March 16, 2011 - Phil Hodgen

Swiss radio stories on FATCA’s impact

Here are a couple of stories from World Radio Switzerland about FATCA.  Funny how people outside 1111 Constitution Avenue can see the damaging side-effects of this law, but those bunkered inside those walls cannot.

Here from last month you will hear the comments from a couple of politicians, as well an interview with Milan Patel, a U.S. lawyer.

A program posted today has an interview with a Swiss politician about the counter-productive aspects of FATCA.  Listen to his comments about the general cluelessness he encountered in Washington DC.  He is exceedingly polite.

Key points, as far as I am concerned, are:

  • The largest banks must submit to FATCA.  Business exigencies demand it.  Smaller banks need not.
  • Capital will flee to Asia.
  • Capital will flee from the USA.

Thanks to my anonymous friend D for sending me the link.