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BANK WEGELIN TO PULL OUT OF US
Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5779


Posted: 8/26/2009 8:33:31 AM

By: knightmare3000

private swiss bank, Bank wegelin, is scheduled to pull out of US operations according to article in Houston Chronicle today Agust 26,2009. I say this beacuse Cyrille Emery who used to post here uses that bank. perhaps he could respond


Anonymous
Posted: Saturday, August 13, 2011

Posted: 8/28/2009 4:04:22 AM

By: cyrille emery

I generally do not comment on my past and present clients whereabouts...I am surprised and flattered to see that my name is associated with this famous institution to which I have no connection.

I cannot answer the question as I am not privy to their strategy... Probably cutting through red tapes imposed by new rules...

I would be more worried if Charles Schwab or Ameritrade would pull out from US stocks.


Anonymous
Posted: Saturday, August 13, 2011

Posted: 8/27/2009 3:28:38 AM

By: Offshore Atty

Calling Bank Wegelin a "Joe's Hardware" is rather ignorant but, judging from the poster who seems to make daily anonymous hits on everything Swiss, not surprising. Bank Wegelin is the largest and oldest private bank in Switzerland. Their decision points up how other banks in Switzerland, and in offshore centers such as Singapore and Hong Kong, will likely react to increasing US scrutiny of tax withholding requirements. Any regular reader of this board will not be terribly surprised by this development.

As an aside, too many firms use the term "private bank" with absolutely zero knowledge of its meaning. A private bank under Swiss law means the partner-owners have unlimited personal liability.

Of course, you won't see this in the United States, where debt and bankruptcy are a permanent part of American culture and bankers are notorious for avoiding liability at all cost. I always get a kick out of outfits such as "Citibank Private Bank," as if Citibank would ever bail out its clients in a jam.


Anonymous
Posted: Saturday, August 13, 2011

Posted: 8/26/2009 11:38:31 AM

By: Who?

This is a "Joe's Hardware closes Zurich store" sort of story.

Interesting to see how these firms will effectively compete when they've shut themselves out of access to the world's largest financial markets. Of course, considering their investment returns, it is probably a good thing for themselves and their clients.


 

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