One of the mysteries for me is why the world’s financial institutions are so anxious to do business in America that they lobby their governments to bail them out of the FATCA 30% withholding regime by signing up for an IGA. Is it really so important for them to have access to American financial products and Wall Street, so they can find themselves again at the receiving end of the next Wall Street fraudulent derivative scheme to sell them crap and then laugh about it?
I am reminded yet again tonight, about how many financial firms and people around the world have been harmed by the 2008 financial crisis brought to us by our Titans of Wall Street, who still, five years later have not paid any prosecution price for their greed and fraudulent behavior. And the FFIs want to be able to continue to access more of this? Go figure.
If you haven’t watched this excellent PBS Frontline Documentary, I strongly recommend it. The Untouchables.