A Swiss miss for US regulators

US authorities have been slow to cotton on to the multi-billion dollar tax scam facilitated by Swiss banks. Restoring the public's faith will require regulators to step up their game.

Who would have thought it? Swiss banks, and in particular Credit Suisse, have been helping wealthy Americans set up offshore bank accounts, allowing them to go undeclared and therefore avoid paying US tax.

For anyone who has seen any James Bond film, I would have thought that was pretty much assumed knowledge. Yet the US has been slow to follow the plot so far, let alone understand the subtext of the multi-billion dollar tax scam.

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