Thank you, Mr. Chairman.
OK. In the morning hearing, what I was trying to establish was kind of the obvious in terms of, why does Switzerland hav...
I mean, what is the primary problem with that treaty?
Why would a U.S. investor invest into a Swiss bank? What are the motivations?
So the 238 accounts were determined fraudulent.
So you determine compliance because they basically sign waivers and a W-9, which gets reported back to the IRS.
Why do people take money out of their countries of origin and invest in Switzerland?
I think you mentioned that some clients and some Swiss bankers were involved in some of these fraudulent transactions.
OK. I may be going to the Foreign Relations hearing on treaties later on.
Historically, let us go back. People around the world have deposited money into Swiss banks as a real safe haven.
So then what complicates that? Now we start talking about shell corporations.
So if U.S. investors have invested about $12 billion into Swiss banks, I mean, obviously that is a pretty small portion ...
I want to understand a little bit about what is so different about the 230 accounts where we actually received the names...
I agree, and that makes an awful lot of sense.
I am just trying to get to the obvious point to why people put money into Switzerland.
It really has to be around the ability to offer services and returns that are competitive.
I just want to state the obvious.
When I asked a question earlier about how were you able to determine compliance, you talked about clients were signing w...
