Friday, July 17, 2009

U.S. vs. UBS: A Fight Over Secret Swiss Bank Accounts

Privacy showdown.

I love it when the US flexes diplomatic muscle. This, however, is not the proper purpose or venue. The US can't win this. Obama needs to reign in the Treasury. If the accounts were in the US, the IRS likley would not be able to get the data with the same methods.

U.S. vs. UBS: A Fight Over Secret Swiss Bank Accounts

Individuals the world over - including in the US - are siding with Switzerland 9-1. It's not the way to keep improving our standing in the world.

If the US has the names, they can pressure the individuals by other means, as we all know. They are instead looking for UBS to do their work for them. Treasury boys need to do their own homework, stick to legal methods. Yes, even if there are tax evaders in the bunch (which has yet to be determined).

1 comment:

  1. The US should keep our nose out of other countries business. We should not bully the Swiss. Obama said "we will have a new public image with foreign countries. "We will listen and learn and not dictate our policies to other countries" (paraphrasing) A typical politicians lies. I am sure he meant that statement with countries who might slap us back, like North Korea,etc.
    If the Swiss had the "bomb" the US would not be demanding anything from them. But as the Swiss cannot fight back, we will roll them over with our power.
    If the Swiss demanded we turn over the names of Swiss citizens to their country that have accounts in our banks, we would laugh at them. It would be against out "privacy laws".
    We need the low tax countries to keep tax competition alive, Without tax competition, governments all over the world, including the US can raise taxes with no recourse. you must go to