Financial Transparency Coalition

Michelle Caruso-Cabrera is a CNBC anchor and a tax haven apologist. During her program yesterday she claimed that the agreement between the Justice Department and Swiss bank UBS, in which the identities of 4,450 American scofflaws holding UBS accounts will be provided to the IRS, “is a terrible thing.” “Follow me here,” she pleads. Okay Michelle, convince me that pursuing cases in which Americans violated U.S. law is a bad thing.

I’ve spent the last couple of days telling journalists and writing blogs saying that the US must go against the Swiss bankers and lawyers who have set up abusive arrangements for US residents. And USA Today has confirmed that is exactly what they’re doing:

There is an ongoing saga of good versus evil. Valiant governments, with proud leaders at their helms, are devoted to bringing down the wicked tax havens and the conniving men and women who hide money on their shores. One day, we will tell the tale of how these governments reigned victorious, dismantling the shadow financial system, and restored the money to the rightful people of their nations. If only. Banking secrecy is no fairy tale. In the system of international tax evasion, the valiant heroes are just as guilty as the wicked witches. In a report to...

So, the dust is settling. UBS has had to conceded, Swiss banking secrecy is seriously damaged, and now what? Senator Carl Levin, has I note said:

The UBS settlement is at most a modest advance in the effort to end bank secrecy abuses, tax haven bank misconduct, and the tax haven drain on the U.S. treasury. It will take a long time before we know whether this settlement will produce meaningful gains due to treaty procedures which are complex, depend upon the Swiss government to carry out, and open the door to potentially lengthy appeals.

In the meantime,...