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S U B S C R I B E
WRS stories about banks
Swiss bank execs 'backing away from Obama'
Monday, 14 May, 2012
American executives at the Swiss banks UBS and Credit Suisse have swung their support strongly behind the Republican presidential challenger Mitt Romney in his bid to beat Barack Obama in November’s election. It’s a dramatic reversal from 2008. Credit Suisse execs have piled in about the same amount thus far—just over $300,000—as they did for Obama’s entire campaign four years ago. But this time around they’ve spent only only $18,000 on the Obama side. The figures in this exclusive WRS investigation come from the Center for Responsive Politics, which closely tracks the money trail. WRS’s Washington Correspondent Daniel Ryntjes has the details:
Monday, 14 May, 2012
American executives at the Swiss banks UBS and Credit Suisse have swung their support strongly behind the Republican presidential challenger Mitt Romney in his bid to beat Barack Obama in November’s election. It’s a dramatic reversal from 2008. Credit Suisse execs have piled in about the same amount thus far—just over $300,000—as they did for Obama’s entire campaign four years ago. But this time around they’ve spent only only $18,000 on the Obama side. The figures in this exclusive WRS investigation come from the Center for Responsive Politics, which closely tracks the money trail. WRS’s Washington Correspondent Daniel Ryntjes has the details:
Zug secrecy breakdown could hit other cantonal banks
Friday, 27 April, 2012
The cantonal bank of Zug is requiring all its foreign clients to allow the bank to transfer data abroad, according to the Blick newspaper. Officials at the bank declined to comment or confirm to WRS. WRS’s Alex Helmick speak with Paul Dembinski, director of the Geneva Finanical Observatory, who says smaller cantonal banks could follow suit, and Myret Zaki, vice-editor at Bilan magazine, who says the move by Zug is another step in the slow death of Swiss bank secrecy:
Friday, 27 April, 2012
The cantonal bank of Zug is requiring all its foreign clients to allow the bank to transfer data abroad, according to the Blick newspaper. Officials at the bank declined to comment or confirm to WRS. WRS’s Alex Helmick speak with Paul Dembinski, director of the Geneva Finanical Observatory, who says smaller cantonal banks could follow suit, and Myret Zaki, vice-editor at Bilan magazine, who says the move by Zug is another step in the slow death of Swiss bank secrecy:
Is Switzerland engulfed in 'economic warfare'?
Monday, 23 April, 2012
UBS CEO Sergio Ermotti says Switzerland is “stuck in the middle of economic warfare.” UBS is Switzerland’s biggest bank, but Ermotti says tax disputes could weaken the country’s banks—costing thousands of jobs. Alex Helmick asks economist and journalist Beat Kappeler if Ermotti is overstating his case:
Monday, 23 April, 2012
UBS CEO Sergio Ermotti says Switzerland is “stuck in the middle of economic warfare.” UBS is Switzerland’s biggest bank, but Ermotti says tax disputes could weaken the country’s banks—costing thousands of jobs. Alex Helmick asks economist and journalist Beat Kappeler if Ermotti is overstating his case:
U.S.-Swiss tax spat rumbles on after court blocks data share
Thursday, 12 April, 2012
The Swiss authorities have no business transferring your banking details to the U.S. tax authorities. That was what the Federal Administrative Court, one of Switzerland’s supreme courts, told a Credit Suisse client at the end of last week. What could at first seem like a bomb being set off in the midst of negotiations for a new tax deal between Switzerland and the U.S. could, in fact, be more like a damp squib for a functional justice system, as WRS’s Lucas Chambers reports:
Thursday, 12 April, 2012
The Swiss authorities have no business transferring your banking details to the U.S. tax authorities. That was what the Federal Administrative Court, one of Switzerland’s supreme courts, told a Credit Suisse client at the end of last week. What could at first seem like a bomb being set off in the midst of negotiations for a new tax deal between Switzerland and the U.S. could, in fact, be more like a damp squib for a functional justice system, as WRS’s Lucas Chambers reports:
Court blocks Credit Suisse from sharing American client data
Wednesday, 11 April, 2012
The Federal Administrative Court in Switzerland says bank giant Credit Suisse can’t disclose client details to American tax officials because their request last year was too vague. It is part of a wider investigation by the U.S. into whether 11 Swiss banks have been aiding wealthy Americans to dodge taxes. WRS’s Alex Helmick asks tax lawyer and expert Philippe Kenel for his reaction to the ruling:
Wednesday, 11 April, 2012
The Federal Administrative Court in Switzerland says bank giant Credit Suisse can’t disclose client details to American tax officials because their request last year was too vague. It is part of a wider investigation by the U.S. into whether 11 Swiss banks have been aiding wealthy Americans to dodge taxes. WRS’s Alex Helmick asks tax lawyer and expert Philippe Kenel for his reaction to the ruling:
Another nail in the coffin for Swiss banking secrecy?
