Posts Tagged ‘Wegelin private bank’

Oldest Swiss Bank Turns Thumbs Down on the United States

August 27th, 2009 Comments off
Wegelin private bank, Switzerland’s oldest, is to cease all operations in the U.S. due to tougher measures by American authorities against tax dodging and upcoming changes regarding estate taxes. That, however, is not the full story. 

The growing fiscal imbalance in the United States is beginning to create unease among investors and bankers overseas. Yet, it is those same foreign sources of capital that the U.S. desperately needs to finance its ever-growing budget deficits.
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In a letter sent out by Wegelin management to its investors, the private bank stated that the United States had overestimated its attraction as a financial center. The bank advised its investors and clients to get out of all U.S. securities. When the oldest Swiss bank is that bearish on U.S. securities, what are the implications for America’s long-term fiscal health?