With UBS deal, the end of financial parasites hiding in Swiss bank accounts
Swiss banking giant UBS finally reached a deal today with the Internal Revenue Service to turn over the names of more than 4,000 U.S. citizens: allegedly, the worst offenders in tax-evasion schemes to use Swiss bank accounts to hide. At some point, those accounts held over $18 billion, according to the AP. Somber Swiss officials admitted they had no choice but to cave to IRS demands.
This is the beginning of the end of secret banking practiced in the open -- what an oxymoron! -- by supposedly upstanding financial institutions domiciled in countries that do not have the sole purpose of serving as tax havens. And good riddance to the Swiss parasites.