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Swiss Politics

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I thought this was an interesting phenomenon - parties opposing each other on the basis of their support for TBTF banks and independent banks:

ST. GALLEN, Switzerland (Reuters) - "If you can't trust a Swiss banker, what's the world come to?" asked James Bond in the 1999 film "The World is Not Enough".

It has come to this: Swiss banks, under pressure from countries such as the United States, France and Germany, have been giving up their secrets, in some cases handing foreign tax authorities the names of their account holders. To avoid being blacklisted by the Organization for Economic Cooperation and Development, the Swiss government has agreed to share more information with foreign authorities hunting tax cheats.

The foreign assault has opened up a huge rift inside the fiercely independent Alpine nation.

Some bankers, as well as many academics and centrist and left-leaning politicians, think the country should bow to the inevitable and abandon strict secrecy. The pragmatists include big banks like UBS AG and Credit Suisse Group AG, which argue that to survive they have no choice but to surrender more information about their customers and close the accounts of those who won't come clean.

But a conservative old-guard, including politicians from the powerful right-wing Swiss People's Party and the heads of smaller private banks, sees such a surrender as a betrayal not just of clients but of core Swiss values. Client confidentiality - the "duty of absolute silence" - has been part of Swiss law since 1934, and a tradition for centuries, helping Switzerland prosper as its neighbors were repeatedly wracked by war.

http://mobile.reuters.com/article/idUSBRE93H07620130418?irpc=932

So there's some kind of correlation between voter preferences and the nature of the banking industry?

Not an issue for the UK - all the banks are TBTF and therefore should be run like utilitiy companies.

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I thought this was an interesting phenomenon - parties opposing each other on the basis of their support for TBTF banks and independent banks:

ST. GALLEN, Switzerland (Reuters) - "If you can't trust a Swiss banker, what's the world come to?" asked James Bond in the 1999 film "The World is Not Enough".

It has come to this: Swiss banks, under pressure from countries such as the United States, France and Germany, have been giving up their secrets, in some cases handing foreign tax authorities the names of their account holders. To avoid being blacklisted by the Organization for Economic Cooperation and Development, the Swiss government has agreed to share more information with foreign authorities hunting tax cheats.

The foreign assault has opened up a huge rift inside the fiercely independent Alpine nation.

Some bankers, as well as many academics and centrist and left-leaning politicians, think the country should bow to the inevitable and abandon strict secrecy. The pragmatists include big banks like UBS AG and Credit Suisse Group AG, which argue that to survive they have no choice but to surrender more information about their customers and close the accounts of those who won't come clean.

But a conservative old-guard, including politicians from the powerful right-wing Swiss People's Party and the heads of smaller private banks, sees such a surrender as a betrayal not just of clients but of core Swiss values. Client confidentiality - the "duty of absolute silence" - has been part of Swiss law since 1934, and a tradition for centuries, helping Switzerland prosper as its neighbors were repeatedly wracked by war.

http://mobile.reuter...130418?irpc=932

So there's some kind of correlation between voter preferences and the nature of the banking industry?

Not an issue for the UK - all the banks are TBTF and therefore should be run like utilitiy companies.

Hmmmm.....we seem to have similar behaviour to the Swiss People's Party from George Osborne over the financial transaction tax.

All this tax will do is stop the High Frequency traders who front run the market.

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  • 242 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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