Citing the potential for the collapse of the entire Swiss economy, the government of Switzerlandto comply with an IRS order to divulge secret client information and has broken one of the most fundamental trusts ever established in the financial world.
That the American government used the economic downturn to bend an allied government to its will should give everyone of means and intellect pause. Big Brother is a reality folks.
UBS agreed to a $780 million fine and to reveal the identities of 250 numbered-account holders to the IRS. Emboldened by this capitulation, the feds are now insisting the bank give them the identities of all 52,000 American account holders.
"At a time when millions of Americans are losing their jobs, their homes and their health care, it is appalling that more than 50,000 of the wealthiest among us have actively sought to evade their civic and legal duty to pay taxes," John DiCicco, acting assistant attorney general for the Justice Department's Tax Division, said in a statement.
We have already witnessed the death of personal responsibility in this country, so I guess it stands to reason that the death of privacy can't be far behind. I just find it personally offensive that it will be at the hand of pencil-dicks like John DiCicco, who make $75,000 a year and probably live paycheck to paycheck.
These are sad times for anyone with any ambition in life. Sadder still is the fact that it is all premeditated by a government that realizes it has written checks it can't cash, and needs the ability to grab your money.