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Warren Whitaker commented in a June 20 Bloomberg article on the recent rejection by the Swiss parliament of a bill that would have let Credit Suisse and Julius Baer strike agreements with the U.S. government in order to avoid indictment. The Swiss banks are under investigation for allegedly helping some U.S. citizens avoid the I.R.S. Warren says, "Some people in Switzerland are trying to hold on to the past strong value of secrecy no matter what." If reached, the individual agreements would require the banks to pay fines to the United States and give up client names. He continues, "The U.S. could take stronger steps. It could indict a lot of these banks and then come back to make an agreement."
The full article can be found here.
