Edward Tanenbaum was quoted in an article in the New York Times dealing with the Qaulified Intermediary program, which was created in 2001 to ensure that offshore bank customers paid their U.S. taxes. The program has come under scrutiny in the wake of an investigation into whether UBS, the world’s largest private bank, misused the program to help American clients evade federal income taxes through secret offshore entities.
“I think the Q.I. program has been quite successful,” noted Tanenbaum. “But is this a foolproof kind of thing? No.”