The U.S. and Switzerland said they agreed to share information on potential tax evaders for the first time, the latest step toward eroding Switzerland's renowned banking secrecy. U.S. Treasury Secretary Timothy Geithner said the deal, which the governments began negotiating in April, "will help bring an end to an era of offshore accounts and investments being used for tax evasion." The U.S. declined to release details until the deal, which could face a referendum in Switzerland, has been completed and signed. http://online.wsj.com/article/SB124545426008332895.html
That list should yield some tremendously juicy names. Wanna bet some of the leading figures in the world of finance think they 're above taxes? Hollywood? Politics? Think in terms of "entitled sociopaths".
You can bet that arrangements will be made to keep the big fish out of the spotlight. The sophisticated ones probably already have them set up as offshore holding companies anyway.
Some will always get away. But you are going to see some very large, once powerful, but now scorned, individuals named. I knew very little, and cared even less, for politics when this began. Now, I know some politics, and I care even less. But I do know this. In that glad handing world of intrigue and guile, nobody loves you when you 're down and out. And there is nobody scorned worse than Wall St.'rs and Hedgies. Let's see what happens. Just remember the three so far. And I'm not sure why they fell in this order. A Boca Raton accountant (duh). Think referrals. Then, a billionaire/parttime Lighthouse Point resident, and, a another Lighthouse Point guy who happens to b e the brother of J.T. Moran. A lot of the articles point to the fact on how UBS "prospected". You can be sure that, if Moran is involved, so are other Street types. I don't believe guys like Moran are that far removed from the mainstream guys. And if a billionaire is involved, that tells you the pedigree. Politically, Obama is taking the tact that, this all happened before me, it's blowing up, and I'm not wearing it on my shirt. So, it's not about right and wrong, as I feel it is for me. To him, it's about "politics". Fine with me. Only in Pygmalion can you turn a street girl into a lady. And that's fiction.
A simple consumption tax would end this nonsense....worldwide.... US has two choices.... 1) Keep raising taxes versus a declining base.... The road to nowhere.... 2) Mandate a consumption tax only.... The yellowbrick road....
If you can't trust the Swiss who can you trust anymore. Theres always Lichtenstein. The public cynicism has the needle all the way the edge on this. Is it on appeal yet?
There are in worse trouble than the Swiss. The Germans are on them. They bribed a bank employee who fled to Australia, and have 4500 names on disk.