Tuesday, 10 April, 2012
When UBS got into hot water back in 2008 for actively inciting tax fraud among American clients, the rest of Switzerland’s banks promised they had nothing to hide. Four years later, 11 of them are threatened with legal action in the U.S., and just this weekend, the Swiss Bankers Association sent out a letter asking the 300 others to count up how much money they had in total from American account holders. Is this a smart move in view of cutting a global deal that could end the spat with the U.S. once and for all? Or is it admitting that very few banks were blameless? Haig Simonian is correspondent for the Financial Times in Zurich and he talks to WRS’s Dave Goodman:
Tuesday, 10 April, 2012
When UBS got into hot water back in 2008 for actively inciting tax fraud among American clients, the rest of Switzerland’s banks promised they had nothing to hide. Four years later, 11 of them are threatened with legal action in the U.S., and just this weekend, the Swiss Bankers Association sent out a letter asking the 300 others to count up how much money they had in total from American account holders. Is this a smart move in view of cutting a global deal that could end the spat with the U.S. once and for all? Or is it admitting that very few banks were blameless? Haig Simonian is correspondent for the Financial Times in Zurich and he talks to WRS’s Dave Goodman:
U.S. cutbacks could impact investigation of Swiss banks
Wednesday, 4 April, 2012
The U.S. Justice Department is denying that a recent—and temporary—transfer of almost one third of its tax prosecutors will compromise its international enforcement efforts, but some Washington insiders tell us that the efforts targeting Swiss banks will be significantly impacted during the six months they are away from their desks. Some of the key attorneys who have been digging into the activities of at least 21 Swiss banks are being hived out to support cash-strapped local U.S. attorneys offices around the country. WRS’s Daniel Ryntjes reports:
Wednesday, 4 April, 2012
The U.S. Justice Department is denying that a recent—and temporary—transfer of almost one third of its tax prosecutors will compromise its international enforcement efforts, but some Washington insiders tell us that the efforts targeting Swiss banks will be significantly impacted during the six months they are away from their desks. Some of the key attorneys who have been digging into the activities of at least 21 Swiss banks are being hived out to support cash-strapped local U.S. attorneys offices around the country. WRS’s Daniel Ryntjes reports:
UBS whistleblower battles prison for early release to halfway house
Wednesday, 28 March, 2012
The UBS whistleblower Bradley Birkenfeld is engaged in a legal battle with the U.S. prison service over his release from detention. Birkenfeld is representing himself in a case he’s brought against a decision by the prison to deny him access to a halfway house up to 12 months before his scheduled release date. The government is trying to prevent the case from coming to court. From Washington, reporter Daniel Ryntjes has this exclusive story.
Wednesday, 28 March, 2012
The UBS whistleblower Bradley Birkenfeld is engaged in a legal battle with the U.S. prison service over his release from detention. Birkenfeld is representing himself in a case he’s brought against a decision by the prison to deny him access to a halfway house up to 12 months before his scheduled release date. The government is trying to prevent the case from coming to court. From Washington, reporter Daniel Ryntjes has this exclusive story.
If banks colluded on Libor rate, amounts 'are staggering'
Tuesday, 27 March, 2012
Can it be proved that 18 banks, including UBS and Credit Suisse, colluded to keep the Libor interbank rate artificially low? A headline in newspaper Le Temps already called it, “The Biggest Financial Scandal in History.” An investigation is underway in different countries including Switzerland, but experts already say banks may have derived massive benefits from such a manipulation while affecting a great number of clients and other investors. To figure out what is at play, WRS’s Pete Forster talks to lawyer and banking law expert Carlo Lombardini:
Tuesday, 27 March, 2012
Can it be proved that 18 banks, including UBS and Credit Suisse, colluded to keep the Libor interbank rate artificially low? A headline in newspaper Le Temps already called it, “The Biggest Financial Scandal in History.” An investigation is underway in different countries including Switzerland, but experts already say banks may have derived massive benefits from such a manipulation while affecting a great number of clients and other investors. To figure out what is at play, WRS’s Pete Forster talks to lawyer and banking law expert Carlo Lombardini:
Bern set to approve U.S. tax accord after delays, debates
Monday, 5 March, 2012
The National Council today is expected to approve the latest changes to the double tax accord with the United States. Heated debate ran so long last week that lawmakers ran out of time. It’s a text that would allow U.S. authorities greater latitude to get information on suspected tax cheats. Switzerland has said it wants to get rid of undeclared money. And double-tax accords are a central element of that so-called clean money strategy. But critics say that approach means people hiding money from developing countries have little to fear. WRS’s Jordan Davis reports:
Monday, 5 March, 2012
The National Council today is expected to approve the latest changes to the double tax accord with the United States. Heated debate ran so long last week that lawmakers ran out of time. It’s a text that would allow U.S. authorities greater latitude to get information on suspected tax cheats. Switzerland has said it wants to get rid of undeclared money. And double-tax accords are a central element of that so-called clean money strategy. But critics say that approach means people hiding money from developing countries have little to fear. WRS’s Jordan Davis reports:
Rewind: Breaking the taboo on banking secrecy
Friday, 2 March, 2012
The head of the Raiffeisen bank breaks a taboo in calling for automatic information exchange in the same week as Parliament debates giving the U.S. more latitude to find tax cheats. But many fear Parliament will debate even more concessions soon. WRS’s Jordan Davis reviews the news of the week with RSI’s Paola Ceresetti and DRS’s Pascal Krauthammer:
Friday, 2 March, 2012
The head of the Raiffeisen bank breaks a taboo in calling for automatic information exchange in the same week as Parliament debates giving the U.S. more latitude to find tax cheats. But many fear Parliament will debate even more concessions soon. WRS’s Jordan Davis reviews the news of the week with RSI’s Paola Ceresetti and DRS’s Pascal Krauthammer:
Bern on brink of passing tax accord with U.S.
