U.S. getting names of UBS Swiss account Holders

[ImpeachKingGeorgeII]

"Switzerland has agreed to reveal the names of about 4,450 wealthy American clients of UBS AG to U.S. authorities in a tax dispute settlement that pierces Swiss banking secrecy and now threatens to spill over to other banks."

http://www.forbes.com/feeds/afx/2009/08/19/afx6795815.html

Wonder what deal Switzerland received in exchange for their support?

 

[tmosley]

Swiss banks will now be vulnerable to collapse, as everyone doing banking there flees to the Caymans.

Whatever they got, I doubt it was enough. They probably just threatened them with sanctions or something stupid like that.

 

[specsaregood]

./

 

[Sarge]

Swiss making Swiss cheese of UBS,

http://www.bloomberg.com/apps/news?pid=20601087&sid=aubZpFxxsMyc

Sounds like they don't want any part of them anymore.

 

[ArchPaul]

"UBS...and the IRS, Switzerland and our market place have lost. Now it's clear that Germany and Italy will increase pressure."

This is why you don't negotiate with terrorists.

 

[amy31416]

I'm all for the ultra-rich being subject to the same rules us regular folks are, however, I don't think it's a good thing for the Fed Gov to have more money.

Imagine how much more damage they can do in this country and in the Middle East.

 

[EddieG]

The IRS proves once again that it (and the income tax) remain the greatest threats to our civil liberties and privacy.