An American jury took just over an hour to acquit a Swiss banker of conspiracy in helping wealthy Americans in the U.S. to avoid taxes.
I have no idea What this will mean for FATCA. I do know U.S. Treasury, IRS, Levin, Schumer, Casey, et al will be in a rage. That could make them even more determined to nleash their wrath on honest people and on banks around the world. Or–wishful thinking–it could knock some sense into them.
Raoul Weil’s lawyer summed it up succinctly:
“Who are the criminals here? Who are the ones that should be punished instead of getting sweetheart deals?”
It is time for them to go after the real tax cheats and leave honest people alone.
My understanding of the American justice system is that there can be no appeal of this verdict because that would contravene the double jeopardy protection.