Swiss Bank Secrecy Under Renewed Attack

Stanislav_J writes "All you wealthy Slashdotters better start making alternate arrangements for stashing your millions. Switzerland's storied role as discreet banker to the world's tax-avoiding wealthy is under threat like never before, and this time the country ultimately may not be able to stop the rest of the world from prying into those legendary 'secret' accounts, said to contain between $1 trillion and $2 trillion. A massive German tax-evasion scandal is putting pressure on the Swiss to cooperate, and the rest of Europe is also hardening their resolve to force change upon them. Per the article, 'The official Swiss reaction has been self-conscious detachment, which they hope will deflate the issue,' but even their own citizens are not too concerned about those outside their borders: 80% of Swiss support the banking confidentiality law, but that number drops into the 40s when it is applied to foreigners. Pressure is also coming from US pols — not the 'let's pry into everyone's business' Republicans, but the 'make the rich pay their fair share' Democrats, including Illinois Senator (and presidential candidate) Barack Obama."

Comments

If it's small enough, take it over already.

[sethstorm]

Just declare each "tax haven" a terrorist country and get on with it. While you can't just raid enough banks and stock exchanges here in the US without someone noticing, that would come close.

They may have gotten Spitzer, but Wall Streeters (no, that doesnt include pension/mutual funds) need to know about the rules. When they violate said rules, they should feel something large enough not to pass on, and something they must face directly as those of Main Street face.

Re:Secrecy is fine when it protects individual rig

[Heembo]

Dude, the poster is correct. Google "swiss bank nazi gold", "swiss bank terrorism" etc. The Swiss bank system has a very long history of privately holding large sums of money for scumbags.

Re:Switzerland: A Direct Democracy

[PopeRatzo]

There is jack shit any other country can do to influence the outcome of this;

If there was ever a country that was extremely vulnerable to influence from other countries, it's Switzerland, which owes its very existence to their willingness to service the world's liquid (and often crooked) capital.

The minute some little island somewhere makes laws more favorable to your average arms dealer, third world dictator or Haliburton executive, Switzerland will be praying that wristwatches become cooler than iPods.

What a nice way to support your country's economy: laundering money for the scum of the earth. And by "scum" I refer to those wealthy folks who believe their wealth somehow transcends the benefits and tender mercies that their home country has given them, which allowed them to get rich in the first place. Globalists, in other words. You know, people who think the Free Market is God's way of telling them that they're superior to the rest of us.

Re:How about these people, including my fellow dem

[dryeo]

We've noticed that the freer we are, the better off we are. Yes, but what about everyone else? You just have to look at the golden age of libertarianism and for a large percentage of the people things were terrible and the only reason it wasn't much worse was so many people were still rural, living of the land to a large degree and didn't need much money to have a good quality of life.
I'd suggest investigating how life was for the average person between 300 yrs and a 100 yrs ago when the libertarians were in charge.