Maybe they will and maybe they won’t. They’re still weighing the risk/reward and YOU’LL JUST HAVE TO WAIT AND SEE.

Switzerland’s private banks have until Monday to decide whether to bow to U.S. pressure and ditch the centuries-old culture of secrecy that has made the Alpine state a global vault for the world’s rich. Many are leaving it to the last minute to tell the Swiss financial regulator whether they will participate in a U.S. program to settle tax evasion suspicions that could trigger large fines and force them to identify U.S. customers suspected of using their Swiss accounts to dodge taxes…Listed banks which participate in the program could start telling investors from next week whether or not they have to take provisions against possible fines. If they do not settle, individual banks and their senior staff risk criminal prosecution and, if a large number refuse to cooperate, it could hold up a future settlement for around a dozen of Switzerland’s largest banks, including Credit Suisse, Julius Baer, Pictet, and local government-backed Zuercher Kantonalbank (ZKB)…Despite knowing the terms of the August deal for months, many banks are going down to the wire with their decision, according to several sources involved in the talks.

[Reuters]

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  1. Posted by guest | December 5, 2013 at 6:21 PM

    …..Furiously burning documents in the back room…..

    "Hurry up we've only got 5 minutes left!"