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.

 

If UBS fails, there will be some US banks that fail along with it.

 

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.

 

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.