Swiss Criticize U.S. Bank Deal
August 16, 2009 by Mark Ellis
Filed under Business
Last week, Switzerland’s UBS AG bank and the United States reached a deal that would allow the United States to finally be able to do something about taxpayers who hide their money in secret Swiss bank accounts. However, several Swiss financial experts have criticized the deal, stating that it will only cause an increase in pressure from other countries on Swiss secret banking.
According to Swiss banking expert Hans Geiger, the deal only benefits the IRS and the Swiss bank that created the deal, and that the rest of his country and its economy will only suffer from the deal. He worries that countries like Germany and Italy will increase the pressure on Switzerland to release information concerning foreign owners of secret bank accounts.
UBS AG was home to the accounts of 52,000 American clients whose names would eventually be released in one way or another to American law enforcement officials. Details of the deal and its ramifications will be made public as early as next week, according to a statement issued by the IRS.
Swiss National Bank (Image: Flickr)
“U.S. Witch Hunt Backfires”
That is what the headlines will read in the NY Times 6 mos from now when the rich Europeans run with their money out of the US banks because the European countries will began to demand the names of their citizens that have accounts here. They can already smell those tax dollars. As soon as we finish with the Swiss, the EU vultures with their 60-70% tax claws will be after their “tax evaders” like we were after ours”.