Posted on 02/28/2009 12:43:52 PM PST by NormsRevenge
ZURICH – The new chief executive of UBS AG says Switzerland should consider changing its banking secrecy laws so they no longer protect suspected tax evaders, according to an interview published Saturday.
Oswald Gruebel told twice-weekly newspaper Finanz und Wirtschaft that Switzerland's banking secrecy laws need to be changed in order to ease the political pressure other countries are putting on the small Alpine nation.
Germany, Britain and the United States have demanded that Switzerland open itself up to foreign tax investigations. UBS is currently the subject of a major U.S. probe into whether it conspired to defraud the U.S. government of taxes owed by thousands of American clients.
"It's questionable, whether we can continue to hide tax evaders behind banking secrecy," Gruebel told Finanz und Wirtschaft.
(Excerpt) Read more at news.yahoo.com ...
Change.
One can only hope. ;-)
There are still plenty of other countries where you can hide megabucks. Ask any congressman or senator where they have theirs.
They must not want to continue in the banking business.
They will have to if they want to be part of the one world socialist central bank.
Their deposits are going to take a big dip!
ping
ping
It’s pretty straight-forward: They got caught selling tax evasion strategies in the US. So they make a deal with the us not to do it anymore. Like any big business, they now want swiss laws changes so that their competitors cant do it anymore.
Business is booming in the Cayman Islands and Bahamas is my guess.
Not to worry, I think there will be Chinese banks operating perhaps from Hong Kong that will pick up the slack.
With the Obama thuggery there will be lots of people wanting to escape the American government thievery. I would expect the development of very small American owned bearer share corporations to become a Chinese cottage industry.
Only “little people” pay taxes..
This is pointless, unless they make the names public. I want to see if Obama and Clinton have overseas bank accounts. I don’t care if it turns out that McCain has one as well. I want to know how much Dodd and Biden have in their Swiss accounts. I don’t care if Arlen Specter has one as well. Let the sunshine in.
Business is drifting away from the islands. Uncle Sam has put too much pressure on the off-shore banks. Banks in the Cayman Island banks are an open book. No hiding there.
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