Friday, December 27, 2013

WOW, Swiss Private Bank Lombard Odier Signs Up to U.S. Tax Deal

The global intimidation/enforcement reach of the US government is really overpowering. If Bitcoin holders somehow think that the USG will not crackdown on Bitcoin if it sees Bitcoin as a major tax collection threat, they are sadly mistake.

Read on as to the how and why of private Swiss banks and their new co-operation with the USG.

From Reuters:
Lombard Odier & Cie on Friday became the latest Swiss bank to say it would work with U.S. officials in a crackdown on Swiss lenders suspected of helping wealthy Americans evade taxes through hidden offshore accounts.

The Geneva-based bank with 203 billion Swiss francs ($227 billion) in client assets is the biggest privately-held firm so far to say publicly it will take part in a government-brokered scheme to make amends for aiding tax evasion.

The deal between the United States and Switzerland is part of a U.S. drive to lift the veil on bank secrecy in the Alpine country, the world's largest offshore finance center with more than $2 trillion in assets.

Under the deal, Swiss banks have until the end of the year to sign up to the program which requires the firms to hand out some previously hidden information and face penalties of up to 50 percent of assets they managed on behalf of U.S. clients.

A host of smaller listed Swiss banks have come forward, but the majority of Switzerland's private banks are unlisted and often family-run firms like Lombard Odier.

"After a detailed analysis of the program and its implications, the Bank has decided to take the prudent step of signing up to category 2 within the required deadline of 31 December 2013. It reserves the right to join category 3 which opens in the summer of 2014," the bank said in a statement.

Swiss banks putting themselves in the second category have reason to believe they may have committed tax offences, and are eligible for a non-prosecution agreement if they come clean and face fines.

So-called category 3 banks have not engaged in criminal conduct or are deemed "compliant" under U.S. tax rules. They would receive a "non-target letter", or a promise from prosecutors they won't be charged later, and not have to pay fines.


  1. Like we needed more evidence that The U.S. Government is a privacy destroying monster?

  2. The Swiss will eventually reject the respective scummy bank Vichy CEO's who have been blackmailed by the NSA.
    I believe that the Swiss are good people who will eventually shrug off the snooping USG globalist trash.
    Decency will prevail.
    At least I hope so.

  3. US Gov can't touch my BTC. It can't touch yours either if you take the time to learn how to use it instead of trashing it. No worries though, natural selection takes care of itself.

  4. There goes the U.S. gummint, spreading freedom around again.

  5. .Swiss Bank Accounts.

    Is your monies safe in these accounts ---- definitely NOT.
    Would you get your money back if every body decided to withdraw all their accounts – NO WAY.
    Economic Experts say that there would only enough money to repaybe 50% of their clients.
    Are you going to be in the 50% --- that loose that loose your money.-- Get it out NOW.

    2012 -- - June. -- Published in Anglo INFO .Geneva.--- USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank.Switzerland. in order to collect large fees. ( Like MADOFF) ---Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90,000,000 million lost in this Pictet Ponzi scheme.

    2012 - - - July. -- De – Spiegel. -- states – Pictet Bank uses a letterbox company in
    Panama and a tax loophole involving investments in London to gain
    German millionaires as clients.

    2012 - - - August ---- German Opposition Leader accuses Swiss Banks of "organised crime."

    All the fines that crooked Swiss banks have incurred in the last few years exceeds £15.Billion.
    It is also calculated that the secrecy " agreements" with regards to tax evation by their clients will cost the banks another £45 Billion.

    The banks are panicking --- the are quickly restructuring their banks ---- from partnerships --
    to " LIMITED COMPANIES." ----- this will probably mean that in the future --- they could
    pay you only 10% of your monies " if you are one of the lucky ones" ---- and it be legal.