“Over 100 Swiss banks rushed before New Years’ Day 2014 to sign up for the U.S. Justice Department deal that would mean no prosecution. No conviction or closure, no disgrace, just some penalties and life goes on. But ten months later, over 70 of these banks are pushing back against the harsh deal, which includes a tough non-prosecution agreement.
Since 2009, the U.S. has had unprecedented success with ferreting out offshore accounts. UBS paid $780 million to the IRS and recently, Credit Suisse plead guilty and paid a $2.6 billion fine. From its position of dominance, the Justice Department seeks ‘total cooperation’. American names, details, and more. The consequences of the Swiss not complying?’
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