Swiss Bank That Held Romney Funds Aided Tax Evasion

by National Confidential Staff | 03 February 2012 | 8:19 am EST

Topics 2012 Election, Mitt Romney, Republican Party, Swiss Bank Account, Switzerland, Taxes, toprow, UBS

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The Swiss bank where Mitt Romney kept millions of dollars was also a hub for tax evasion. Romney had $3 million in an account with Switzerland-based UBS up until early 2010.

Romney earned approximately $1,700 in income from the account in 2010.

In 2009, UBS paid $780 million to the U.S. government in order to settle criminal charges alleging that the bank aided about 17,000 Americans in hiding their assets from the IRS in Swiss bank accounts.

UBS was forced to reveal 4,500 names to the U.S. government as part of the settlement.

Romney’s campaign did not initially disclose the existence of the Swiss-based UBS account, but it was revealed when Romney grudgingly released his 2010 tax returns to the press.

The candidate has not yet released his returns from his tenure at Bain Capital, though he cites that time period as one in which he created jobs.

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