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Message: Oldest Swiss Bank Shudders U.S. Operations

Gee. What a surprise. The US government is getting very heavy handed, which in all actuality isn't too surprising or new, but the major story was the super-secret Swiss caving to the IRS. All that prestige built by the Swiss as being the place to be to maintain a person's finances was destroyed. Swiss financial privacy all of a sudden isn't, end of road.

I would actually imagine that US clients are pulling out of Swiss banks as fast as they can so as not to be the next victim of this new Swiss policy.

Actually, the IRS won a major victory getting the Swiss to cave in. All that was needed was this one win to set this major example. Now that the trust is gone, no US citizen will take the chance putting their wealth in a Swiss account. The IRS really doesn't need to pursue any more Swiss banks to get names because there aren't going to be anymore US citizens having Swiss accounts. Mission accomplished.

So I'd bet this Welegin bank announcement was just to save face. No sense doing business in the US if all the clients are leaving anyway.

Terry

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