I hope the Swiss win this one. If it does, it will continue to be a safe place to keep money from prying eyes, which is what a bank should do.
It is the depositor’s right to have money in a safe secure place, that is the primary function of a bank to my way of thinking, otherwise the mattress or home safe is more desirable.
Uncle Sam wants to go hunting in the Swiss accounts.
Switzerland says “No”.
UBS the Swiss bank in the center of this is in a predicament for an American judge says it has to show the records, and if it complies, it breaks Swiss law and ruins any advantage the Swiss have in their banking system which is known for secrecy.
UBS Chairman Kaspar Villiger told Swiss television earlier this week that the focus of the tax dispute was access to the information related to U.S. clients of UBS. “This is not about a payment, it is about data,” Villiger said….source yahoo.com.
