Given the recent agreement between the U.S. and Switzerland to "out" a number of Americans with secret Swiss bank accounts, it's no surprise that some financial institutions based in the land-locked European republic would want to sever ties with the U.S. to avoid similar problems in future.
That said, the decision highlighted in the following swissinfo.ch report, "Wegelin Bank to Pull Out of US," seems consistent with the trend of foreigners' increasing dissatisfaction with U.S. arrogance and heavy-handedness in immigration, trade, regulatory, and other matters [italics mine].
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.
The danger of inadvertently making false declarations to the US tax authorities will be too great, it explained.
It added that it believes the US overestimates its attraction as a financial centre, and is advising its clients to get out of all US securities.
The decision comes a week after US tax authorities reached a deal with the Swiss government which will see bank UBS hand over details of almost 4,500 suspected tax cheats.
World population is fast approaching the 7 billion mark.
3rd. world country's are industrializing rapidly,many have
the A bomb and desperately need the dwindling resources of
the world.Anybody who thinks a country of 300 million, boarding
on anarchy, incapable of giving its people a decent health
care,incapable of controlling its banking industry and conducting
perpetual wars is going to sit on top of the world and control it,
is just plain nuts!
Posted by: roger | August 28, 2009 at 03:29 PM
"U.S. arrogance and heavy-handedness in *immigration*"
What the heck are you talking about? We've still got open borders for as many illegals as can sneak in, which is millions. And that's before Obama and the Dems give the illegals already here amnesty.
Posted by: bobn | August 28, 2009 at 04:22 PM
I'm referring to those who come here legally, including tourists and students. As far as our policy towards illegal immigrants, I can't really disagree with you.
Posted by: Michael Panzner | August 28, 2009 at 04:29 PM