Back in July, the news that the US government was going to pressure UBS to release the banking records of Americans who are holding deposits in their Swiss banks dropped.
I believed that the Swiss government was going to seize the records and drop them down a bottomless pit rather then let their traditions be defiled by an upstart nobody who just happened to fool enough people into electing him President of the United States.
I was working off previous examples of behavior.
An agreement by a major Swiss bank to disclose the identities of thousands of Americans suspected of hiding assets has U.S. tax advisers bracing for a stampede of wealthy tax dodgers looking to come clean.
The U.S. and Switzerland finalized an agreement Wednesday in which the Internal Revenue Service will receive details on 4,450 UBS AG accounts suspected of holding undeclared assets from American customers.
The agreement pierces Switzerland’s famed tradition of banking secrecy, and is expected to prod thousands more UBS clients in America to voluntarily disclose their financial details to the IRS, lest they be pursued later.
A hole in the backyard in a plastic jug is now the only safe place for the cash you don’t want people or the government to know you have.
Take note. Respond appropriately.
What it will do is prod thousands of US citizens to move their money to even more unfindable places. Side note. I wonder how many of Barney, Ted, Harry, and Nancy’s friends got advance warning on this little move?
Barney’s, Ted’s, Harry’s and Nancy’s friends haven’t kept their money in Swiss Banks for decades, they keep their money where George Soros recommended they keep it, Grand Cayman. There are about a dozen places with more confidential banking laws than Switzerland, including Monaco.