Financial Transparency Coalition

Recent press reports suggest Cayman is at the eye of a storm. To take an article from the UK’s Daily Telegraph of 28 May 2009 as an example1, it reported:

NEW YORK/ZURICH, July 6 (Reuters) - UBS said it is still committed to its U.S. brokerage business, after the Financial Times on Sunday reported the chief executive now favoured a management shake up instead of a sale.

ZURICH (Dow Jones)--U.S.-based Bank of America Corp. (BAC) knocked Switzerland's UBS AG (UBS) off the top spot as the world's largest private-banking group, while the industry which manages the wealthy's funds saw assets shrink by an estimated $2.9 trillion last year, according to an expert study presented Monday.

ZURICH (Reuters) - Swiss banks including ZKB and Mirabaud are pulling out of business with individuals who pay U.S. taxes, newspaper Neue Zuercher Zeitung (NZZ) reported on Saturday.