The End of Swiss Banking as We Knew it?

How many politicians got caught? Oh? We're not allowed to learn about their transgressions? Must have MOVED their numbered accounts to the Caymans, or those nice Al Qaeda banks in the Gulf.

All the filthy rich Americans who avoided paying billions in taxes over the years should be prosecuted and fork over their share plus penalties. Jail them if necessary. Then again, since Geither is our new Tres Sec, there's a good chance the Rich will get off scot free. After all, Obama seems to turn a blind eye to tax evasion right? Change you asked for America LOL

Forget tax evasion, what about the bribed and black money of poor countries politicians? They are all hidden by these swiss banks that are thriving when the poor people in those countries are starving. Those politicians are not going to change and those poor people have limited choices and limited information. But Swiss as a rich country can afford and can be honest to release those politicians names and account details and can bring change to billions of people in a day....they have clear choice here. If they don't act now, this deep recession will force many countries to follow the US atleast the western...countries will do and as usual we in the third world have to raise those questions amoung us knowing Swiss will not respond.

Who needs services from a Madoff or Stanford?

I believe that if the Banks agreed with the clients to keep their identities confidential they must live up to their word.
The banks should put down those employees that knew of the illegal acts and took liberty in assisting the clients.
The Client has all the right to put his money in the Banks and the Banks have all the right to refuse to keep the monies if the case is illegal. So, when the Banks took in the money it certainly means that they beieve its all legitimate.

Josh Arazi

Finally another nail in the coffin of unmoral, greedy banking practice - well done only new moral standards - a new ethic is helping to avoid disaster and making us a better world.

Walter (Swiss)

Swiss banking just shot itself in the head. Good for the Arab financial centers like Dubai which are well placed to take over. The Arabs have the clout to tell the US regulators to get lost if they come calling asking for details.

Swiss banks practices should be modified. Otherwise, many countries will suffer from poverty because unscrupulous politicians across the world take the wealth of their respective contries and deposit the same to swiss banks. Taking the money out of the circulation adversely affect the economy. Many developing countries were deprived in the past of good life while those in power enjoy the luxury of life at the expense of the taxpayers. Be responsible with your business dealings for a better world.

This is getting ridiculous, does national sovereignty mean anything anymore? I like how the IRS feels it can force a bank in a foreign country to give away it's clients information. Plus numbered accounts, what are you going to do about that? Are the Swiss really going to let the IRS in and claw through their files to look for clues to see if the owner of a numbered account is an American? If the US didnt have such a myriad of stupid tax laws this wouldn't be a problem, also just like the man said tax avoidance isnt a crime. One last note, am I the only one that has noticed that no one is ever charged with not paying their taxes, just actions to evade paying taxes .... ponder that

It's about time. The rich have always thought themselves above the law, and they have been. Now maybe we can make them pay as they should.

Swiss Banks, if you take away the glamour as portrayed in countless novels and Hollywood, are actually a very bad business deal. The bank secrecy laws aren't what they used to be and their rates are very very high.

Newer centres like Singapore and even Dubai offer much better value for money.

“We have a very clear distinction between tax fraud, which is a criminal offense, and tax avoidance, which is not a criminal offense.”

I don't understand how UBS can be so immoral and act so apethetic to the poverty in third world regions by helping corruption to foster.

Such a useless statement from UBS:-
"we support the communities we are a part of both through donations and by giving our employees the opportunity to engage in volunteer work."

UBS please stop acting as if you care.

Well if all the great and the good get scared and pull their ill gotten gains out of Switzerland then there could be a run on the swiss franc or at least it might come down to a level where it would be an affordable tourist destination.

Hi Nic, I'm sure this is all over the news in the US - but interesting developments for the Swiss banking world! It may be time to relocate those millions we've had stashed there :-)
Cheers
db