Chapter 279: Accept the accusation, UBS!
In a blink of an eye, four days passed.
During this period, the UBS incident was still unfolding.
Not only the Swiss official has shown strong protests one after another.
Because the IRS has seized all Swiss bank branches in the country, it has seriously affected the interests of many people. Therefore, some media and celebrities from other countries have also criticized the IRS's behavior. Verbal and written criticism.
But what puzzles many people is this.
Despite the pressure from all walks of life, the U.S. officials and the Internal Revenue Service remained indifferent and showed no explanation.
For a time, everyone felt a bit weird about the seizure of the Swiss bank.
Los Angeles Internal Revenue Service, in the Commissioner’s Office.
Nissen walked in with a thick pile of materials, placed them on the table, and said: "Director, according to your request, this is from the purchase of CUUI and CUUO products. Confessions taken from clients. ”
David didn't say anything more, and took out a few volumes to check. After a few minutes, he nodded and said, "Have all the people I asked you to find been found and controlled?"
"They are all under control. Come on, everything is ready, all we need is the east wind!”
“Okay, let’s get ready, let’s hold a press conference!”
This is David. Shortly after Bian made his decision, Donald's calls came one after another from the Washington DC.
"David, it's been four days, how's your work going?
Donald's tone was obviously a little urgent. Although he had explained the situation to the White House a few days ago, it was considered It has received some support from the White House.
But in the past four days, due to the protests from people around the world, the IRS has been under a lot of pressure, and now it is almost out of breath. , which is why he is calling to urge you now.
"Director Donald, I am actually about to call you. "
"Oh? You mean, you're almost done with your work? ”
"Yes, I'm going to hold a press conference here to officially let Swiss Bank take over!"
"That's good, I'm waiting for your good news!"
When I heard that David had already When he was ready, Donald quickly ended the call without asking any more questions.
……
Half an hour later, in the lobby on the first floor of the Municipal Bureau of State Administration of Taxation.
Not only the major media in the United States were notified and came to the scene, but the mainstream media from all over the world were also invited here.
At this time, they were all whispering to each other.
After so many days, the IRS has not given any explanation. They are also full of doubts and speculations, but fortunately, they are about to know the exact situation, which naturally makes them excited.
About five minutes later.
“Coming, Director David has appeared!”
I don't know who shouted this at the scene, and then everyone turned to look.
Sure enough, in the passage, David was escorted by Nissenbaki and others, and he strode out like a meteor.
“Director David, may I ask, what is the current status of your seizure of Swiss banks?”
“Director David, due to the seizure, the Swiss banks have been The loss is not small. Will the IRS make compensation?”
“Director David...”
As soon as they saw David's appearance, the media reporters who wanted to grab the first-hand news wanted to pounce on David directly and ask questions.
But fortunately this is the Internal Revenue Service, and there are many inspectors maintaining it, so the order at the scene was not disrupted.
"Please be quiet, our director will explain the situation of this incident clearly!"
Hearing Nissen's scolding words, the media reporters did not dare to shout any more, and they were all quiet. Stopped and listened.
“Ahem…”
David had already come to the stage, moistened his throat and continued: "Hello everyone, I am David. Because the seizure of Swiss banks has caused an uproar around the world in the past few days, I want to clarify a few points now."
“First of all, I want to make it clear that I am definitely not seeking revenge. Swiss banks indeed have committed major tax evasion violations in the United States. I will explain it to you in detail next.”
Hearing these words, many people were instantly speechless, especially the Swiss who were watching and the senior executives of Swiss banks.
What the hell, you, Director David, were just about to threaten us to hand over the assets of the Sackler family, but if we didn’t follow your lead, you immediately came and sealed all our branches.
Is this still public revenge?
Before these people could continue thinking, David continued: "After our investigation, we found that the two products CUUI and CUUO promoted by Swiss Bank in the United States were involved in serious tax evasion!"
“CUUI, CUUO? What is this?”
“This seems to be some kind of financial product of UBS. I heard my wife’s classmates say that the return rate is higher than that of ordinary financial products. It’s all high!”
“Financial management products? How can financial management products involve tax evasion?”
Hearing the emergence of these two products, there was a heated discussion inside and outside the market.
At the same time, UBS Group headquarters.
Jets, who was watching the live broadcast, also immediately asked: "Can anyone tell me what kind of products these two products are?"
"Mr. Jets, these two products A product..."
After the specific person in charge told the story, Jets’ brows instantly furrowed.
Although he is not responsible for the specific matters of these two products, judging from the explanation of the person in charge, these two products have much higher returns for ordinary people than ordinary financial products. It seems a bit unreasonable!
