UBS likes art. Or art collectors. Or art collectors' lucre.
ABC News reports:
So you go to an art fair to see some art? What're you some kind of schmuck? It's about the cash, numnutz. Sure you can pick up a Clemente at Mary Boone or a Sugimoto at Gagosian. Who can't? And what about a Francis Bacon doodle or a sweet sweet Larry Rivers bauble at Marlborough? Heck pal, with all those tax-free Swiss franks, why not get them both? But don't forget to drop by the smilin' folks over at the UBS booth. The can fix you up for some fine tax scams that'll make your capital gains -- aesthetic or financial -- just plain disappear.
According to the indictment, UBS bankers "solicited new business from existing and prospective United States clients at Art Basel Miami Beach.""They sent their salespeople here. They have encrypted computers. They smuggled assets out of the country to help those people conceal what they should have paid the IRS," said Jack Blum, a Washington tax lawyer and consultant to the IRS. "So the question is, why should a bank like that be allowed to continue in business?"
Only chuckleheads play fair.
I don't know. It just came to me.