Are Swiss banks in trouble?

A global clampdown on tax evasion, led by U.S. law authorities, has transformed the banking industry in Switzerland. Without its famed reputation for secrecy, wealthy foreigners no longer see it as a haven to hide their money. So how have Swiss banks adapted? CNBC’s Tom Chitty is joined by Geoff Cutmore to explain.
Contents of this video:
0:00 - Intro
1:11 - How Swiss banking has changed
1:37 - Swiss bank secrecy and success
3:20 - Swiss banking's downfall
3:55 - Repercussions
4:41 - The impact
5:01 - New markets
6:24 - Have things really changed?
8:37 - Is this the end of Swiss banking?
-----
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[@allinvasunday6155]

This video aged like wine!

[@barel8741]

im really happy money laundering bank is now collapse

[@arinasan247]

One of the saddest things in this video is that the gentleman who was a whistleblower on Swiss banks had to serve time in a u.s. jail simply because he made an error in his testimony. His whistl blowing garnered BILLIONS for the u.s. government. Talk about biting the hand that feeds you.

[@SwissBankingLawyersZurich]

Birkenfeld received 102 million dollars for his services to the Department of Justice and the IRS. He made a lot of money with helping the US taxman collecting untaxed assets.

[@TheHighborn]

And that's why you don't ruin good things

[@cashkitty3472]

Whistle blowers never win. My dad was a director of engineering and whistle blowers on directors who brought land and sold it back to the company at inflated prices. He told the company that owned that company. Board for Rid of him. He ended up retiring. Only two years later did the main company so him to testify against the directors in court. He never got his job back

[@charlestsai3708]

Witness protection program?

[@subrotoxing8214]

@@SwissBankingLawyersZurich what is your thought on birkenfeld ? I mean in the big picture of "untaxed offshore money" his actions does not seem to fix the problem.

[@phifismyusername]

What irony that US is ranked number 2 in the Financial Secrecy Index ahead of Switzerland who is number 3

[@utkarshg.bharti9714]

Where do you think the CIA and other agencies make their money via shell corporations for all the naughty things they do worldwide?

[@mohammadsavad4331]

Then who is number 1

[@justsomevids4541]

@@mohammadsavad4331 u didnt even watch video lol

[@mohammadsavad4331]

@@justsomevids4541 yeah😁

[@justsomevids4541]

@@mohammadsavad4331 05:43

[@mrsmith3444]

That is a tiny fraction of the story, I like how US governments and financial institutions point fingers while they have a shitload of dirt on their own!

[@majedtaleb3944]

The ignorance of your comment is astonishing.

[@floddarelti206]

@@majedtaleb3944 is he wrong though? Wasn't the US higher up on the secrecy chart?

[@majedtaleb3944]

@@floddarelti206 the American government has access to accounts of US citizens to stop tax evasion

[@floddarelti206]

@@majedtaleb3944 how do they do tax evasion then?

[@majedtaleb3944]

@@floddarelti206 by having money transferred to overseas banks in countries that don’t disclose their clients information such as Swiss banks.

[@stevesmith662]

Most global tax evasion is now occurring in Deleware and Nevada who apparently don't have the same reporting requirements as Swiss banks

[@christheswiss390]

Of course not. This is so foreign companies can evade the taxes in their home countries and store the funds in the US. The US has taken over Switzerland's previous role, while ensuring that Switzerland remains perceived as the banking villain via hollywoods continued use of Switzerland in it's movies, as soon as someone wants to hide money. You will NEVER see a Hollywood movie using Nevada, Delaware or any othe US territory as the banking reference for hiding funds.

[@Holuunderbeere]

@@christheswiss390 yeah i heard in one City you can just open up a Business and bank Account without having to do much. And nearly have no taxes

[@zooleebest]

it happen in some part in canada.

[@Holuunderbeere]

@@zooleebest in which one? Maybe i will go there

[@Randomguydrm]

The reason why the usa is so harsh on tax evasion is bc its the biggest tax heaven if you know what you are doing.

