Bern, Switzerland (GenevaLunch) - The finance commission of the Swiss Parliament’s lower house agreed Thursday 21 January to set up a special investigative commission to review decisions made by Swiss authorities concerning UBS. The new commission will review decisions made by the Swiss Federal Council, the Swiss National Bank and Finma, the financial system supervisory body, in three areas: the UBS bailout in the contect of the financial markets crisis, changes to supervisory regulations covering UBS and the decision by Finma for UBS to release client data to US tax authorities.
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News story, GenevaLunch, 22 January 2010.
Filed under: Politics
Tags: bailout, Finma, investigation, lower house, SNB, special commission, Swiss National Bank, Swiss parliament, UBS
January 23rd, 2010 at 1:25 pm
Germany 1938=Switzerland 2009?
More than 60 years ago Switzerland saved the family wealth from communist confiscation.Several generations later due to a myriad of family complications the funds are still there-Not admirable, but true-guaranteed by the supposed ironclad laws of a country.Then suddenly we are thrown to the wolves. One day an honored customer-the next day a pariah, a fugitive. Wear the yellow star! My US tax compliance issue aside, this would never happen in the US…Despite the new ruling in Swiss courts theres talk of retroactive legislation so that the Swiss can justify this disgraceful travesty ! where is the popular uproar ??