Swiss bank accounts secrets on hold

The governments of both the United States and Switzerland, along with international banker UBS, have asked that the legal process to uncover Americans’ secret Swiss bank accounts be put on hold pending the result of continuing settlement talks.

Hmm. If a real settlement results, OK. But, given the neoliberal Obama Administration being larded up with Wall Street friendlies, etc., I won’t hold my breath on that 100 percent.

Here it comes: foreign bank buy-ups

The Abu Dhabi Investment Authority’s $7.5 bil buy into Citigroup got all the publicity, but Singapore bought a $10 bil chunk of UBS recently, too. It’s striking to note that both purchases were made on terms that put the American companies’ stock valuation at little above junk-bond status.

So, what’s next? A tightening of the lending spigots. Singapore didn’t get to the level of development it has today by throwing around nickels like manhole covers.

Maybe, the venerable Singaporean practice of caning will get exported the boardrooms of UBS and other American financial institutions while we’re at it. It couldn’t hurt.