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Arrogance of the weakness

The AP has reported that the Swiss government said Sunday it will not attend a U.S. Senate hearing on tax havens — an apparent protest against a U.S. lawsuit aimed at forcing banking giant UBS AG to hand over data on tens of thousands of American customers.
This behaviour reminds me of the OECD meeting in Paris last october that was boycotted by some countries: Luxembourg, Switzerland, Austria, Liechtenstein and the USA of G.W. Bush.

07:26 Posted in Switzerland | Permalink | Comments (0)


UBS between a rock and a hard place

UBS is under pressure: on the one hand the US authorities require banking information of UBS bank clients with sanctions if not provided and on the other hand a Swiss tribunal has just prohibited from providing such information.

Know more

05:29 Posted in Switzerland | Permalink | Comments (0)


Swiss bank secrecy: RIP

The BBC and other media worldwide have reported the decision by Switzerland's biggest bank, UBS, to hand over details of a few hundred US clients to the US authorities.
The financial community in Switzerland is very upset.
This is the beginning of the end of banking secrecy in every jurisdiction that has based its development on such service and especially Luxembourg that demonstrated close links with Switzerland to support banking secrecy all the more than the situation of permissiveness is worse in Luxembourg than in Switzerland.

06:18 Posted in Switzerland | Permalink | Comments (0)