Levin has been waiting for this day a long time. (That's Senator Carl, not Editor Bess). Swiss banks are in a great deal of trouble. First, they face rather significant trials for their liberal use of Swiss Franc as insulation for East European houses. Second, they are looking at a massive depositor exodus if their primary selling point, banking secrecy, doesn't hold up. Right now, it is under rather serious assault.
The sanctity of the secret Swiss bank account -- an icon of global finance -- is under growing pressure in a tax investigation due to come into public view on Wednesday at a U.S. congressional hearing.
Senator Carl Levin, a long-time foe of offshore tax havens estimated to deprive the U.S. government of $100 billion in annual revenues, will convene the hearing before the Senate Permanent Subcommittee on Investigations that he chairs.
It will be most interesting to see if the United States can actually press Switzerland to give up one of the only features that keeps their economy relevant- and how spineless the Swiss are prepared to be.
U.S. Senate panel to question Swiss banker, secrecy [Reuters]