Bank Secrecy on Life Support

If you are socking money away in offshore banks, pay attention to this man’s expression. He’s saying, you’re screwed.

Yes, taxpaying citizens, you can rejoice, because tax cheats across the country are having panic attacks. They’re thinking about refiling their tax returns, or going to the IRS to beg forgiveness with a check to cover past taxes and potential fines. Some are evening thinking about sailing away from this great country. Good riddance.

As part of a 9/11 trend that requires banks to collect more information about their clients, and the fact that our government needs money, bank secrecy is on life support. Governments are willing to share information nowadays, and as the Times reports, the US government is going after 52,000 customers of UBS bank. (If you’re a customer, call your lawyer, today.)

When rich and powerful people have their privacy invaded, it oftentimes results in new privacy laws. Maybe the long-term result of this will be less privacy for the ultra tax cheating rich, and more for us. Maybe.