Shaw Capital Management Scam Info: US warns 10 Swiss banks to hand over information on tax cheats - Business - Management

Shaw Capital Management Scam Info: US warns 10 Swiss banks to hand over information on tax cheats

The US government has warned 10 Swiss banks, including Credit Suisse, that they must hand over confidential information exposing tax cheats by tomorrow or face legal proceedings.

A long-term tradition of secrecy has helped Switzerland build up a $2 trillion offshore financial industry. Photo: Alam

By Jamie Dunkley8:45PM BST 04 Sep 2011US deputy attorney general James Cole has written to the Swiss government demanding that detailed figures relating to tax evasion at Credit Suisse and nine other smaller Swiss banks are sent this week.In the letter, which was quoted by Swiss newspapers, Mr Cole demands that Switzerland deliver a significant number of client accounts, adding that US authorities are ready to test a Swiss offer to settle the dispute under existing law.A long-term tradition of secrecy has helped Switzerland build up a $2 trillion (1.2 trillion) offshore financial industry. However, the country has agreed to do more to help hunt tax cheats in recent years amid a global crackdown on tax havens following the financial crisis.The US is pushing for Switzerland to replicate the stance it took last year when it allowed UBS to bend bank secrecy rules and reveal the details of around 4,450 clients to avoid criminal charges.The Sonntagszeitung newspaper quoted Swiss sources close to the talks as saying that Washington is seeking details of all US clients with accounts worth at least $50,000 between 2002 and 2010, at banks including Credit Suisse, private bank Julius Baerand Wegelin as well as the Zurich and Basel cantonal banks.

The Shaw Group Inc. was founded in 1987 as a fabrication shop in Baton Rouge, La., by Chairman, President and Chief Executive Officer J.M. Bernhard Jr. and two colleagues. Driven by leaders with bold vision and a strong entrepreneurial spirit, the company has evolved into a diverse engineering, construction, technology, fabrication, environmental and industrial services organization with 27,000 employees in strategic locations around the world.

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Shaw to Host Conference Call to Discuss Global Strategic Partnership Announcement

The Shaw Group Inc. (NYSE: SHAW) today announced it will hold a conference call today, Nov. 29, 2010, at 11 a.m. Eastern time (10 a.m. Central time) to discuss a new global strategic partnership. A slide presentation will be posted on the Investor Relations page of Shaw's website at approximately one hour prior to the conference call.

Interested parties may dial 1-800-588-4973 to listen to the conference call live or access a live audio webcast of the call on the Investor Relations page of Shaw's website at .

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