, you, the Chief of Staff to the President, can't you manage an IRS?"
"That can't be said. The status of our US Internal Revenue Service is somewhat special. It is not comparable to other countries' tax bureaus. Yes, that's it, Mr. Clement, I'll ask the director of the Internal Revenue Service to come over right away and talk to him about what's going on!"
"Mr. Wilder, you'd better hurry up and let us go to Switzerland! The banks must resume operations, otherwise, if this continues, it may trigger a new round of financial crisis, and the United States will also suffer.”
The person who spoke to White House Chief of Staff Wilder was none other than Mr. Wilder. President of Switzerland.
His words did not scare Wilder. UBS Group currently controls 26% of the world’s cross-border assets. Once there is any fluctuation, a series of chain reactions may indeed trigger a financial crisis. of.
This is why he dared to protest so forcefully in front of Wilder!
Hearing this, Wilder felt aggrieved at this time.
The United States is the only superpower in the world today, and as the chief of staff to the President of the United States, he is considered one of the most powerful people on the planet.
Logically speaking, no one would dare to deny him face like this.
But Switzerland is really a bit difficult to deal with.
First of all, Switzerland does have too many assets.
As for these assets, America's richest people have contributed the majority.
What country is the United States?
Capitalist countries.
If he doesn't give face to Switzerland, it means he doesn't give face to the rich people who put their money in Swiss banks.
Therefore, this is where the current Swiss president’s confidence lies, and why his dignified White House chief of staff is so frustrated.
"Okay Mr. Cremont, I will settle this matter as soon as possible."
After hanging up the phone, Wilder called his assistant over and asked him to immediately Go and tell Obadiah to come.
The IRS is not very far from the White House. It was only twenty minutes before Obadiah and Donald arrived in the chief of staff's office.
“Obadiah, Donald, what the hell are you doing? It’s okay for David to be impulsive. Why are you so reckless and order the closure of all Swiss bank branches?!”
Wilder had been very angry with the Swiss President before, and of course he wanted to vent it on these two people now.
"Mr. Wilder, David is not ignorant, he is protecting the interests of our United States from loss!"
How can Donald tolerate Wilder accusing David like this? , immediately stood up to defend.
"What the hell is protecting our United States from losses? That's a Swiss bank. Do you know what President Switzerland called me just now? If things continue to develop, a financial crisis may be triggered. "How much relief and unemployment benefits will the IRS be able to issue, no matter how rich it is?" change.
Then Donald replied calmly: "Mr. Wilder, please listen to me first. This is what happened. After the investigation by our Director David..."
A few minutes later, when he finished listening After explaining the details of the two major products CUUI and CUUO, Wilder pondered for a moment, and then asked thoughtfully: "You mean, Swiss banks use these two major products to attract deposits from our domestic people. , thus gaining a lot of benefits?”
“Yes, these two major products have taken advantage of loopholes in the tax law, so the return rate is much higher than that of many bank products, and Swiss Bank has attracted With the funds of our people, the returns on investment are continuously sent back to their home countries. This is sucking our blood, so I just said that David is saving our interests from losses! ”
Hearing Donald’s detailed explanation again, Wilder could no longer say any words of accusation.
He had always thought that as the only superpower in the world, the United States had always been the only one that could cut the leeks of other countries.
But I didn’t expect that after hearing this, someone would dare to cut their leeks?
This does sound a bit angry.
However, after thinking for a while, he asked doubtfully: "Deputy Director Donald, according to what you said, these two major products CUUI and CUUO should be reasonable and legal. How can they be defined as tax evasion? ”
“According to what David told us, first of all, the operation method of CUUI’s product mainly uses the tax difference between domestic investors and foreign investors to achieve tax avoidance. Foreign investors’ dividend taxation is more Heavy, but they can sell the stocks to relevant banks for a short period of time, avoid relevant taxes, and then reacquire them, and the savings will be shared by all parties. "
"CUUO is treated as a stock. The strategic product of trading refers to the simultaneous sale and repurchase of stocks on the day when dividends are distributed. Because the transaction time is very short, the tax agency cannot determine who owns the stock ownership. Therefore, both the buyer and the seller can receive a capital gains tax refund. .”
"It is true that this does not violate the tax law, but it is also a loophole in the tax law. As long as we find out who is the party who can prove the ownership of the stock and some relevant information, based on the profit provisions of the current black tax bill, it can be defined as tax evasion. "
Donald told the details that David had explained to them.
"Is that so, then okay..."
Although he still doesn't understand a little bit, tax issues are not his expertise, and since David said so and the national tax If the top management of the bureau thinks so, then there really won't be too many problems.
Wilder finally relaxed from the previous tension.
"If this is the case, then the behavior of the Swiss Bank has indeed harmed the interests of our United States. Although sealing all their branches is a bit excessive, it is understandable..."
As the chief of staff, His job is to assist the president in handling all major political affairs of the country,
and now the whole story of this matter is obvious.
David does intend to retaliate against UBS, but according to his current statement about the two major products, UBS is indeed using these two major products to infringe on their American interests. Interests, both emotions and reasons must interfere.
"In this case, then you should quickly send out an announcement about the two major products and suppress public opinion first!"
"This is not okay, Mr. Wilder. According to Director David, if this matter is made public now, then the Swiss Bank will definitely try its best to cover it up and collude with the people related to it to collude with the confession. Therefore, he believes that it is necessary to grasp It is only suitable for public announcement after gathering relevant personnel and evidence."
Wilder frowned, and after a while, he nodded in agreement and said: "Anyway, let's get it done quickly, Switzerland! The diplomatic pressure on the other side is also great.”
“I understand Mr. Wilder”
(End of this chapter)