Back in February:
ZURICH, Feb 21 (Reuters) - The right-wing Swiss People's Party (SVP) called on Saturday for retaliation against the United States over a U.S. tax probe into the country's biggest bank UBS that threatens prized banking secrecy.Presently:
Switzerland has vowed to prevent UBS from handing over client information to U.S authorities, in an attempt to defend bank secrecy, and says the tax case targeting its biggest bank is souring diplomatic ties.If this keeps up much longer, Lance and I may wind up in an internment camp. (Government food, lodging, health care... Come to think of it, the way things are going, perhaps the whole country will soom BE the camp.)
Washington has accused UBS of hiding nearly $15 billion in assets in secret accounts but the tax litigation is also crucial for the future of the multibillion-dollar wealth management industry and is pushing several offshore banks to force clients to come clean.
The Swiss Justice Ministry said earlier on Wednesday that Swiss law prevents UBS from handing over client information and the government would seize UBS client data, if necessary, to stop that happening.
(H.T. Say Anything.)