The Conservative Cave

Current Events => Economics => Topic started by: Chris on September 02, 2009, 07:29:19 PM

Title: Wegelin, oldest Swiss bank, to pull out of US
Post by: Chris on September 02, 2009, 07:29:19 PM

Quote

Swiss private bank Wegelin announced on Tuesday that it is to stop doing business in the United States.

The St Gallen-based bank, Switzerland's oldest, said the decision had been taken in response to stricter measures introduced in the US against tax dodgers and planned changes to estate tax, which would make some non-US citizens liable to tax if they inherited US securities.

In a letter to investors it said Swiss banks were likely to find themselves in an untenable position, as they would be expected to know which clients were liable to pay US tax – "an impossible undertaking", given the lack of clear definitions in the matter.

(more...) (http://www.swissinfo.ch/eng/news_digest/Wegelin_bank_to_pull_out_of_US.html?siteSect=104&sid=11125453&cKey=1251233629000&ty=nd)

Way to go, Obama... you're doing a bang-up job.  If he wants to go after tax cheats, he should start with Charlie Rangel.

Title: Re: Wegelin, oldest Swiss bank, to pull out of US
Post by: rich_t on September 02, 2009, 07:37:52 PM

Hey...

The guy did promise change.

He never said we would like the changes he had in mind.

Title: Re: Wegelin, oldest Swiss bank, to pull out of US
Post by: RightCoast on September 02, 2009, 07:56:20 PM

This was predicted as soon as the new rules were proposed.

Title: Re: Wegelin, oldest Swiss bank, to pull out of US
Post by: Chris on September 02, 2009, 07:58:11 PM

I don't expect it to be the only one.

Title: Re: Wegelin, oldest Swiss bank, to pull out of US
Post by: Chump on September 02, 2009, 08:45:34 PM

Smart move on their part.