[@djeechizzy9818]

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[@annmannings1840]

Since 2018 I reached out to her,I’ve been debt free! Bought myself a car,house and an Amazon parrot☺️I love parrots

[@ahmedsamooh2151]

Switzerland’s standing as a financial center is shattered. “The country will now be viewed as a financial banana republic"

[@hansolo6695]

Now we created a new giga bank while rescuing credit suisse. The total assets of this new bank will be somewhere around 3 times the GDP of Switzerland. European Union and the US better be prepared to help rescuing this monster next time, I seriously doubt we will be able to do it ourselves.

[@ecoideazventures6417]

"Swiss bankers are going to work a whole lot harder to justify holding your cash!" Yes, they will do that to survive!!!

[@Gritt999]

Awww poor bankers… Said no one ever

[@jroig824]

As a software engineer working for the financial industry in Zürich it doesn't look like this sector is in much trouble. It still pays the highest salaries here and invests a lot in modernization and digitalization.

[@lambo1707]

can i send you my C.V men, i’ve been retrenched due to pandemic

[@tiger_would4419]

Didn’t age too well

[@daimsaeed]

​@@tiger_would4419 why not

[@TWCHHK]

Well let's talk about it again now

[@jroig824]

​@@TWCHHKhaha timely reply! Ofc Credit Suisse is in the dumpster now but still the Swiss finance industry as a whole is very dynamic. That is what I meant in my initial comment

[@roberton9029]

5:45 Financial secrecy index: US world's second. They fine Swiss banks for secrecy in the bank sector but they're in second place in the same index? So it's not about secrecy, problem is "others" secrecy. They just want to take out competition, as USA is a safe haven itself.

[@majedtaleb3944]

And why are you angry?

[@roberton9029]

@@majedtaleb3944 as already seen in history, US does not apply the rules they want to impose to others. They're not better than others as they want us to believe.

[@majedtaleb3944]

@@roberton9029 this is what superpowers do 😂

[@roberton9029]

Well, US foreign policy is naturally talented on judge and criticize other countries on things they also do 😉

[@ArawnOfAnnwn]

@@majedtaleb3944 Ah yes, good old 'might makes right'...

[@xealit]

after that US act to force the Swiss to reveal the clients' information, the banks stoped opening accounts for Americans. The US does ride its citizens, even abroad.

[@kcegr]

No need to hide your money if it is legally made

[@xealit]

@@kcegr no need to tax it away from people, if it is legally made

[@DhrubajyotiRaja01]

@@xealit LOL... *Don't need to Provide Infrastructure For People If Its Legally Made* ... *People should Build their Own Roads and ETC* ... You, Dickhead is Basically Questioning the Purpose of Taxation..

[@iam4801]

@@xealit Money is legally only made when taxes are paid for it according to the rule of law.

[@abisek.e7636]

@@DhrubajyotiRaja01 the talk here is not about in America, it is about taxing even in abroad, no one questioning the taxing policy in america

[@marcovaldez08]

Jean- "From a financial standpoint, you are now in heaven." Jordan- "Did you just say what I thought you said? Yes, yes!"

[@lukesteinbicker]

This aged well.

[@z.4200]

Yup

[@vandarkholme7759]

tax heaven have karma coming

[@fujiwarachoki]

I hate big banks

[@ShadyAJ]

"One man's stash is many other's come up." - Swiss Banks Story As far as regulations go, they came much later as a face saver. Many new tax havens and more innovative options had already hit the business by then.

[@Teenar99]

Here in northern Italy, a huge chunk of wealthy families used to put their money in Switzerland. Some to dodge taxes, some for how solid Swiss banks were and some because of the non-existent capital gains taxes, thus making it very convenient to invest through a Swiss bank account. 10 Years ago, Switzerland was pressured into abolishing bank secrecy with Italy, forcing the banks to disclose the identity of Italian nationals with accounts over there. The golden days of Europeans stashing their cash in Swiss banks are pretty much over. Nowadays everybody's pulled out of Switzerland, and headed to other safe heavens like Luxemburg of Lichtenstein.

[@annajones9701]

Monero crypto and other crypto is the future I believe for those unscrupulous individuals

[@masken8355]

​@@annajones9701 Regarding the "and other crypto" part of your comment. Unfortunately, most cryptocurrency payment processors require KYC. This means that as soon as you make a purchase the wallet will be tied to you. Monero is the only option if you want the kind of privacy Swiss bank accounts used to offer. Public ledger coins just don't cut it.

