Bloomberg is reporting that since the day in February that UBS coughed up 300 client names to the US government in a tax evasion investigation, the Swiss bankers and their clients are quaking in their boots.
The decision marked the first time Switzerland lifted its banking secrecy laws, allowing UBS to pass on client data to avoid U.S. criminal charges.
It’s about f@#$in’ time.
“That’s de facto abolishing banking secrecy,” said Regula Staempfli, a Swiss political scientist in Brussels.
Oh no! No more bank secrecy? How will the Arafats and Mugabes of the world hide the hundreds of millions they steal from IMF and UN aid programs? How will heroin exporters and arms dealers manage their checking accounts? This is awful!
Switzerland can’t ignore U.S. demands because UBS and Credit Suisse Group AG earned more revenue in the Americas from 2004 to 2007 than they did in their home market, company reports show.
Well, that’s the trade-off then. If Credit Suisse and UBS want to play their “Wealth Management” game stateside, then they can’t help U.S. citizens cheat on their taxes when engaged in cross-border business. There’s the choice they need to to make. What’s it gonna be, Hans?
Full Story: Swiss Suffer Secrecy Loss (Bloomberg)
Read Also: CEO-Swapping at Credit Sweeeeeeeesse
Full Disclosure: I have no positions long or short in either CSB or UBS
[…] Read Also: Super Secret Swiss Banking […]
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[…] Read Also: Super Secret Swiss Banking […]
[…] them. These steady producers and their customers will find homes elsewhere. I guess now that instituionalized tax evasion isn’t being tolerated, UBS has other things to worry […]
[…] them. These steady producers and their customers will find homes elsewhere. I guess now that instituionalized tax evasion isn’t being tolerated, UBS has other things to worry […]
[…] them. These steady producers and their customers will find homes elsewhere. I guess now that instituionalized tax evasion isn’t being tolerated, UBS has other things to worry […]
[…] The End of Super Secret Swiss Banking? […]
[…] The End of Super Secret Swiss Banking? […]
[…] The End of Super Secret Swiss Banking? […]
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