Swiss Wegelin Tells Clients To Exit US Secs Amid Tax Scrutiny
August 26th, 2009
Dow Jones Newswires
ZURICH — Swiss private bank Wegelin & Co. said Tuesday it is telling American clients to exit U.S. securities given heightened Internal Revenue Service scrutiny of tax dodgers.
The St. Gallen, Switzerland-based bank for the wealthy said Swiss banks risk becoming the “extended arm of U.S. tax authority” if firms are left to judge who is subject to U.S. tax.
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