Swiss Parliament Must Still Approve Amended Protocol The CBS news magazine 60 Minutes featured a story on January 3, 2010 concerning the tax controversy between Switzerland and the United States over Switzerland's secretive banking industry. At the time, it appeared there would be no end in sight to the impasse. 60 Minutes: A Crack in the Swiss Vault Yesterday, however, … [Read more...]
Zen and the Art of Initial Public Offerings: China Takes Global Lead
As reported by the Wall Street Journal's Lynn Cowan today, China has taken the global lead in initial public offering activity for 2009. As Ms. Cowan reported, should the pace continue, China will come out on top of "every other country, and even entire regions such as Europe and North America, for all of 2009." Global IPO Dominance China's global … [Read more...]
Swiss Banks Shutting Out U.S. Clients Due to Unprecedented Banking Oversight
on my visit to Switzerland with my wife and daughter this past April, there was a palpable sense of uneasiness in the unusually damp alpine air. As we made our way down Zurich’s Bahnhofstrasse---the main artery running through the city’s financial district, I could not help but notice the sheer number of jaw-clenched bankers passing us by. Given the current … [Read more...]
UBS Strikes Deal in U.S. Tax Case: The End of Switzerland's Bank Secrecy Rules a Boon to Singapore Banking?
On August 3, 2009, UBS reached a deal with U.S. authorities to turn over the names of 5,000 U.S clients holding secret Swiss bank accounts. Although this amounts to a mere 10 percent of the names Washington was after, the controversy surrounding Switzerland and UBS will continue to swell. The pressure on Switzerland and UBS to stop shielding the wealthy from paying their dues … [Read more...]