from The Daily Bell:
Swiss Banks Employ Army of Advisers for U.S. Amnesty Plan … Switzerland’s 300 banks have enlisted an army of auditors, lawyers and in-house workers as they race to meet a Dec. 31 deadline on whether to seek U.S. amnesty for helping American clients evade taxes. Banks in Switzerland, the largest cross-border financial center with $2.2 trillion of assets, are closely examining accounts before joining a disclosure program that’s the broadest assault in a five-year U.S. crackdown on offshore tax evasion. – Bloomberg
Dominant Social Theme: Everything is going as it should. The Swiss respect the US. The Anglosphere is receiving the cooperation it seeks.
Free-Market Analysis: More to the point … what a mess this is. The Swiss Banks are making a desperate effort to fulfill US mandates when it comes to cooperating with US taxing authorities. But the vast effort being made shows clearly how difficult those demands actually are.
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