A few years back, I went on a junket to Switzerland on which I met a bunch of Swiss businesspeople including, naturally, several Swiss bankers. Over dinner one of them told me that he was saddened by the negative stereotypes of Swiss banking secrecy that prevailed in the United States. People, he told me, think of Swiss banks as helping drug smugglers or terrorists launder money. The truth is simpler. "There are many wealthy people in the world," he told me, "and they prefer not to pay taxes."
—Matthew Yglesias, writing at Vox on the HSBC scandal.
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