Swiss Parliament Sends US Back To The Drawing Board; Shows Government What Happens When You Put All Your Eggs In One Tax Evasion Basket Basket

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Swiss parliament rejected a bill designed to resolve a dispute over undeclared bank accounts held by U.S. citizens, potentially setting the stage for American prosecution of the country’s banks. Members of parliament’s lower house voted 123 to 63 against the bill, which would have allowed Swiss banks to cooperate with the U.S. and to settle a long-running dispute over wealthy American tax evaders. The government has said it has no plan B, in the event of the bill failing to pass. [Bloomberg]

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