Bruce Krasting
Business Insider
December 26, 2011
Two headlines. Similar stories. The first from Switzerland:
US OFFERS SWISS BANKS A DEAL
The United States authorities have offered to lift the threat of legal action against 11 Swiss banks in exchange for information, a Swiss paper reported on Sunday.
This is part of a very long story. The US Justice Department has been doing everything it can to get the names of US citizens who have Swiss bank accounts. The DOJ damn near busted UBS over this a few years back. Now they are going after the other Swiss banks. The lawyers at the DOJ don’t kid around:
“Give us the names or we’ll sue the shit out of you”.
Given what happened to UBS ($780mm in fines), the other banks have no choice but to fold and hand over the info.
This second story ratchets things up a bit and brings it home:(Link)
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