"Swiss bank Credit Suisse said on Wednesday it will pass the names of clients holding French securities to the French markets authority."
Admittedly, I know little about the French market. For an another Swiss bank to give up the ship is so "Marcovician" [This is a new term I just created in tribute to the private banking/private wealth guru Philip Marcovici. If you don't know of Philip, then he is a slick (in good way), opinionated, entertaining, often provocative lawyer that has been telling us all for years that the end of banking secrecy and non-fiscal compliance was around the corner.
This appears to be an isolated instance of Marcovicism. Probably more self-preservation than anything else. So what do the French authorities have over CS to cause this? Will BNP, SoGen, Lyonnais, Agricole follow suit? Is this policy for accounts booked in France or anywhere in the CS world? Where will the French tax evaders run to now?
Some think....... that Credit Suisse seeks new opportunities for clients, that their combined years of experience and ability to innovate mean that they are always "thinking new perspectives"
We think.....dump the CACs, close the account and move to another bank
How's that for a new perspective?
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