 |
         
|
Are hard times hurting the wealthy too? ABC and CBS came up with a split decision. CBS' Ben Tracy checked out the pawnbrokers of Beverly Hills--call them "collateral lenders" charging 4% per month--and found that even the rich need quick cash, handing over luxury watches, jewels, Ferrari, Bentley, even Picasso as security. On the other hand, Brian Ross of ABC's Investigates landed an assignment to Miami Beach to spot moneyed artlovers sipping bubbly at the Art Basel Fair. The fair is sponsored by UBS, the Zurich-based bank that is under investigation by the Internal Revenue Service for operating as many as 20,000 illegal tax shelters. UBS is suspected of using its patronage of the arts to solicit new business and to smuggle assets offshore.
You must be logged in to this website to leave a comment. Please click here to log in so you can participate in the discussion.