Wednesday, 29 February, 2012
Today the double tax accord between Switzerland and the United States is before members of Parliament in the National Council. The government says it’s a key element to resolving the banking crisis with the United States. The accord’s been held up in Bern for months. Many fear it will open a new breach in banking secrecy. But now it appears to be on the verge of passage. WRS’s Jordan Davis is live in the Federal Palace:
Wednesday, 29 February, 2012
Today the double tax accord between Switzerland and the United States is before members of Parliament in the National Council. The government says it’s a key element to resolving the banking crisis with the United States. The accord’s been held up in Bern for months. Many fear it will open a new breach in banking secrecy. But now it appears to be on the verge of passage. WRS’s Jordan Davis is live in the Federal Palace:
Bank chief ruffles Swiss finance feathers
Wednesday, 29 February, 2012
Parliament is due to vote today on an accord making it easier for the U.S. authorities to get information on American tax cheats with Swiss bank accounts. The topic has generated acres of newsprint. In an interview with the Tages Anzeiger newspaper on Tuesday, Pierin Vincenz , chief executive of Raiffeisen, Switzerland’s third biggest bank, raised concerns about the country’s strategy of dealing with this issue globally. He’s ruffled a few feathers, as WRS’s Vincent Landon reports:
Wednesday, 29 February, 2012
Parliament is due to vote today on an accord making it easier for the U.S. authorities to get information on American tax cheats with Swiss bank accounts. The topic has generated acres of newsprint. In an interview with the Tages Anzeiger newspaper on Tuesday, Pierin Vincenz , chief executive of Raiffeisen, Switzerland’s third biggest bank, raised concerns about the country’s strategy of dealing with this issue globally. He’s ruffled a few feathers, as WRS’s Vincent Landon reports:
Bankers say tax compliance ultimately falls on client's shoulders
Thursday, 23 February, 2012
The Federal Council says it wants banks to take a closer look at whether their clients are paying taxes. This is the next step in a clean money strategy unveiled by finance minister Eveline Widmer Schlumpf yesterday. While a full report will not come out until September, the government wants banks to employ more due diligence in checking that clients have declared their taxes. WRS’s political correspondent Jordan Davis spoke to Sindy Schmiegel, spokesperson for the Swiss Bankers Association, who says tax compliance is the ultimately the responsibility of each client:
Thursday, 23 February, 2012
The Federal Council says it wants banks to take a closer look at whether their clients are paying taxes. This is the next step in a clean money strategy unveiled by finance minister Eveline Widmer Schlumpf yesterday. While a full report will not come out until September, the government wants banks to employ more due diligence in checking that clients have declared their taxes. WRS’s political correspondent Jordan Davis spoke to Sindy Schmiegel, spokesperson for the Swiss Bankers Association, who says tax compliance is the ultimately the responsibility of each client:
Tax deal said to be close for Credit Suisse and U.S.
Friday, 17 February, 2012
Credit Suisse is close to announcing a deal over tax evasion with the U.S. government, according to a leading international tax attorney. Kevin Thorn, a legal advisor to Swiss banks over compliance issues, says the two sides may be close to going public on an arrangement similar to the one with UBS. WRS has previously reported that Credit Suisse has been denying U.S. clients access to their accounts unless they come clean to the U.S. Now we have also acquired a copy of a letter dated February 2, 2012 and written by the bank advising individuals once again to consider a voluntary disclosure to tax authorities. With more, here’s WRS’s Washington Correspondent Daniel Ryntjes:
Friday, 17 February, 2012
Credit Suisse is close to announcing a deal over tax evasion with the U.S. government, according to a leading international tax attorney. Kevin Thorn, a legal advisor to Swiss banks over compliance issues, says the two sides may be close to going public on an arrangement similar to the one with UBS. WRS has previously reported that Credit Suisse has been denying U.S. clients access to their accounts unless they come clean to the U.S. Now we have also acquired a copy of a letter dated February 2, 2012 and written by the bank advising individuals once again to consider a voluntary disclosure to tax authorities. With more, here’s WRS’s Washington Correspondent Daniel Ryntjes:
