Another nail in the coffin for Swiss banking secrecy?
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: