Comments on: UBS tax deal may pave way for bank’s recovery Mon, 31 Oct 2016 15:40:16 +0000 hourly 1 By: bowater Wed, 19 Aug 2009 12:01:51 +0000 article in a French newspaper.

“The French Government announced today that it will be meeting with it’s counterpart in the USA, the Internal Revenue Service, to make a demand on the US to release the names of it’s French citizens that have accounts in US banks. ‘French citizens have been evading taxes for years by hiding money in secret US Bank accounts’ says Pierre Ranault. ‘Our citizens pay no tax in the US on any gains made on those investments.’ The French Government is using the pressure established by the US(IRS)against the Swiss Banks as a precedent for the action. ‘We must collect the taxes due on those secret US Bank accounts’ says Ranault. The IRS refused comment, but a media source commented that foreign citizens have about 2 trillion dollars in US investments and that if the foreign citizens panic and “take their money and run”, it could be a big problem for the US banking industry.
(this is fiction, but it could happen)