Swiss Bank Data Stolen - What would happen now?

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  1. #1

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    Swiss Bank Data Stolen - What would happen now?

    Well it's not a news that all tax-evaders, criminals, politicians (though all three are more less same people) have been using swiss banks to amass their ill-gotten fortunes. Various governments have been trying to gather that info by putting pressure on Swiss for many years now, dunno if the pressure is half-hearted or what, but they have had little or no success until now. Now when these smart ex-HSBC IT smarties hacked and stole that data and now its on sale for the various govts. France has said it'll give it to others and Germany probably in the queue to buy it.
    http://online.wsj.com/article/SB1000...662164360.html
    I wonder if Indian govt will even bother to get that info, which they already have, considering almost all politician, worth their salt, have accounts in swiss banks.

    What do you think will happen now? Would your govt actually take this info and make good use of it or it'd just die down until another important news grab people's imagination?

    Last edited by gunsnroses; 23-07-2010 at 11:32 AM.

  2. #2

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    The last CD was bought for 5 million dollars (I'm not sure if it was HKD, SGD, USD, or AUD), and the seller which was a DB admin at Credit Suisse (if I was right) fled to OZland, after successfully dealing with French govt (Sarkozy protected the data thief by giving new identity), and German govt (Merkel wanted that CD/DVD).

    IMHO, Germany will buy this CD/DVD again, as so many taxpayers always manage to escape taxes via Swiss (which is so similar to Singapore which receives lots of 'dirty' money from corrupting neighbors, according to Andy Xia, ex-Morgan Stanley). Their prev reason was it was not clear who was the thief, as initially the taxpayers stole govt money and deposited it in fake account in Swiss, then now it is the IT guy at banks who steal the data. Similar to a classic question which one is first, chicken or egg (CNN claimed the answer has been found recently, but you must have realized, the result was basically based on convention)

    The German govt is quite smart though, everytime they get new CD, they announce it to public, and ask those tax thefts to do kind of 'Selbstanzeige', so the thefts would rather avoid trial by confessing their tax manipulation, and eventually it will certainly ease the govt job. Deutsche Post CEO also committed this crime indeed! It looks like in the end similar to BP spill oil case, nobody will go to jail anyway, you just have to pay the fine.

    Last edited by ferdyh; 24-07-2010 at 05:18 AM.

  3. #3

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    given that most if not all governments are suffering from reduced tax collections, they will pursue getting these CD's and information therein.

    I don't see anything wrong in doing this and anyone who has legitimate money stashed in these account would not be worried - only to crooked would/should be concerned.

    As for India, what can I say. Firstly, half the politicians will have these accounts and secondly the whole process there would move so slowly that the real culprits would never be prosecuted. all they will be asked to do is to fill the Swiss coffers of the politicians with even more bribe money


  4. #4

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    Quote Originally Posted by Katanga:
    given that most if not all governments are suffering from reduced tax collections, they will pursue getting these CD's and information therein.

    I don't see anything wrong in doing this and anyone who has legitimate money stashed in these account would not be worried - only to crooked would/should be concerned.

    As for India, what can I say. Firstly, half the politicians will have these accounts and secondly the whole process there would move so slowly that the real culprits would never be prosecuted. all they will be asked to do is to fill the Swiss coffers of the politicians with even more bribe money
    Exactly!! In the current Indian political system, I don't see any hope...

  5. #5

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    I think some countries' politicians will buy the DVD pretending to be the tax authorities.


  6. #6

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    Probably all thsoe politicians will pool in money and buy all the copies and original of the dvd...