UBS, a Bank Based in Switzerland, Has Received a Subpoena

question 66

Essay

UBS, a bank based in Switzerland, has received a subpoena from the IRS for the bank records of 52,000 U.S. citizens. The IRS alleges that the U.S. taxpayers hid money in UBS accounts for the purpose of avoiding paying taxes. UBS had created a program that recruited tax advisers and their clients under the guise that they could protect their funds from the IRS.
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Swiss law prohibits banks, under privacy rights, from disclosing information about their customers and their accounts. However, the IRS has obtained a subpoena for the records and a federal judge has issued it because UBS is soliciting business in the United States. One banking minister in Switzerland has indicated, however, that Swiss privacy laws do not apply when there has been fraud.
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Evaluate the ethics of UBS as well as their customers. If you worked for the bank, would you release the information?   Would you place your money in Swiss accounts?

Identify how the progression principle operates within Maslow's hierarchy of needs.

Recognize how managers' perceptions (Theory X and Theory Y) influence their management style and employee motivation.

Explain the impact of Argyris's theory on organizational management concerning adult personality and dependency in the workplace.

Discuss the concept of self-fulfilling prophecies in the workplace and their consequences.

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Definitions:

Series Circuit

An electrical circuit in which components are connected end-to-end, so the current flows through each component sequentially.

Electrically Neutral

A state where an object or system has no net electrical charge and is not influenced by external electric fields.

Positive Charge

An electrical condition resulting from a deficit of electrons on an atom or molecule, leading to a net positive electric charge.

Series-parallel

A circuit configuration that combines elements in both series and parallel to achieve desired electrical characteristics.