The Swiss newspaper Sonntagszeitung states that a winner emerges from the US Tax Program: the US Department of Justice (DoJ).
Intimidated by a possible indictment more than 100 banks precautionary recognized that they might have violated US tax law.
Various points of view help understand the choice of the banks in the US Program.
Patrick Raaflaub, director of the Swiss Financial Market Supervisory Authority, FINMA, urged the banks to participate under Category 2 of the US Program.
Albrecht Langhart, a partner at Blum & Grob law firm, believes that for several banks the Category 2 was the wrong choice and that these institutions decided too hastily.
In a presentation the Swiss Banking Association (ASB) warned their members that opting for Category 3 make them run the risk to be indicted and/or prosecuted.
Jeffrey Neiman, a former federal prosecutor, heard that some banks opted for Category 2 despite having only 3 US-related clients. He further criticizes the incentive cleavage between the decision makers, i.e. the top management of banks and the cost bearers, i.e. the state and the shareholders.
Christoph Gloor, the president of the private bank association in Switzerland, says that the banks only purpose is to clear the situation and not have a Damocles sword hanging over them. Entering into a conflict with the DOJ could forbid access to the USD market, he believes.