Morally Bankrupt

Finally, the "real" central bank of Switzerland, UBS has agreed to relax its much vaunted secrecy rules for US authorities to check on US citizens evading tax obligations. US authorities initiated this pressure on banks in light of billion dollar scams perpetrated by some of the wealthiest people on earth and stashing their loot in Swiss vaults. Rather than risk a showdown with the mightiest economic power in the world and mortgage its future survival- considering how fast large multinational banks could easily vanish into the ether nowadays- UBS relented. And this could affect other Swiss banks as well.

This however, has some serious repercussions because Switzerland's strict banking secrecy rules have over the centuries, allowed Third world dictators, rogue states, terrorist foundations, drug dealers, shady businessmen to stash their loot in Switzerland-- and profited from it immensely, reaping huge dividends for the country. On a per capita basis, the Swiss are among the richest in the world.

Imagine an idyllic Alpine country with snow-capped mountains, mooing cows with bells on their necks as Julie Andrews sings "The Hills are Alive..." in the background, that's the country alright. But roiling beneath this picture-perfect scenario are genuinely evil people who found a haven to hide the evidence of their debauchery and get away from it all. Count the Nazis and Idi Amin types, not to mention our very own Ferdinand Marcos as their major clients.

You could say Switzerland flourishes when other parts of the world engage in wholesale corruption, large scale bootleg operations and state-sponsored economic pillaging. Come on. Rogue states maintain bank accounts in Switzerland. Swiss banks are morally bankrupt.