• Switzerland edition
 

Credit Suisse hands US millions of emails: report

Published: 31 Jan 2012 09:57 GMT+01:00
Updated: 31 Jan 2012 09:34 GMT+01:00

After consultation with Credit Suisse and other Swiss banks, Finance Minister Eveline Widmer-Schlumpf has offered the US tax authorities millions of internal client emails in an attempt to relieve pressure on banks, according to reports.

Some of the documents provided also included emails between client advisors and their US clients, personnel records and customer profiles, Swiss online news platform Blick.ch reported on Tuesday.

The number of documents already delivered is estimated to be between four and six and a half million, all of which have been provided by bank giant Credit Suisse. The move is seen as part of Switzerland’s strategy to try to stem the tide of US attacks on Swiss banks.

The documents are encrypted to protect the names of individuals, Blick said. The key to decoding the information will only be provided on assurances from the US that no further action against Switzerland’s remaining 300 banks will be taken, Blick reports.

Switzerland wants these assurances to be enshrined in a new treaty with Washington, radio station DRS reports.

Lyssandra Sears (news@thelocal.ch)

Your comments about this article

2012-02-05 03:05:38 by DavidtheNorseman
@HoppSuisse Thank you for the information. I didn't realize how things were in Switzerland. I agree that it must be irritating to have foreigners overseeing one's banking! Canada is so intertwined with the US and has been for a couple of hundred years so it is more like your brother knowing your business: not always pleasant but never unexpected :-, As for property I wasn't thinking of Canadians buying in Switzerland (though some of our richest like Shania Twain have indeed done so) but was wondering if what has been happening here - especially with older citizens who have become concerned about the stock market's ability to protect their savings - has been happing in Switzerland. That is that people are buying propery as a hedge against volatility (as well as gold). With property there are sometimes opportunities to lease or rent the land/buildings so that there is an income stream alongside the protection of the ownership of land. Thanks again! DtN
2012-02-03 23:56:37 by HoppSuisse
Davidthenorseman

There has not been numbered accounts in decades. This is why banking secrecy is a false myth – it does not exist. What did exist was banking privacy.Privacy is a human right, but those who would like to take/give away our freedoms call it secrecy because it gives an immoral connotation. A few years ago everyone here was outraged to learn that the international money transfer system, SWIFT, is monitored by the US. Then we found out that even some transfers and payments between local banks are recorded in the US. What do we have to do with the US?

The owning of property by non-Swiss citizens is dealt with on a Kantonal (state, providence) level and has been relaxed in some Kantons for the wealthy.
There seems to be 3 small areas with Real estate bubbles currently, Zurich, Genf (Geneva) and Graubunden (St Moritz area). But very expensive properties are standing unsold. I think Canada is a very good place to be.

Take care,

HoppSuisse
2012-02-02 01:34:18 by DavidtheNorseman
@HoppSuisse - over the pond here in Canada folks are also quietly investing in land. Is that an option in Switzerland? Land ownership here is a relatively easy investment (though to be exact you can at best - citizen or otherwise - be a "Freeholder from the Crown", meaning that your rights to your land are subservient to the governing authority and not absolute)
2012-02-02 01:30:16 by DavidtheNorseman
Actually, it is rather disquieting to a foreigner. When I was a young fellow Switzerland was the place that anyone could put their family savings in no questions asked. While this was open to abuses, it also allowed innocent people being persecuted in their home regions to escape the added evil of the seizure of their liquid property by any old tyrannt who felt like it. Are there any simple numbered account banks left in Switzerland or is it now all reporting-to-Manhattan-or-Berlin subsidiaries of the Overlords of the West-du-jour? Discretion was the key value of Swiss banking.
2012-01-31 13:48:06 by HoppSuisse
Absolutely shameful, by allowing the banks to do this we have not only betrayed those who trusted us we have destroyed our integrity.

We can not make deals with thieves and extortionists, that is what this is. Eventually the US is going to nationalize the banks they have in their control anyway and these bankers will lose not only their integrity but also their money (which they worship).

Just yesterday The Local reported that Wegelin & Co. had resolved this issue by selling their banks here in Switzerland to Raiffeisen. This is to contain the potential losses to the US to the banks on their soil. This was a wise and honorable move. Raiffeisen does not have exposure to US jurisdiction.

If you have any exposure to US toxic assets (Dollars, equities, bonds or papers of any kind, fixed property, etc.) sell them immediately.
Close your accounts in Credit Suisse, UBS and any other bank that has international branches, they are all at risk.

Do what the Central Banks are doing – buy gold.
China last year bought 490 tons through Hong Kong and that does not count other avenues and that they are the largest producers of gold in the world.This is more then half the total the Swiss National Bank has. The Chinese are not allowed to export their gold.
Tell everyone you know to sell Dollars and buy gold.
Tell the Politians to raise the National Gold Reserve, vote for it.

