Estimates range from anything between 20 to 30 Billion USD stashed away in Swiss banks, kept away from the prying eyes of the IRS. The Swiss have little choice but to kowtow to the growing pressure that has been building up worldwide to active transnational tax fraud.
In this case actively pursued and abetted by Swiss financial intermediaries and banks. It truly appears to be the end of the road for the hallowed and, in the meanwhile, much maligned Swiss banking secrecy with anonymous accounts, trusts and other instruments of deceit that were readily accepted by wide swathes of society worldwide. It appears that the US has demanded that details of all those who hold more that USD 50’000 be provided.
As per Swiss laws, this would be illegal, but only on paper. There are ways and means of circumventing these rules, using convoluted interpretations of the laws of the land. If anything, there is always a force majeure reasoning – a la hurricanes and earthquakes as Godly warnings via the new prophet Michelle Bachmann.
Besides, the UBS and Credit Suisse, two banks among many others worlwide, face damage claims for USD 14 Billion from Fanny Mae and Freddy Mac. The claims refer to the top-rated mortgage backed securities that were sold by them, even though the securities were far from secure.