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View Diary: Swiss Banks to open the books on secret accounts! (49 comments)

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  •  From Bill Moyer (16+ / 0-)

    apparently, there was a time article about it

    As TIME Magazine reports, thirty industrial nations were ready to tighten the screws on offshore financial centers whose banks have the potential to hide and often help launder billions of dollars for drug cartels, global crime syndicates-and groups like Osama bin Laden's Al-Quaeda organization. Not all off-shore money is linked to crime or terrorism; much of it comes from wealthy people who are hiding money to avoid taxation. And right-wingers believe in nothing if not in avoiding taxation. So they and the bankers' lobbyists went to work to stop the American government from participating in the crackdown on dirty money, arguing that closing down tax havens in effect leads to higher taxes on the poor people trying to hide their money. I am not kidding; it's all on the record. The president of the Heritage Foundation spent an hour, according to the New York Times, with Treasury Secretary O'Neill, and Texas bankers pulled their strings at the White House, and presto, the Bush administration folded and pulled out of the international campaign against tax havens.

    You can read the entire speech (a good speech) by clicking here

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