HoppSuisse
Today's headlines
Glacier 3000 opens new mountaintop bridge
The new bridge connects Glacier 3000 with Scex Rouge. Photo: Peak Walk by Tissot

Glacier 3000 opens new mountaintop bridge

The new ‘Peak Walk’ at Glacier 3000, the world’s first suspension bridge to connect two mountain peaks, was inaugurated on Friday. READ  

Snake smugglers caught by Swiss border guards
Two boa constrictors were found in Basel. Photo: Anup Shah

Snake smugglers caught by Swiss border guards

Swiss border guards discovered four snakes during the course of two separate controls this week, federal customs authorities said on Friday. READ  

Report: Switzerland ideal for Mars simulator
UNIL's report said Switzerland would be ideal for a Mars project. Photo: UNIL

Report: Switzerland ideal for Mars simulator

Switzerland could play a vital part in the mission to Mars, according to a report by the University of Lausanne (UNIL) which concludes that Romandie is the perfect place to test conditions faced by humans in a journey to the red planet. READ  

Basel private bank raided in German tax probe
Safra Sarasin is based in Basel. Photo: Michelle Kinsey Bruns

Basel private bank raided in German tax probe

Police in Switzerland have raided the offices of the private bank Safra Sarasin as part of a probe by German authorities into alleged tax fraud, Swiss newspaper Tages Anzeiger reported on Friday. READ  

Swiss banker arrested over Hoeness tax fraud
Hoeness was jailed for tax evasion to the tune of 28.5 million euros. Photo: Stuart Franklin/Pool/AFP

Swiss banker arrested over Hoeness tax fraud

Polish authorities said Thursday they had arrested a Swiss banker wanted by Germany on suspicion of tax fraud that a report said may involve the jailed former Bayern Munich president Uli Hoeness. READ  

Federer reaches quarters in hometown event
Federer celebrates another win in Basel. Photo: AFP/Fabrice Coffini

Federer reaches quarters in hometown event

Roger Federer shrugged off dropping the first set against journeyman Denis Istomin on Thursday before hitting back to win 3-6, 6-3, 6-4 and reach the Swiss Indoors quarterfinals. READ  

Hitler coffee cream pot company faces closure
Hitler and Mussolini featured on the creamer lids. Photo: SRF

Hitler coffee cream pot company faces closure

The company that designed the coffee cream pot lids featuring images of Hitler and Mussolini is facing bankruptcy after Swiss supermarket chain Migros said it planned to terminate its contract with the Bern-based outfit. READ  

Body of Czech climber found after 40 years
The body was found near Mount Titlis. Photo: Caroline Bishop/The Local

Body of Czech climber found after 40 years

The body of a Czech hiker who disappeared 40 years ago after an avalanche in Switzerland has been found on a glacier in the Bernese alps, Bern cantonal police reported on Thursday. READ  

Doctor: Schumacher needs 'years to recover'
Schumacher suffered severe head injuries in a ski accident in December. Photo: AFP

Doctor: Schumacher needs 'years to recover'

A French doctor treating stricken former Formula One champion Michael Schumacher said on Thursday that the German ace was making progress, but will need years to recover. READ  

Roche reveals towering plans for Basel site
Roche's development will include the highest building in the country. Photo: Roche

Roche reveals towering plans for Basel site

Swiss pharmaceutical giant Roche is to invest three billion francs ($3.14 billion) in its Basel headquarters over the course of the next ten years in a massive redevelopment project which includes the construction of the tallest building in Switzerland. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
National
Red faces at Migros over Hitler and Mussolini coffee cream pots
National
Majority of Swiss back proposed new immigration curbs: poll
Features
Eritrean asylum seekers find refuge in Swiss monastery town
National
Expat American professor disputes 'unjust' Swiss citizenship rejection
National
Sputtering eurozone drags down Swiss economic growth forecast
Features
Swiss-based English expat writer lauds immigrant 'brains and brawn'
International
Our survey: Switzerland third priciest for food and drink from back home
National
Zurich market gardener sets world 'record' for heaviest pumpkin
National
Report: Switzerland's residents richer than before economic crash
Features
Geneva lab sleuths use high tech to help art world uncover fakes
National
Father of Scot missing since early September fears Swiss trauma
National
Foreign women give birth to rising share of newborns: latest figures
National
'Giant's penis' bloom in Basel uni botanical garden bigger than ever
National
Switzerland's voters reject public health insurance proposal
National
Zooming foreign immigration continues to boost Swiss population
National
Scientific study rings alarm over wellbeing of Swiss cows with bells
National
Geneva MP seeks ban on charging for tap water in restaurants
Business & Money
Switzerland's residents top world financial wealth list: Allianz report
National
Saint Maurice abbey in Valais celebrates 1,500 years of history
National
Streaming movie video service Netflix arrives in Switzerland
National
Professional Chilean base jumper dives to death in Swiss Alps
Education
ETH Zurich remains top university in Europe: QS world rankings
National
Switzerland's housing vacancy rate jumps: new federal figures
National
Swiss football club fires team masseuse over explicit sex video
National
Geneva police arrest easyJet passenger over hand luggage row
Business & Money
Latest forecasts for Swiss economic growth turn less bullish
Sport
Formula One legend Schumacher to continue treatment at Swiss home
National
Former federal planning official calls for nine Swiss cantons
Features
The Local gets the lowdown on mushroom picking in Switzerland
National
Virgin boss Richard Branson's son rescued from peak of Matterhorn
National
Swiss President Didier Burkhalter's commute turns Twitter sensation
Features
High-tech cameras give dizzy view of Eiger's north face (VIDEO)
Politics
Baden municipal council strips 'nude selfies mayor' of duties
Business & Money
Switzerland stays atop competitiveness table for sixth year
National
Federal parliament secretary agrees to step down over nude selfies
National
Swiss residents pick Swedes as ideal European soul mates: survey
National
Zurich officials call project to move prostitutes to 'sex boxes' a success
National
Swiss gays recognized as parents of child born to surrogate mother
Health
Increase in mountain bike accidents keeps Swiss hospitals busy
National
Swiss policeman belatedly honoured for saving Jews from Holocaust
National
'Suicide tourists' to Switzerland double in three years: study
National
Swiss Post SMS scheme gets stamp of approval after pilot project
Business & Money
American tax evasion crackdown hits Swiss private banks' bottom line
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

2,260
jobs available