URTHEWORLD.COM - USA Bullying Banks
USA BULLIES SWISS BANKING Friday 7th February 2009 12.17pm Washington DC time zone. Two Congressmen are sitting having lunch in a famous restaurant. A news colleague and myself had the honour of sitting behind them (their names will remain anonymous.) One of these Senators approached the other one and quietly declared we need to find a way to go together to Switzerland to withdraw our money and find another structure to replace the one we have. Both of these Senators were Democrats. Mr President you might need to be looking in your own backyard! The Justice department recently filed a Law Suit in Miami against UBS Bank in Switzerland for allowing US citizens to deposit funds in Swiss Banks and in particular the UBS Bank. The Justice Department threatened the UBS Bank with possibly revoking their banking license in the USA if UBS did not pay a penalty and also release American names and their deposit fund details with the UBS bank. Needless to say, many people were shocked and disappointed when it became clear that UBS did indeed pay the penalty and did release some of these names. Their intentions were clear - many more names would be released in the future. It is the opinion of many highly respected individuals in the financial world that UBS should approach the US Justice department and let them know that they can revoke the American License as they threatened, in which case the new President will have an additional 32,000 UBS employees in America looking for work therefore adding to the alarming unemployed current statistics. By doing so, the Swiss Bank system will be honoring the banking system they put in place and the one that their clients adhered to. It is extremely difficult to understand how the financial decision makers of the United States of America are attempting to dominate and bully the current banking system worldwide when it was the USA that caused the disastrous financial situation worldwide why should other countries heed these peoples requests€ People who are trying to blame everyone else on their own disaster€ How dare they bully and blackmail people and banking institutions in a Democratic Europe. Three months ago in Switzerland, Luxembourg Lichtenstein and Austria citizens of these countries were sent a questionnaire containing many questions, amongst these was the question Are you an American citizen and if so, what business do you do in the United States€ . The Threats were clear - if citizens refused to answer these questions their business or personal accounts in these countries would be shut down. These people do not live in the United States, they live in Europe. It is not the United States of Americas business to know what these people do and how they do it. In 1945 after World War II, most of the Swiss banks clients were European, and they had a very strong back up with Jewish funds who supported the Swiss Banks, including UBS. It was only in the 1950s that people from the United States opened Swiss number accounts and Trusts in Swiss Banks. Switzerland did very well from this and have built an Empire in the Banking System. And so, today when the United States of America does not know where to borrow further money from to help the financial disaster they created, they turn to blaming others, and file law suits against countries - in particular against Switzerland - the Obama administration thinks it will save America with other peoples money. This is wrong. It would be a sign of wisdom if both the Swiss Banks and the Swiss Governments do not bend to the United States of America , do not release names to the Justice Department of the United States. Their best decision would be to refuse renewal of their license for UBS banking in America, and then to reiterate their stance, take back the Gold deposit that Switzerland has in the United States of America. I suggest that the Swiss people participate in a Referendum which is always the democratic method used in Switzerland , and take a vote in this regard. The results will surely show America that their bullying impresses no one. Only then can Switzerland continue to be the country that it is respected for, with the highest level of banking secrecy and the best service in banking that money can buy. The Reporter
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