Defaulting banks - where will it stop?

[Jan Klimkowski]

If it is true this Administration will really try to get rid of tax-havens for the rich, they are playing with 'fire' and will not long do so without a very nasty counter-attack from those who use them and wield very great power in the world and in the Deep Political World. I'd not expect Switzerland to change its banking practices anytime soon - nor any of the others, without a huge fight from the Oligarchy worldwide.

Indeed. These are Their tax havens, for black, laundered, looted, money.

My tentative interpretation is not that Obama is playing Robin Hood, and trying to clean up the international financial system. As Peter says, this would be suicide for Obama.

Not political suicide.

Literal suicide in a Crossfire.

My tentative interpretation is rather that certain elite factions are either in big trouble (eg Carlyle) or are trying to knock their rivals out of the game. Both Goldman Sachs & Deutsche Bank are reputedly just a couple of CDS mark-to-market transactions from collapse. GS are being propped up by "counterfeited" (see kiting post above) money borrowed from the Fed Reserve. Deutsche Bank are being desperately protected by certain German politicians.

In short, several elite players are in desperate need of huge lumps of cash to meet Basel-II solvency requirements, and they know there's plenty of black, laundered, cash sitting in tax havens. These elite players are now in a dog-eat-dog situation at best. As a last play of the dice, They are going after Their rival's laundered cash hoards stashed in the vaults of Caribbean, Swiss & Channel Islands' banks.

This is speculation of course.