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Tax Haven Crackdown24:03

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The logo of Swiss Bank UBS on Zurich's Bahnhofstrasse in January 2008. (AP)
The logo of Swiss Bank UBS on Zurich's Bahnhofstrasse in January 2008. (AP)

It sounds like a heck of a deal. Be rich in America. Stash a fortune abroad. Pay no taxes on that loot. Live large on the cheap.
Thousands of wealthy Americans have done it, with billions of dollars hidden in global tax havens.
Today, they’re facing a big decision: come clean, right now, today, or face the full weight of the law. After years of Swiss bankers, and a lot more, wooing American wealth into secret vaults, the IRS is cracking down.
This hour, On Point: The crackdown on overseas tax evasion. Plus, we’ll look at the Dow Jones Industrial Average, back at 10,000.
You can join the conversation. Tell us what you think — here on this page, on Twitter, and on Facebook.Guests:

Joining us from Atlanta is Carrick Mollenkamp, reporter at The Wall Street Journal. He has been following the IRS deal with Swiss bank UBS and the fallout closely.

From Rochester, N.Y., we're joined by David Cay Johnston. A Pulitzer Prize-winning journalist and author, he was senior tax reporter at The New York Times. He is now a columnist for Tax Notes and teaches at Syracuse University College of Law. His most recent book is "Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You with the Bill)."

And from San Francisco we're joined by H. David Rosenbloom, attorney with Caplin & Drysdale and director of the International Tax Program at New York University's School of Law. He was director of the Office of International Tax Affairs at the U.S. Treasury Department from 1977 to 1981. He currently represents some clients who have offshore accounts.

Later this hour:

The Dow hit 10,000 again yesterday, and Wall Street celebrated. But we’ve been here before. So, what does it mean?

We're joined from New York by Roben Farzad, senior writer for BusinessWeek magazine. His cover story on the stock market, “Searching for True North,” appeared in the October 5 issue.

This program aired on October 15, 2009.

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