Switzerland's justice minister warned in an interview on Sunday that top bank UBS could collapse if sensitive talks with the United States over a high-profile tax fraud investigation fall through.
"The actions of UBS in the United States are very problematic. Not just because they are punishable but also because they threaten all of the bank's activities," Eveline Widmer-Schlumpf told Le Matin Dimanche newspaper.
"The Swiss economy and the job market would suffer on a major scale if UBS fails as a result of its licence being revoked in the United States," she said.
Switzerland and the United States have negotiated an agreement under which UBS would hand over information on some 4,500 account holders to US tax police.
But a Swiss court ruling earlier this month put the deal in doubt.
Many in Switzerland, where banking secrecy is a source of pride and a key part of the economy, have accused the government of failing to protect UBS.
"We have nothing to blame ourselves for. I don't think anyone could prove that we acted badly," Widmer-Schlumpf said in the interview.
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Take a look at this video I produced:
ReplyDeleteSt. Petersburg's Self-destructing Economy
http://www.youtube.com/watch?v=PsuY2dfz_B0
Enjoy,
John
Keep your savings in a bank. It is safe there!
ReplyDeleteBy Marcy Gordon, AP Business Writer
WASHINGTON — Regulators shut down a big bank in California on Friday, along with two banks in Georgia and one each in Florida, Minnesota and Washington. That brought to 15 the number of bank failures so far in 2010 atop the 140 shuttered last year in the punishing economic climate.
The failure of Los Angeles-based First Regional Bank, with nearly $2.2 billion in assets and $1.9 billion in deposits, is expected to cost the federal deposit insurance fund $825.5 million.
banks are safe we keep all of our money, gold silver and guns there it is awesome
ReplyDelete@ 4:21
ReplyDeleteWill you be saying awesome when taxcops decide to exercise the same tactics they displayed with UBS, firstly to determine what you have and where, and secondly, to confiscate your guns and gold.They will leave your money , cos by then it'll be worthless.
Yeah, the slips of paper they won't care about at all.
ReplyDeleteThe war on WEALTH.
ReplyDeleteThis is world war III.
The war on 'terrorism'.
*sneer*
437 I was being sarcastic, no way they will find anything I have it has already been well taken care of
ReplyDeleteIf we don't get a handle of this boomer problem, the whole nation will collapse:
ReplyDeletehttp://americaspeaksink.com/2010/02/the-count-down-to-the-baby-boomers-is-here/
Mr. Rich -
ReplyDeleteAs you whine and bemoan people of my generation let me remind you my wife and I worked multiple jobs to put our son who is now 27 through college. We paid as we went and have never believed in credit. When I was in school I did janitor work in the dorms while the other kids laughed and sneered because of my position. It was my goal to ensure my son didn't experience the same thing. It is not my fault that multiple US Presidents and Congress didn't have the balls to be financially responsible. If you and your generation have problems with people like me then to bad! I'm not your problem since I probably won't be taking SS. I'd suggest you grow up a little instead of starting some generational war and ensure your own underwear is clean first! It is easy to blame someone else but coming up with a good game plan is a different story! You guys put the current President in office and all I see are the continued tired excuses and same old policies of the past except he spends in ways the other guys only dreamed about.