The Swiss government said today that it would forbid UBS bank from handing over confidential client information, if a court in a crucial case in Miami next week demanded the bank do so.
Switzerland warned it might go as far as confiscating the data, should the US court rule the bank was required to transfer the client names requested.
The US is demanding that UBS hand over names of up to 52,000 US taxpayers holding offshore accounts in Switzerland.
In a friend of the court filing, the Swiss government said “The enforcement of the summons would require UBS to violate Swiss law.” .
Wenzel,
ReplyDeleteCareful, you might spur an angry attack by Karl Denninger for merely reporting this.
That guy is off the deep-end when it comes to "the law." He was kicking and screaming yesterday about how THE FEDERAL GOVT SHOULD REVOKE CHARTERS FOR SWISS BANKS etc. etc. if this goes through. He says THE LAW MUST BE FOLLOWED BY EVERYONE!!!!1111 which is an entirely idiotic proposition when the law says that you can not smoke weed or you can not pay your employees what they're worth or that Jews must be thrown in large ovens because they're dangerous to society.
But don't let logic stop KD when he becomes upset about something because as we all know, the math is never wrong!
the US should back off this embarassing quest to bully the Swiss into complying with our laws.
ReplyDeletehere is an example of something that would be just as stupid. The Iranians bullying the US to give up the names of Iranian citizens that are living(visiting) in the US
that are breaking Iran's laws.(drinking,partying,adultry,dressing sexy) a crude example, but you get the picture. the US cannot demand that another country comply with our laws in their country. That is why when a US citizen visits another country, he is governed by the laws of that country, not ours. If the US gov't wants to stop a company from doing business here, that is ok(if done legally)But to bully the Swiss into giving up those names in violation of there laws is laughable