Pubdate: Mon, 05 Nov 2001
Source: New York Daily News (NY)
Copyright: 2001 Daily News, L.P.
Contact:  http://www.nydailynews.com/
Details: http://www.mapinc.org/media/295
Bookmark: http://www.mapinc.org/find?203 (Terrorism)

U.S. CAN'T BE NEUTRAL ON SWISS BANKS

When Jake Ogden, a Merrill Lynch broker on Long Island, warned his clients 
not to deal with Credit Suisse because secretive Swiss banking laws 
"facilitate the finances" of terrorists, he went astray of company policy 
and was fired. That's shameful, because Ogden is right.

Unfortunately, even if Merrill Lynch had acted with honor instead of 
stupidity and stopped doing business with Swiss banks, another company 
would have taken its place. That's why President Bush and Congress must 
force Switzerland and every other nation with confidential banking 
practices to end them. Any bank that continues to allow mass murderers, 
drug dealers and mobsters to stash cash should be barred from doing 
business in the United States.

For more than 70 years, Switzerland has provided anonymity to account 
holders. A bunch of offshore institutions later got into the secrecy game. 
Today, an estimated 26% - 26%! - of the world's assets are hidden in 
clandestine accounts.

How much of that dough belongs to savages like Osama Bin Laden and his ilk? 
No one knows. Which, of course, is the whole point.

Bin Laden reportedly has tried to obtain nuclear weapons. These are not 
sold as Blue-Light Specials at KMart. But they can be bought. From certain 
sources. Provided one has the capital. Some of Bin Laden's capital is 
thought to be in numbered Swiss accounts.

Hoping to avoid a backlash, Switzerland last week blocked 24 accounts with 
suspected links to groups and individuals involved in the Sept. 11 terror 
attacks. But it would not name the account holders or the banks. It said 
$12 million was involved but offered no evidence. "Trust us," say the 
Swiss. Why should we? Trust must be earned.

In the U.S. banking system, a record exists for every money transfer. Not 
so in Switzerland and at least 35 other nations that give safe haven to 
miscreants and worse, seeking to hide or launder money or avoid paying 
taxes. It's estimated that $70 billion in U.S. taxes is evaded annually, 
thanks to secret offshore accounts.

Last year, Swiss banks agreed to a $1.25 billion settlement with Holocaust 
survivors - but only after American institutions began withdrawing money 
from those banks in protest. Now is the time to apply pressure again - this 
time to end anonymous banking.

In the letter he sent to clients, Ogden wrote, "I believe that the existing 
Swiss banking system, in compliance with the Swiss government, will 
continue to facilitate the finances of those who wish to bring terror to 
this country and other lands." He ought to send a copy to the White House 
and every member of Congress. It might be one way to get the message across.

Until Sept. 11, the U.S. had winked at secret banking systems. No more. 
Just as Bush intends to cut off nations that harbor terrorists, he must cut 
off banks that harbor terrorists' money.
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MAP posted-by: Lou King