The Wall Street Journal Quotes Scott Michel on the DOJ Bank Program and Implications for Global Financial Community
The Wall Street Journal spoke with Scott D. Michel concerning the U.S. government's Program for Swiss Banks and its broadened global chase for money hidden in Swiss accounts by U.S. citizens. Prosecutors are now tracing records to Singapore, the Cook Islands and elsewhere as U.S. authorities increase the pressure on Swiss institutions to turn over evidence, according to officials. For more on the story, please visit The Wall Street Journal's website.
Excerpt taken from the article.
Scott Michel, a lawyer who advises clients on these issues, said sticking to the deadline for about 100 Swiss banks to discuss the issue with their American clients, then present a potentially large volume of records in about five weeks would be "almost physically impossible.''
The Justice Department, the lawyer said, "is sending a less-than-subtle message to banks around the world, that if you have a problem, you should come see us now, rather than wait for them to put together the puzzle pieces and come to them.''