Where to Hide?

The Feds Just Won't Leave The Poor Swiss Alone

     According to a Reuters piece this morning, the Federal Government has slapped an indictment on the oldest private bank in Switzerland.

Reuters Swiss Tax Evasion

     The most amusing portion of the article is that the U.S. Government appears to have charged the corporate entity, and unnamed co-conspirators.  The results are simple enough.  The bank seems to have moved the money to a friendly unindicted bank, and continued on.  There is understandable fear amongst the employees in Switzerland, but business appears to carry on, albeit in a different form.  The bank's leading partner, a Mr. Hummler, is affected to the extent that he probably can't vacation in the United States for fear of arrest.  Beyond that, life goes on.
     I understand that the Federal Government has an interest in securing all the taxes legally obligated to it.   I also understand the need to take dramatic action in attempting to make that happen.  What is less clear is the level of effectiveness of this particular action.  Without the cooperation of the Swiss government, I fail to understand how the Department of Justice plans to actually get the information it wants.  I suppose the discovery process could yield something if Wegelin, the bank in question, participates in the lawsuit.  Beyond a special appearance to contest service of process, I doubt that will happen.  Lacking any branch in the United States means there is little the DOJ can do inside the domestic borders to push the issue.
     Stay tuned for further developments.  Swiss secrecy is something they pride themselves upon.  We'll have to see if a friendly relationship with the U.S. trumps that history.