Swiss banking under fire
Tuesday, April 7, 2009 at 6:46AM Those of us who live or work in CH or deal with Swiss banks will know that the credit crisis that was sparked in America and infected the whole world, has caused the legislators in the States to cast their beady eyes over Swiss banking.
Both Maydoff and Stanford who scammed millions out of their hard earned money, had some links to Swiss banking as well as the usual offshore banking centres. The discovery of UBS clients with Swiss accounts who were American citizens, and whose past couldn't easily be investigated, gave them all the reason they needed to push for change in the current legislation about client secrecy, and opened up a proverbial can of worms.
The easiest way to force the hand of the resolute Swiss government to change their position on client account secrecy, was to play nasty, and by that I mean, to declare a repatriation tax amnesty on Swiss neighbours Italy and Germany. To declare a taxation amnesty on monies repatriated from whence they had come. Under the straightened current economic climate with the spotlight on the formally discrete and "safe as houses" Swiss banking establishment, this is making bankers and investors squirm and cringe across Europe.
Should all those rich Italians driving beaten-up cars and posing as middle class poverini to avoid highjackings, bring their money back home into the Italian banking system? Switzerland was the safe haven of the Savoia family, when they were kicked off the throne in a referendum and run out of Italy, Switzerland took them in. It is the place where famous Italians like "Berlo" go to have face lifts and give birth to their babies, escaping the rabid Italian paparazzi. Ticino, speaks the language they love, so it's the perfect utopia. A mere 30 minute drive from Milan just across the border. Clean, organised and safe, where you can gamble to your heart's content and the police can and will protect you, Everything they wish they had control over in Italy. How will they change, why should they indeed?
Will the steel curtain of Swiss banking secrecy be torn asunder? Can America make them pay for not actively assisting them with tax evaders?
Have an opinion on the crisis, send us a comment, we'd like to hear it.
Donna Jackson Social Communications Specialist Wisequeen
Reader Comments (7)
The U.S. has already won a battle. UBS at least has agreed turn over the names of its heretofore secret account holders from the States. Secret banking's days are numbered.
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Nice and clean...the way I like it.
Keep up the great work, it's always nice to exchange thoughts with you,
Andrea
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Swiss banking has not been a safe place to stash assets for a long time. UBS is a disappointment. And the Caymans aren't what they were in the good old days.
That's why I started IBS. When you deposit your currency, negotiable bonds, precious metals, blackmail evidence and/or controversial "image libraries" with IBS, we keep them safe, secret and secure beyond the territorial boundary boundary waters in the Commonwealth of New Utopia. Because New Utopia is a private micronation composed of state-of-the-art interlocked floating barges, your most precious assets are constantly moving from one undisclosed location to another.
Currently, we are moored above the Misteriosa shelf 60 miles off Grand Caymen, but don't tell anyone.
To become a client of IBS, visit me at http://www.franworst.com
<I>See you on the veranda!
RQ
the problem is not Swiss banking rather the people themselves. To go after Swiss banking is avoiding the real issues... apart from the rather questionable motives of these governments who themselves think that they are so righteous and pious, but then that is a comment for another post perhaps...