Monday, January 09, 2012

Foolish Swiss Banks

I was looking at getting a Swiss Bank account a while ago, just one minor problem - don't have any money to put in it. But if I ever did, then I figured I might as well do the leg work now in preparation for the point in the future I might need one.

What I did realize quite early on is that if I were to invest in a Swiss Bank (or Norwegian bank, etc.) I would have to make sure they didn't have any branches, operations or investments in the US because then this could happen.

Serves you foolish Swiss Banks right for being dumb enough to invest in the US.

Filed under "capital flight."


Geoff Matthews said...

Pat Sullivan said...

You might want to take a look at the current US banking regulations, in a future posting. The current laws will also enable a very easy transition to all out currency controls. When the capital flight starts getting serious, you can bet currency controls are not too far behind.
I think a lot of Americans, would be shocked to find out how invasive the current banking money laundering laws tend to be.
No wonder more and more people are considering things like Swiss bank accounts.

Anonymous said...

The patriot in me says much of international banking laws were pressured or reformed through pressure from the patriot act because terrorists like KSM were using them to hide payments. The amount of hoop jumping the FBI/CIA had to go through just to track down KSMs nephew Ramzi Yousef & then his financiers is mind-boggling.
The realist in me knows that most of the people caught doing financial hanky panky post-patriot act have been tax evaders and people of a similar ilk.