[@JayHennigan]

fantastic report, thanks!

[@aliali-ce3yf]

under the polished veneer, there is dirt and incompetence

[@kensmechanicalaffair]

Oh, yeah.

[@nazarenoorefice2104]

A bank like the Credit Suisse not recognising 4 scams in a row within few months is the ultimate demonstation of incompetence

[@kensmechanicalaffair]

@@nazarenoorefice2104 Or is it?....

[@nazarenoorefice2104]

@@kensmechanicalaffair could be

[@justmeonthebeach]

Maybe, the Swiss bank/s gold reserves are being transferred elsewhere...

[@SwissBankingLawyersZurich]

UBS and CS have to solve their problems with the very last scandals of the last few months. Finished? Never. This is just the beginning. The world will become more insecure and the business will be booming. New investors from Hong Kong have discovered Swiss banks as an alternative to Singapore despite the longer distances. The Swiss banking sector is not in decline. It's a booming business.

[@BP-xv7fj]

What you mean golden standard? Literally were used mainly because it’s high standard for customers protection. They are only responsible to comply with EU directives on not using confidentiality to reject cooperation for anything

[@joeytansey8466]

40 seconds into the video, making a prediction, Swiss banking is slightly declining because the financial systems in the regions like asia are gaining more reliability reducing the need for foreign businesses to use an international bank, but mostly the swiss banks are merging or simply eclipsing each other as larger banks are able to provide better prices and service knocking out smaller players

[@hnr9lt-pz7bn]

Really? 🤔

[@mrlover4310]

The government's tax structure was more fairer nobody would hide their money people would pay the fair share of tax.

[@jroig824]

Not really. Greed and the ability to evade taxes is what causes the rich to do so. Not a sense of unfairness. If taxes were low at 10% but they could move their wealth to some offshore country to pay only 4% they would still do it.

[@silansel]

Only rich people and criminals hide their money on tax heavens.

[@DarkDonnieMarco]

Who decides what is fair?

[@mrlover4310]

@@DarkDonnieMarco should be the pepole.

[@sinbadco]

Who’s watching this after credit suisse bank collapse?

[@ytlover7924]

So Americans cant escape Uncle Sam from anywhere on planet earth. The taxman will find you...

[@IncaWarrior.]

If IRS can get Capone, I am sure they can get the average American trying to commit tax fraud

[@PatriciaFreddy]

Thats why so many renounce their US citizenship. You can still escape Uncle sam tax. And since when US has authority over other countries businesses and citizens. However, the world need to have a wake up call. US is bend on having total control of everyones lives and finances. Better ditch the dollar now and diversify.

[@whackyscripts6045]

@@PatriciaFreddy i plan on renouncing my usa citizenship after my wealth reaches a certain amount to escape Uncle Sam, around 1 and a half years to go. I dont like where US is heading with taxes and in some years or decades they will lose status as reserved currency. Diversifying into crypto, currencies, and other assets is the move

[@catarinav7947]

Land of the free eh. Prisoners for life no matter if they live somewhere else lmao.

[@MichaelSmith-by3te]

@@whackyscripts6045 I heard US has big govermental debt too. May be it also will have its impact

[@chloeconniecarlton]

This video was made a year BEFORE the the current crises that is happening as of,October 8,2022..the stock of Credit Suisse is Down about 60 percent and there is talk about a pending bankruptcy......

[@masonnoah8306]

To everyone who is thinking of starting their own business, believe in yourself and never give up.Your future self will be thankful

[@michelledaniel400]

Great content. Everyone needs more than their basic salary to be financially secured

[@wellsdells8946]

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[@michelledaniel400]

In few years time a lot of people will regret why they miss this great opportunity of earning.

[@chrismarmsk1970]

I have heard of many brokers I do hope they can help me

[@michelledaniel400]

Lol I’m used to trading with 2-5ETH back in the days. Now it’s like hmmm, I should lower my risk with using less ETH.guess what Automate taught me how to minimize my losses.

