Thursday, December 17, 2009
More Shenanigans by the Swiss
I have previously blogged here comparisons of UBS and the Swiss banking system general as engaged in a form of piracy. (The Swiss are not the only pirates, of course, but the Swiss are in the news now.) Today's WSJ reports here another form of piracy, or at least assisting foreign clients stay under the U.S. radar screen with their financial activities. This is not specifically a tax issue, although I suspect that some U.S. tax was avoided in this current round of shenanigans. But it is just amazing to me how a citizenry of a civilized country can think that it is its right -- a right fueled by greed -- to assist others commit crimes or hide the fruits of crimes. I don't mean to indict all Swiss citizens, but it is like the holocaust crimes: enough of the German citizenry knew this was going on and chose to close their eyes. I guess also to put this in context, this is the same bunch that tried to make off with holocaust victims' deposits. See here and here.