Ethics and governance in the European Financial centers

I can see five simultaneous major risks for Luxembourg:

1. The subprimes, which still will hold surprises in the coming months as most auditors did not do their prudential duty
2. The banking secrecy called in question as the internal pressure is growing
3. The international fight against offshore jurisdictions as the Corporate Registration is a mess with dubious firms and dubious statutory auditors including auditors from the BVI, the Seychelles and other exotic jurisdictions
4. Madoff/UBS-Luxalpha as the Luxembourg authorities deceived.
5. The risk of Sanctions for violation of “Qualified Intermediary” in the USA as the American justice will not appreciate if American citizens' assets were hidden

The behaviors as well of the politicians as of the professionals are not worthy of stakes.

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.

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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.