[@SwissBankingLawyersZurich]

As private banking hubs, there are no credible alternatives in terms of secure jurisdictions. More than ever, Switzerland offers asset protection because it's court proven asset protection.

[@lilyarnaud6807]

Irrespective of what you do, a cash flow system that earn you giant income is necessary

[@lilyarnaud6807]

It's important to have different sources of income

[@jameswilliam7428]

Profit rate of bitcoin is high and now is the time to invest

[@mireyaromero5456]

Many become millionaires investing

[@reyansharnavkabir9066]

I'm satisfied having Mrs Trisha Donald as my investment manager

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I earn maximum profits investing in her platform

[@yacir]

well made and informative.

[@trails3597]

As he said: Suisse banks are still a safe haven. Meaning nothing has changed.

[@sofiameleen6698]

Hello

[@mystickal6342]

Very true!! Its still same as it was only middle class are made fools !!

[@Aelfraed26]

There is a difference between Safe Haven and Tax Haven. From what I understand from the video, Switzerland is no longer the Tax Haven that it used to be.

[@edmund6392]

Trails: nothing has changed for everyone else except for American citizens.

[@filippxx]

The corrupt politicians can still park their money there, authorities don't care for taxes of the public servants.

[@1354pj]

Greed of some people is beyond belief! Money stashed away is really no good to them! They won’t be able to take a single cent with them when they die

[@TomNook.]

It's not some people though is it. It's whole families, companies, organisations. You're thinking small with the individual.

[@sharoncrawford3042]

True. But if one can, nothing wrong or greedy about having some rainy day savings. Never know when you might need it? Im not talking about hoarding money. That kind of thing is often due to greed.

[@1354pj]

We are talking about riches these guys will never be able to spend even in rainy days. And if you notice, inherited wealth lasts only 3 generations!

[@ericwalker6546]

It was tax evasion plane and simple. Just like offshore banking.

[@theReformer2210]

I learnt some years ago the Swiss were changing their economic focus from core banking operations to international digital data security for governments as well as corporations?

[@RWAfuture]

Today it's not about return ON capital. Today it is about return OF capital.

[@caltonfollows2168]

Now THAT, was a brilliant comment. HAHAHAHA!

[@Obsidian-Nebula]

There should be even more privacy and secrecy not less

[@HumanRobot04]

The CEO of CS didn't have this video I guess.

[@allenyap267]

Stable government, safe haven status, neutrality... While these attributes aren't easy to achieve, they aren't unique either. As long as these Banks continue in their current path of neglecting operational risk, they will continue to lost their talents and their clients in the end.

[@fturla___156]

I prefer to say that the majority of banking services are lousy no matter which bank you choose. For the average consumer, it's been well past a decade where clients are receiving negative interest rates for holding their assets in institutions that can't invest your assets just to break even.

[@jeeess9979]

That's not true. When was Glass Steagall put back into law? A girl can dream ey?

[@jickhertz4124]

Well researched and good journalism!

[@inigojuancarlos]

Let’s not forget..the explosion of fintech over the last few years has been gaining a lot of traction and clearly a future heavy-hitterz

[@edanthonydelosreyes6101]

Monero for the win

[@stanleygordon3847]

Interesting video. As a realtor in Houston, this is really helpful to compare.

[@ybur6760]

I have a question for you. Until when do you think the house prices are going to continue to rise in Houston. It seems everything is so expensive now. 😭

[@Promptopus]

That transition where he pulled down the screen wipe... AMAZING

[@angelicatrino2498]

Maybe Cayman Islands has more money now. 😁

[@dedskin1]

Actually Ghana stopped exports of Coco to Swiss , so far as Choclate goes those are old stockpiles , now its made in china . I kid you not .Look it up

[@scottbaxter2682]

Even the name has changed. It's no longer chocolate, it's chongolang.

