US Government Tries To Smash Swiss Banking Secrecy


If the Swiss thought their system of secret banking took a serious blow this morning when UBS agreed to hand over the names of a few hundred US clients, they ain’t seen nothing yet. Today US prosecutors filed a law suit seeking the identities of tens of thousands of US customers.

From DealBook:

The suit, filed in Miami on Thursday, seeks to force the Swiss banking giant to turn over information on as many as 52,000 U.S. customers who hid their accounts from the U.S. government in violation of tax laws.

The company said it will fight in court to keep the names private, arguing Swiss bank secrecy laws shield those customers, The Associated Press reports.

”At a time when millions of Americans are losing their jobs, their homes, and their health care, it is appalling that more than 50,000 of the wealthiest among us have actively sought to evade their civil and legal duty to pay taxes,” the acting assistant attorney general, John DiCicco, said in a statement quoted by the AP.

Wasn’t Obama going to be the guy seeking international consensus? Why is his prosecutor going all buck wild with the unilateral war on banking privacy? How long till we hear Obama say, “If you don’t disclose your customers names, the evil doers win!”