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UBS: Can It Get Any Worse?

I disagree with your eighth point - if you have a significant need for privacy and asset protection, Switzerland is the place to be. The Swiss banks have a long history of standing up to the IRS, and Swiss law considers tax evasion a misdemeanor. The US courts can rule all they want - they have no jurisdiction on Swiss soil.

I have to laugh at the people who were stupid enough to put their assets in UBS or even Credit Suisse, though. What kind of moron fails to recognize that the Swiss banks with international exposure are also the easiest targets for the IRS? If these wealthy clients had anything other than rocks for brains, they would have gone to a local Swiss bank, plunked down $100k and gotten a numbered account to ensure a modicum of security.

The IRS is going to have a field day now with the UBS clients, and I'm happy for them. There's nothing better than increasing government revenue off the back of worthless tax cheats.