The global financial industry is more powerful than any government entity. Governments continually create regulations and laws to keep the industry in check, but the financial industry manages to find ways to skirt rules and convince the public that any regulation is bad for the world.
Even though Americans holding bank accounts in Switzerland in order to evade taxes is illegal, and even though some banks have eventually cooperated with the IRS by providing the names of some customers taking advantage of this type of tax haven, the practice continues. The more money you have, the more opportunities exist for you to operate outside the rules that bind most other citizens.
When WikiLeaks released information to reporters and news outlets that pertained to the U.S. State department, Visa and MasterCard, companies with no relation to the documents but with economic power, began refusing to process donations to the organization.
Following the recent speculation that WikiLeaks has private information about Bank of America to release, a former executive of the Swiss bank Julius Baer has provided 2,000 names of prominent individuals and companies that engaged in tax evasion through offshore, unreported accounts. The bank claims the documents are falsified, and the former executive is facing trial.
Is it wrong to evade taxes? What would you do if you had the opportunity and means to keep a big portion of your wealth and income outside of the eyes of the government?