Swiss bank Credit Suisse admitted today that it was a “mistake” to help Americans evade taxes on as much as 12 billion dollars, even though it blames a handful of bankers for the dealings. Using tactics more befitting a criminal organization, including the creation of offshore shell entities, falsifying visa applications, and establishing a branch at Zurich airport, as well as passing statements hidden in a Sport Illustrated magazine by hand to a client, it is clear there was a whole series of criminal acts committed by agents of the Swiss bank against the US. Although the Credit Suisse will pay a 196 million dollars fine to the SEC, executives refuse to turn over account information relating to US tax evaders.
Given that Credit Suisse operates in the United States, it is subject to US law. As the bank committed several crimes against the US, aided a myriad of individuals conspiring to commit crimes against the US, and is now impeding the investigation of those crimes, the Credit Suisse must be held legally accountable. Authorities should consider revoking their bank charter, if this behavior continues. Just as America has the right to deport Justin Bieber, we have the right to give a foreign owned company the boot.
On the other hand, Credit Suisse executives argue that Swiss law prevents them from releasing client information under plenty of incarceration. As such, the United States also has a very serious foreign policy dispute with Switzerland. Just as Credit Suisse profited from its blatant disregard for US law, the country of Switzerland has used its perverse regulations to enrich its treasury for decades by undercutting the laws of countries like the US.
Unfortunately, America and many other governments have tended to avoid dealing with messy foreign policy issues rooted in business dealings, e.g. trade and patent infringement issues with China and India, because they are afraid of upsetting the global economy. Sadly, the world economy is in tatters thanks to dishonest business dealings and the neglect of the economic interests of the world’s population. Enough is enough. As the wealthiest country, America needs to ensure its interests are met by forcing the Swiss to be honest.
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