Switzerland's oldest private bank, Wegelin & Co, said Thursday that it is going out of business after pleading guilty to charges of helping American citizens avoid US taxes. It remains unclear whether the bank will reveal the names of its US clients. Wegelin & Co, the oldest Swiss private bank, said on Thursday it would shut its doors permanently after more than 2 ½ centuries, following its guilty plea to charges of helping wealthy Americans evade taxes through secret accounts. The plea, in U.S. District Court in Manhattan, marks the death knell for one of Switzerland’s most storied banks, whose original European clients pre-date the American Revolution. It is also potentially a major turning point in a battle by U.S. authorities against Swiss bank secrecy... [bank assisted] Americans [to] evade taxes on at least $1.2 billion for nearly a decade.Editor's comment - "Helping American citizens avoid US taxes..." Real Americans call that downright patriotic.
Saturday, January 5, 2013
Mobster in Chief: Obama's thugs rob $1.2 billion from Swiss bank
Force closure of one of the world's oldest and most respected financial institutions From France24, "Oldest Swiss bank to close in US tax evasion case":