Putting away his thoughts, Jets asked again: "Why are the profits of these two products so high? Tell me the reasons in detail!"
"It's very simple, it's like this..."
“You are saying that the reason why these two products have such high income is because they do not need to pay taxes?”
After further understanding, Jiezi’s eyelids jumped.
What is the worst thing to do in America?
That’s tax evasion!
Now David and the IRS have made it clear that they are going to target their Swiss bank. If they really find out such a major tax evasion, it will be over!
"Mr. Jets, strictly speaking, these two products are not tax evasion, nor do they violate American regulations..."
The person in charge added.
“How do you say this??”
"According to the express provisions of the U.S. tax law, this is legal tax avoidance!"
"Although it is legal, as long as tax is avoided, it may be defined as tax evasion. This is what Director David is best at doing. "Mr. President, if it were so easy to get caught, these two products would not have been able to sell well in the United States for five years, right?" Because it is through..."
After some explanations by the person in charge of the project, Jets relaxed a little.
It is indeed difficult to make profits through foreign stocks and dispersed purchasing behavior. These two products are indeed difficult to grasp.
If the IRS really wants to investigate, the client must at least investigate the information of dozens of organizations and find the specific persons in charge.
However, most of these institutions and people in charge are people from all walks of life who have passed through transnational borders, so it is not an exaggeration to say that they are looking for a needle in a haystack.
He also didn’t quite believe that David could find so many specific persons in charge and relevant information in such a short period of time!
Los Angeles IRS,
After the media at the scene learned what the two products CUUO and CUUI are, David continued: "I believe there are many people and TV sets at the scene. Many of the previous viewers, either themselves or their friends, have had the experience of purchasing these two products
"It is true that the return rate of these two products is higher than that of many bank financial products, but I can explain to you why this is the case!"
"The first is CUUI, how to operate this product , mainly taking advantage of the differences in taxation between domestic investors and foreign investors. Foreign investors are more heavily taxed on dividends, but they can briefly sell their stocks to relevant banks to avoid the relevant taxes, and then reacquire them to save the amount. It is then shared by all parties, so the rate of return you get is so high!”
“The second is CUUO. As a stock trading product, CUUO means that stocks are sold at the same time on the day when dividends are distributed! And re-acquisition, 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 get a capital gains tax refund. This is the reason why the return rate of this product is high!”
After hearing these words, the media reporters at the scene instantly became quiet and fell into a state of thinking. Many of them had previously been left speechless by David's statement that he had no retaliation against Swiss banks.
But looking at it now, if these two products really have such a high rate of return because they avoid relevant taxes, as David said, that would be different.
After all, in many cases before David, many people were sent to prison based on the profit-making regulations of the Black Tax Act.
And this profit-making regulation seems to be applicable if it is to be applied to the two current products of UBS.
“Wait a minute, Director David, if these two products are really involved in tax evasion, are people’s funds still safe?”
While everyone was lost in their thoughts, a BBC reporter He asked, and just his question instantly caused an uproar inside and outside the stadium.
As I said before, because these two products have a relatively high return rate, many people in the United States have purchased them.
But if there is really a storm now because of tax issues, then their money will also be lost, right?
Thinking of this, these people no longer care about Swiss banks or tax evasion, and they all worry about the safety of their funds!
“Although there are problems with these two products, after all, they are issued by Swiss Bank. That is a Swiss bank. It has been a century-old brand. Even if something goes wrong, I believe they can take responsibility. "
On the surface, David is comforting the people, but in fact he is sarcastic about the Swiss Bank.
However, after listening to his words, the reporters at the scene and the people online felt much more relieved.
That's right. Even if there are problems with these two major products, UBS is a time-honored brand and a leader in the banking industry, so it should still shoulder its responsibility.
UBS Group Headquarters.
After hearing David’s insinuation, Jets and other senior executives didn’t look very good.
If David can investigate the profit models of these two products so clearly, he must have mastered some core information.
In addition, the insinuation behind it seemed to have some meaningful flavor, which gave them a very bad feeling.
"Amarin, he may be launching a lawsuit against our two products, and your department must come up with a response plan immediately."
Jets looked at the group legal affairs Head of department.
“Yes, Mr. Jets!”
……
Los Angeles IRS.
“Okay, as for the suspected tax evasion of these two major products, I can only say that it is secondary. Next, I will explain to you the real purpose of Swiss banks using these two major products. Where!”
David’s words aroused the appetite of countless people inside and outside the stadium.
What is the real purpose of Ruishi Bank in using these two products?
Isn’t this just to attract customers to deposit investment? What other purpose could it have?
“I believe many people have already guessed that UBS launched these two major products just to attract people to invest in deposits. This is indeed a fact!”
“According to our survey, the current investment in these two major products nationwide is The amount has reached a scale of 50 billion U.S. dollars!”
“Relying on this asset, UBS has earned more than 40 billion U.S. dollars in returns by investing in various other industries. As you know, Where did these funds end up?”
“Yes, they all flowed back to the headquarters of Swiss Bank!”
“What will happen if this continues? The consequences?”
"It will cause the loss of state-owned assets!"
"And if there is any turmoil in the future, causing these two products to really explode, the Swiss bank only needs to make arrangements in advance and transfer the funds back to the country. Then when the time comes Who will suffer the loss? ”
David’s words have been very obvious.
That is telling people in the United States who have purchased this product that our IRS has now seized Swiss Bank, which is restricting their funds from leaving the country.
So even if there is a thunderstorm now, there will still be enough money to compensate you.
If our IRS does not impose restrictions, when there is a real thunderstorm in the future, then the Swiss bank will just slap its butt and leave, and you will have no place to cry!
The media reporters present are not fools.
And the people on the Internet are not fools either.
Of course they heard the meaning of David's words, and also realized how great their losses would be if a thunderstorm occurred as David said.
So at this time, many people on the Internet became filled with indignation.
"Fake, it turns out that we misunderstood Director David. From this point of view, it is for our own good to seize this Swiss bank!"
"Since these two products allow us to obtain higher profits through tax evasion, Revenue, there will be problems sooner or later, and it actually caused our assets to be lost overseas. We should take care of it!”
“I misunderstood Director David, now let’s seize this Swiss bank!” It is still necessary. At least the funds we spent on these two major products will not be lost due to thunderstorms!”
“…”
Regarding the reversal of online public opinion.
At this time, David also guessed something. He continued: "We are now officially charging the Swiss Bank with suspected tax evasion and irregularities on these two products. I hope that the Swiss Bank can send a representative to us as soon as possible to make a decision." Justify! ”
Swiss Bank Headquarters.
"Fake, this damn bastard!"
"How can this David say that Wan's two major products have caused the loss of their state-owned assets? This is simply exaggeration and slander!"
“Slandering us resulted in the loss of their assets, what a cruel means of revenge!”
The top executives of UBS Group were about to explode with anger.
Because David’s words are so instructive,
not only does he explain the profit model of their two major products, but it also may lead to thunderstorms and the loss of state-owned assets. If these hats are removed, then those people who bought their products will be in panic. It will be strange that Swiss Bank will not be criticized.
But being criticized is not the most important thing.
The most important thing is that after this incident, as long as their Swiss bank reopens, these customers who have invested in these products will definitely come to the bank to withdraw their principal as soon as possible.
Although the total amount of these principals is only tens of billions of dollars, it is not something they cannot afford based on the background of their Swiss bank.
But what do banks fear most?
The most feared thing is the run!
Once these people come to withdraw the principal of these two major products, a series of chain reactions will inevitably occur, causing their Swiss bank to suffer a large-scale run.
Swiss Bank is a big company.
But if it really triggers a nationwide frenzy of bankruptcies, even if they don't go bankrupt, they will at least have to shed a layer of skin, which is not a serious matter.
"Adrian, how much is the current total investor capital of these two products?"
Unlike other people who are angrily cursing, Jates, as a manager of UBS Group As the helmsman, he has no time to worry about these things. The top priority is to come up with a plan to deal with this crisis.
"Mr. Jets, as David said, it is about 50 billion U.S. dollars."
"Inject 50 billion U.S. dollars from the group to major branches in the United States!"
"No, Mr. Jets, the IRS is sealing our bank now. If we inject funds into it at this time, wouldn't it be like a sheep entering a tiger's mouth?"
Adrian quickly warned.
"The purpose of capital injection is to maintain market confidence and give American customers a sense of security, so that it will not cause a run on people. Do you understand?"
The IRS and David are not Robbers, it is true that they have the right to freeze any funds in the country, but they do not have the power to rob.
Although principal deposits were subject to freezing review in the past, it gave market customers a sense of security. As long as the conflict with the IRS was resolved afterwards, the fundamentals of UBS's business in the United States could be stabilized. .
Therefore, this 50 billion US dollars is absolutely worth and must be invested!
"Yes, Mr. Jets..."
Adrian did not dare to say anything more, so he could only agree.
(End of this chapter)