[@dedskin1]

@@scottbaxter2682 Good one :) Can i share something with , i am actually Grateful to Chinese ppl , they suffer a lot to make us those products . They messed up their Land so much , polluted the Air that they must ware FaceMasks regardless of virus , they were waring it long before pandemic . Its exactly why it started there if you have brain to work it out , they wanted to be sure it will spread around the world , face mask thing . Knowing Chinese are already doing it made it easier . Chinese ppl are not stupid ,they were aware of it , but you know , they beat them up , lock the up until they accept the lockdowns and all . And then when they succeeded it went global , but not before . Has nothing to do with chocolate or chongolang but , felt like sharing it . :)

[@cliffgeo]

I-- have been waiting for this!! Thank you

[@Konformation07]

This aged like the finest of wines.

[@marleyli8660]

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[@jessicabrown4223]

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[@inigojuancarlos]

Cayman & Virgin Islands still the go-to places when it comes to hiding your offshore assets.

[@alltidvanlu7888]

Georgia

[@jdrancho1864]

Re Foreign Account Compliance Act: There is a flipside to this law. It makes it so much harder for a US citizen, like an ex-pat, to open a foreign bank account. Banks outside the US just as soon not deal with the hassle of inviting US government scrutiny by having Americans as customers.. Keep in mind also that the US is the only major country on earth that taxes the income of its citizens living and working abroad.

[@aurelspecker6740]

What this misses is the fact that the swiss did not easen up the restrictions taken after the 2008 crysis. Both, CS and UBS have much higher equity rates than their US counterparts. This means, they have much lower earningspotential in "good years". And we have those since 2008 basically. However, if a next real crash approaches, the swiss banks will be able to absorb the hit. While US banks for example will instantly get into deep troubles. And with all the effects in a crisis, if you are able to act countercyclic you are able to make really big buck. Plus, all the investors "flee" to safe banks. In summary: Swiss banks have a much more risk averse strategy, this pays out at the next crisis. Until then, swiss banks will keep looking "weak".

[@barbarosozturk]

Highly interesting intro. Liked it!

[@sofiameleen6698]

Hello

[@mastersonogashira1796]

This is literally robbery

[@JinKee]

whatcha gonna do about it?

[@franciscotomy3024]

Nice one👍

[@tobiwan001]

I don't understand the examples for recent scandals (Credit Suisse hiring a PI to spy on one of its former executives that went to work for UBS) and Greensill (which was the failure of the British regulator) and Archegos (which involved almost all Major banks in Europe and the US). They have nothing to do with banking secrecy and only one has actually to do with commercial banking. Switzerland made a lot of money with tax dodgers and although the US started it most of them were actually German. The tax dodgers were responsible for up to 70% of Swiss banking profits although they only held 20% of accounts. So ultimately the tightening of EU regulators squeezed a lot of the easy profits out.

[@elitex50]

Switzerland is probably the wealthiest country. I grew up in Interlaken & Gstaad if not also most influential.

[@benrodeheaver701]

Ahhh, Gstaad. I can hear the ompah of the tubas in the background. Blessings.

[@lolaland5595]

Monaco would beg to differ

[@benrodeheaver701]

@@lolaland5595 Isn't that where they host a Grand Prix every year?

[@elitex50]

@@lolaland5595 Love Monaco. But you don’t settle international disputes there. Or have a secret mountain bank safes lol.

[@davidpearn5925]

I’ve always thought that the Panama Papers and resulting EU legislation clamping down on offshore tax havens was the real impetus for Brexit.

[@christophertownley6734]

Can anyone answer; how much global cash (backed by gold) is in circulation vs current global debt? Then, how much is 'circulating' that is not cash or gold, but being accounted for as either or.

[@CG-yq2xy]

If you're rich and you want to keep your money away from prying eyes, you don't put them in a bank. Instead you put them in trusts, a legal gray zone where one simultaneously owns and doesn't own said assets. This is why the 'smart' and 'big' money go to to the Cayman Islands, Bermuda, Jersey and also how the City of London (and by extension the UK) keep their relevance in the world.

[@elizabethsmith7013]

The secret of your future is hidden in your daily routine. Successful people do daily what the unsuccessful only do occasionally

[@arthurcyris3690]

You're right ma, thanks for introducing me to expert Brandi J Adams of financial education

[@bruceduglas7086]

Most people don't invest due to ignorance

[@bruceduglas7086]

There are scammers but real brokers are out there for investors

[@dennisgeorge1592]

People are scared of investing because of high rate of scam in the business

[@joannemiller6089]

@@dennisgeorge1592 I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert Mrs Brandi.

