http://www.breitbart.com/article.php?id=CNG.44ec3a3581bd2b87b081a9614648ee11.c61&show_article=1 Imho, it should collapse, at times the principle is more important than the temporary financial setback, Switzerland's main product is the concept of banking privacy, there should be no one entity, no matter how large, that is allowed to violate that principle otherwise Switzerland will lose the main reason why it is Economically viable in the first place.
I can see that. They need to worry about their own best interests, so do we though. I also think that the US should revoke all Swiss bank licences until they can no longer be used as illegeal tax shelters. Further, we should take a look at whether it should be legal for US taxpayers to even do business with those banks.
That would be like biting off your nose to spite your face. Unfortunately the whole world banking system is intertwined so a Bank failure could further complicate the world economy if not collapse it The European community would probably have to bail the bank out to prevent that from happening.
http://www.usatoday.com/money/perfi/taxes/2010-06-08-ubs-taxes_N.htm We went about this wrong. We should have told the Swiss the money was being used to build minarets and Swiss would have handed over all 50,000 of the IRS suspected cheats and not just 4,450 of the biggest (or least well connected) that in this deal.
I happen to agree with the Swiss government on this Eshelmon, the US was attempting to pave over their country and make it a fiefdom of the US interests and they simply said "no thanks, we like being Swiss". If that means UBS is SOL, tough luck for UBS. http://www.lewrockwell.com/spl2/swiss-balk-at-ubs-treaty.html
Don't see the Swiss hanging on to international principles holding things up but partisan domestic politics. The commies wanting increased state taxes and control over banking industry while the democrats are fighting big government takeover. Because as with past deals made with France, Germany, Italy, etc. have shown while they may "like being Swiss" they don't give much of a rats *** about foreigner clients...especially those that cost them money.
Worked for UBS when things just started to hit the fan, it is a shame what happen to this once fine financial firm, now it's just a skeleton of it's former self.
