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Running For Cover

The tax evasion can squad can take credit for forcing one Swiss private bank to adopt the 'screw you guys, I'm going home' philosophy. After the UBS incident, Weglin & Co. decided it had seen enough and the risk of Swiss banks becoming the "extended arm of U.S. tax authority" was sufficient to issue a 'Goodbye to America' letter to investors. Between Team IRS's renewed enthusiasm for its work and proposed changes to the estate tax, the private bank has decided to stop doing business in the US. Apparently it's not just the UK that's getting into the Pyrrhic victory game.