[@hotelmanagerchannel]

You guys forgot about negative interest rates

[@cmlon]

yep! Geoff Cutmore says it at 10:20

[@adrianhdragon718]

;0)....yeah ! Negative Interests ! Who would have thought !

[@andrewthacker114]

Good clip thanks

[@gabimaru86]

Very interesting

[@alial-isawi8590]

A year later wow

[@MonaMarMag]

Nieuczciwość nigdy się nie opłaca . Akcja = Reakcja . Always . Kłaniają się proste prawa fizyki . In the end you always get what you give - this is a universal law .

[@Swastikbackbencher]

After watching videos on Switzerland, I also feel rich!!!

[@thirzel]

Nobody "hides" money in a bank. Transfering money from shaddow activities (bribery, criminal acts, tax evasion, etc) into de official financial system (the market) is acomplex process that envolves a whole network of financial institutes in different countries in combination with intermediary economic activities such as real estate, construction, art, food business, and research, among others. But well, go on and believe. I'm fine with this video, it keeps the ruble going on... ;-)

[@justicewarrior9187]

The only reason why they are struggling is because they used to have a secrecy agreement and never give information about their clients!! Nowadays as soon as a country asks they immediately give information so they are useless nowadays!!!

[@mugumyapaultheafricannomad9488]

That's why in end we shall use the Pablo Escobar approach of putting money in plastic bags and bury it in the ground 😂😂

[@ttfan3257]

1934: Swiss passed banking secrecy act

[@SnoopyDoofie]

Yep, just in time for the Nazis to deposit their stolen loot.

[@dollyschwall8537]

@@SnoopyDoofie Absolutely you are right from Germany .

[@user-du4qn5ro3c]

This type of bank block flow of money? It indirectly preserve rich people power but adversely affect on comman people life?

[@SwissBankingLawyersZurich442]

The US are kicking Switzerland out of business with unfair competition

[@blainepotskin1884]

Democrats are doing this

[@fidelsule4181]

I still think that Swiss Banks are still King, even though they are facing challenges at the moment

[@tinaforbes1059]

They will weather the storms with ease, no doubts. They are not in The EU . They don't have to ask anyone if they want the restructuring their banking system etc .

[@shivam_nagar69]

this did not aged well

[@frankmontez6853]

Wait a minute .. The US has secrecy laws making it a foreign accounts haven ? But .. They require other foreign banks to tell on their clients ? Very confused

[@phoebusapollo4677]

They have competition from the Bahamas, Cayman Islands, the British Virgin island etc.

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[@elizabethjohn5938]

How many days does it take experts to make profits

[@evanslegend9709]

I've learnt that investment is the best way to preserve wealth

[@bl4ckb3ll]

Bitcoin: new technology store of value

[@jeeess9979]

You mean an anonymous way to buy illegal items online via DNM?

[@cashkitty3472]

Money laudering.

[@BestVideos01]

@@jeeess9979 most of drug dealers and terrorists use USD for their operations

[@hootans.4293]

To avoid the risk of being fined, Swiss banks may consider implementing a system that allows the US government to access transaction records and to approve or reject individuals seeking to open bank accounts in Switzerland. Switzerland may consider itself fortunate that the US has not yet imposed any sanctions on them

[@Probez44]

There will be a time where people realize, how bad it is to give up privacy in all domains. The distortion of history about financial privacy is mindbogling. Sure a few bad people will also profit from finacial privacy. And there should me mechanisms to prevent or resolve that. However, any political dissident will also profit. The notion that all finacial transparency is good, is based on the assuption that all countries have good and benevolent governments. Well...

[@biggiesmol]

Naaah, those billionaires will have the law makers in their pockets soon enough

[@infiniteinfiniteinfi]

soon? ... they have always been in their pockets

[@jomo4435]

As with society and its love of money to consume....consumerism

[@anotherone5926]

They PUT those lawmakers there. Selected, not Elected.

[@your_momma6024]

Well there is a saying "Ill earned money will never be enough and will always makes you suffer".

