05 January 2013
Yesterday, I heard the news that the 271 year old Swiss bank, Weglin, was shut down following a US Department of Justice investigation into their actions supporting tax evasion and money laundering.
It sounded too good to be true, and , as Yves Smith so eloquently points out, it was too good to be true.
The Nickel version is that the bank's asserts were transferred to another entity, Raiffeisen, and the proceeds likely given to the owners in the weeks power to its being shut down.
Finally, the DoJ is saying NOTHING about whether the got information about the accounts, and the people who used them too avoid taxes.
This its a pretty good tell that they hour no data: If they had, they would be trumpeting it to the heavens, because they would thereby induce people to turn themselves in.
Go read the while thing, including the reader comments.
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