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View Diary: Swiss Bank Folds After US Criminal Conviction (43 comments)

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  •  Bank is Wegelin (11+ / 0-)

    And no, a bank is very different in that it needs more than just the corporate veil to survive as another entity. Wegelin has already been taken over by Swiss authorities, the assets and liabilities already being wound down. There is no way for it to operate as a bank, private equity or hedge fund without regulatory approval.

    It's both a big hit and an inconsequential hit. Over the years, Wegelin has had other problems and most people were out of it already.

    Wouldn't surprise me if Mittens had $$ there back in the 19990s.

    Liberalism is trust of the people tempered by prudence. Conservatism is distrust of the people tempered by fear. ~William E. Gladstone, 1866

    by absdoggy on Thu Jan 03, 2013 at 08:16:54 PM PST

    [ Parent ]

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