Oldest Swiss Bank Breaks Up
Wegelin, 270 years old, the oldest bank in Switzerland, sold off its assets - and its not because the bank "failed." It's because of pressure by the U.S. You can read a report from Reuters here.
Back in 2011, I posted some comments, part of which addressed Swiss Bank privacy. Regarding the privacy issues, I concluded that:
To their credit, the Swiss - in spite of some recent compromises - continue to resist allowing governments easy, complete access to private accounts. We'll see how long they can hold out under the continuing pressure to relent.
It now seems that the pressure has reached the point where they can't hold out. The sale of Wegelin's assets is probably only the tip of the iceberg.
The Swiss have resisted the domination of the European Union and the bullying of the U.S. and British governments for years, consistent with their centuries-old history of independence and neutrality. Is this proud heritage ending?
Certainly, the country has changed dramatically in the last 20 -30 years, and I fear the changes are not for the better. Now, with the forces of the EU and the financial swat teams from the U.S. and the U.K. always on the prowl other people's money held in Switzerland that is allegedly held to avoid taxes, will the proud independent Swiss Private Banks buckle under the relentless pressure. It's starting to look that way.
Big bully governments continue to assert their power over anything and anyone that stands in their way.
Back in 2011, I posted some comments, part of which addressed Swiss Bank privacy. Regarding the privacy issues, I concluded that:
To their credit, the Swiss - in spite of some recent compromises - continue to resist allowing governments easy, complete access to private accounts. We'll see how long they can hold out under the continuing pressure to relent.
It now seems that the pressure has reached the point where they can't hold out. The sale of Wegelin's assets is probably only the tip of the iceberg.
The Swiss have resisted the domination of the European Union and the bullying of the U.S. and British governments for years, consistent with their centuries-old history of independence and neutrality. Is this proud heritage ending?
Certainly, the country has changed dramatically in the last 20 -30 years, and I fear the changes are not for the better. Now, with the forces of the EU and the financial swat teams from the U.S. and the U.K. always on the prowl other people's money held in Switzerland that is allegedly held to avoid taxes, will the proud independent Swiss Private Banks buckle under the relentless pressure. It's starting to look that way.
Big bully governments continue to assert their power over anything and anyone that stands in their way.
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