AND THE KILLING OF A #FATCA AGREEMENT, Or...
HOW THE SWISS BANKERS’ ASSOCIATION WAS DEAD SET AGAINST TRANSPARENCY LONG BEFORE THEY PRETENDED TO BE IN FAVOR OF IT AND ARE NOW SHAMELESSLY THRILLED THAT SECRECY LIVES, EVEN IF THAT MEANS IT LIVES ALONGSIDE THEIR OWN HYPOCRISY! —
For the past many months, press releases have tripped off the tongues of the PR hacks at the Swiss Bankers’ Association praising its members for reaching an agreement with the United States.
Except, no agreement was reached, nor was any ever going to be reached.
It was drivel.
Switzerland’s offshore financial industry, which relies on banking secrecy — not privacy, but outright secrecy — is worth an estimated $2.1 TRILLION. It’s the largest in the world and drives the Swiss economy. Understandably, there was no way that Swiss politicians and their “Gnomes of Zurich” puppet masters were ever going to jeopardize that.
Even if they’d actually wanted to, which they never did, a structural change of this nature would have required parliamentary approval in both houses. That has been flatly rejected and, as of June 19, is a dead horse.
Had it somehow passed, the Federal Council would then have had to agree. Which they almost certainly would not have done. Their banker backers would have tarred and feathered them and run them out of town.
Still, if the unthinkable had somehow happened, at that point, there would have been a referendum of the people. And the last time the Swiss voted to tamper with transparency, the result was a whopping 3×1 against.
So reports of the death of secret Swiss banking were not just premature, they were flat out wrong.
And yet, the Swiss Bankers’ Association has issued a press release making it sound as if they’re crying crocodile tears for the demise of secrecy.
For anyone who doesn’t speak hypocrisy, here is that release, along with a translation (IN CAPS) into understandable English.
Statement from the SBA —
Basel, 19 June 2013
The SBA regretfully takes note of the rejection of the so-called Lex USA by Swiss Parliament. A federal law would have been the best possibility for creating legal certainty so that the banks in Switzerland can make use of the US’ programme in order to draw a line under the past.
(UNDERSTANDABLE ENGLISH – THANK GOD WE BEAT THE SHIT OUT OF THAT BECAUSE DRAWING A LINE UNDER THE PAST WOULD PUT AT RISK $2.1 TRILLION.)
The SBA expects the Federal Council to assume its responsibility and do everything in its power to ensure that a legal framework is created that nevertheless renders the implementation of the US programme possible.
(UNDERSTANDABLE ENGLISH – BUT THE POLITICIANS KNOW FULL WELL WHO BUTTERS THEIR BREAD, AND IF THEY SCREW AROUND WITH OUR MEMBERS’ TRUE INTERESTS, THEY’RE BURNT TOAST. WHAT THE COUNCIL NEEDS TO DO IS PUT IT OFF THEN FUDGE IT, THEN PUT IT OFF THEN FUDGE IT AGAIN, AND KEEP DOING THAT UNTIL SOMEONE LIKE MITT ROMNEY (IT’S GOOD TO HAVE CLIENTS IN POWERFUL PLACES) COMES TO POWER IN WASHINGTON AND MAKES THIS CRAP DISAPPEAR.)
The banks cannot meet the requirements of the programme without legal certainty. The consequences thereof for the financial centre and the entire Swiss economy are incalculable. Switzerland must not take the risk of a further indictment of a bank lightly.
(UNDERSTANDABLE ENGLISH – ACTUALLY, THE CONSEQUENCES ARE CALCULABLE — $2.1 TRILLION — NOT TO MENTION WHAT THIS WOULD DO TO UNEMPLOYMENT IN THE BANKING SECTOR. SO, IF A FEW POOR BASTARD BANK TELLERS HAVE TO GO TO JAIL, IT’S JUST THE COST OF DOING BUSINESS. COME ON, THE AMERICANS, ESPECIALLY, UNDERSTAND THE CONCEPT OF COLLATERAL DAMAGE.)
The Swiss banks will of course make every effort to protect the interests of their employees to the greatest extent possible in line with the agreement reached between the SBA and the two social partners.
(UNDERSTANDABLE ENGLISH – SWISS BANKS WILL OF COURSE MAKE EVERY EFFORT TO PROTECT THEIR INTERESTS. END OF SENTENCE.)
Want to know more about the wonderful folk who keep getting caught with dirty money and deny it until even the Swiss Bankers Association is embarrassed: JEFFREY ROBINSON’S CRIMINAL INTENT – THE SWISS WASH WHITER is the EBook the Gnomes don’t want you to read.