In a running theme, I again cover the topic of the U.S. government’s heavy-handed dealings with swiss bank UBS. A nod to my colleague John Berlau, whose letter in today’s Financial Times gives a nod to former ambassador Faith Whittlesey and her commentary in FT expressing concern over the Obama administration demanding the names of 52,000 Americans who do business with UBS. As I stated in previous posts on this issue, these actions by federal authorities are setting a bad precedent for the privacy of American citizens. As usual, I am left at the end my post with questions: When the government can demand to know every detail of your financial life, what is there to stop it from exerting control over it?
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I guess Mr. Howard and Ms. Whittlesey are in favor of tax cheats and governments that enable frauds (individuals and corporations) to evade paying income taxes.
But, thank goodness, Howard and Whittlesey are the minority! Most decent honest Americans applaud the Obama administration for finally going after these off shore tax havens that have made it all too easy for selfish, self-centered tax schemes to prevail.