Post by wheelspinner on Dec 7, 2011 3:22:07 GMT -5
To say the least. Congress has decided that every financial institution in the world is now going to be forced to become tax collectors for the USA, or face massive penalties.
Honestly, WTF does the USA think it is doing? Surely they understand that the global banking system has plenty of things to worry about right now without their BS. Consultants are estimating the cost to the banking system to comply will be 100 BILLION dollars - for NO benefit to us whatsoever!
As if this wasn't enough, the IRS is forcing us to forward confidential information on our customers to them, which is in breach of our laws and those of many other countries. But why should the USA give a flying f4 about this massive imposition on the rest of us? What's important is that you get your tax dollars, right?
Do you know what we call our FATCA project, unofficially? We refer to it as dBay - Don't Bank A Yank. This is happening now; banks worldwide are deciding to simply tell US customers to go away, and to withdraw their investments from the USA. That way, they avoid coming under this poisonous legislation. Is that what the USA wants?
The impact of this legislation also falls heavily on US expats. The expat community is outraged, and there is a sharp uptick in applications to renounce USA citizenship. In Switzerland, the queue to get an interview at the Consulate to initiate renunciation of US citizenship already stretches out to 2013. Again, is this what the USA wants?
Next year is an election year; we can only hope that the US electorate wakes itself up and kicks out the morons that it insists on electing to make these bone-headed decisions that repeatedly demonstrate how the USA considers the rest of us to be your doormat. I'm not hopeful about that; reports I read of the GOP debates clearly show a bunch of cynical populists pandering to an electorate they perceive to be bigoted short-sighted dimwits. The inference has to be that their research is telling them that it is people like that who will decide your election. They're probably right, which is profoundly depressing.
Honestly, WTF does the USA think it is doing? Surely they understand that the global banking system has plenty of things to worry about right now without their BS. Consultants are estimating the cost to the banking system to comply will be 100 BILLION dollars - for NO benefit to us whatsoever!
As if this wasn't enough, the IRS is forcing us to forward confidential information on our customers to them, which is in breach of our laws and those of many other countries. But why should the USA give a flying f4 about this massive imposition on the rest of us? What's important is that you get your tax dollars, right?
Do you know what we call our FATCA project, unofficially? We refer to it as dBay - Don't Bank A Yank. This is happening now; banks worldwide are deciding to simply tell US customers to go away, and to withdraw their investments from the USA. That way, they avoid coming under this poisonous legislation. Is that what the USA wants?
The impact of this legislation also falls heavily on US expats. The expat community is outraged, and there is a sharp uptick in applications to renounce USA citizenship. In Switzerland, the queue to get an interview at the Consulate to initiate renunciation of US citizenship already stretches out to 2013. Again, is this what the USA wants?
Next year is an election year; we can only hope that the US electorate wakes itself up and kicks out the morons that it insists on electing to make these bone-headed decisions that repeatedly demonstrate how the USA considers the rest of us to be your doormat. I'm not hopeful about that; reports I read of the GOP debates clearly show a bunch of cynical populists pandering to an electorate they perceive to be bigoted short-sighted dimwits. The inference has to be that their research is telling them that it is people like that who will decide your election. They're probably right, which is profoundly depressing.