February 1, 2010 - Phil Hodgen

Germans may get stolen Swiss bank records

The German government bought stolen bank records from Liechtenstein. Now bank records stolen from Switzerland may be next.

Dog bites man. Film at 11.

What does this this latest revelation mean to you?

  • Government promises of confidentiality and privacy mean nothing. Your risk is the human embezzlement risk. Your information is only as secret as the least-honest employee of the bank you do business with.
  • As a tax minimization strategy, secrecy is still a bad strategy.
  • If you have undisclosed income and foreign accounts, take this as yet another call to action. In another context we have the classic quote: “The clue train stopped there four times a day for ten years and they never took delivery.” Don’t let that be you.

Governments have no qualms in using paid informants and breaking the laws of other countries. Ends justify means, etc. Please park your moral outrage at the door. Next to mine. 🙂

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