[@Holuunderbeere]

Well it's normal for each side to hide the earnings in other countries and vice versa hold some in their own

[@kartikeyshukla5580]

I'm in love with your videos.

[@icytea5]

You ever wonder how these Scandinavian countries enjoys great luxurious lifestyle without really producing anything of note to the world? They help CEOs and big Corporate avoid taxes by stockpile their money in their banks.

[@sprig3432]

Norway? A trillion dollars amongst 5 Mill lol. They got it made

[@bluelight4907]

Norway produces oil, alot of it. Sweden has very strong companies and so does Denmark.

[@martinandersson2478]

Scandinavian? You are in the wrong part of Europe.

[@nirutivan9811]

Scandinavian countries have pretty high taxes. Not the best countries to stockpile money. What may be important to you: Switzerland is NOT Sweden!

[@prasantpandey4057]

Isn’t Norway just a country of fish,oil and introverts?

[@rayleeaustralia]

Credit Suisse is one of the most underperforming bank there is

[@beverleysmith3629]

Not so. They have been working very hard with Greensil and others.

[@piyush4815]

I feel that taxes should be optional for all in the world. If I don't trust a politician with my money, then why should I pay the taxes? Why am I not allowed to park my money whenever I want? Before we force people to pay the taxes, we should first force the politicians and governments, to make every spending public. They are still earning a lot more than any successful businessman or a qualified salaried person.

[@RN-kl4kp]

Good inside .

[@starguy2718]

Behind every great fortune, there is a crime. -- Balzac

[@geoffrey6420]

At least Swiss banks have experience storing real value, not generating electronic money via sketchy central bank machinations.

[@seneca983]

What? Switzerland has a central bank too. The Swiss Franc is a normal fiat currency.

[@donaldguild3119]

Great interview; I am 49 and I always here about people having Swiss bank account !!?

[@dd2826]

Sure u can open one (if u not US) costs are approx ChF 300.00 a month & best rate under 10million is 0.075 You will be paying the bank to hold your money.

[@chadsupporter4093]

@@dd2826 What if my uncle has 50 000 euro and wants to put it in swis bank Doe she need to pay them 300 cfh monthly or yearly or how much do you think and when

[@frankmontez6853]

Did the Swiss banks have their own Swiss laws making them obligated to report on their clients ? Or are they subject just following US laws ?

[@frankgarcia8599]

As the Nomad Capitalist says “You should go where you're treated best.” Swiss banks are not.

[@Gyhsjgj]

1:57 how do you go that far to tax someone

[@daanishdan318]

I think the market need they address are different - American banks = increasing wealth vs swiss banks = preserving wealth / safe haven

[@unitedsnakesofamerica7742]

Those Lindt Lindor chocs are made in Italy, well those I get are made there.

[@AdityaKadamMechanical]

Swiss banks are falling 1 year from this interview

[@peeeceee6275]

Ironically, another Swiss bank may be brought down by the actions of an American (thanks Lara Warner). Haha.

[@DeepValueOptions]

Actually Keith Gill caused the short squeezes on Tesla and GameStop which made credit Suisse lose billions

[@seneca983]

@@DeepValueOptions Did Credit Suisse lose in those squeezes? I've not heard of that before nor did I manage to find info on that. Do you have a source for your claim?

[@babibabu7766]

@@DeepValueOptions What has Keith Gill got to do with Tesla?

[@babibabu7766]

@@seneca983 Credit Suisse has closed only 97% of the positions linked to Archegos, there is a rumour going around that the rest of the positions is in gamestop.

[@DeepValueOptions]

@@babibabu7766 he was most likely an early whale in tesla because he told us about it when it was only 20$.. it’s gone parabolic god mode since then

[@alparslankorkmaz2964]

Nice video.

[@SL-hq5tr]

Cayman Islands... need to look at the city of London full of off shore accounts

[@lostinmuzak]

Haha. UK is still doing it. Singapore is helping the mainland Chinese. There is money to be made. Big money.

[@alenpaul2523]

Crypto bots working hard here

[@adamnazifi]

Those are the cancer of KZbin, they ruin many comment sections

[@arnoldshmitt4969]

@@adamnazifi if i had my way i would shove those digital coins far up those bots ass