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Factor One: Tax Evasion Takes Down Main Bank: Apparently serving to the tremendous-wealthy not pay their taxes can have its penalties. An iconic Swiss bank will shut down after pleading responsible to helping Americans evade taxes on $1.2 billion in offshore accounts , in response to the Financial Times. Wegelin & Co., Switzerland's oldest financial institution, based in 1741, was the primary non-U.S. financial institution to confess taking part in a tax-evasion scheme. Though the announcement that the financial institution is closing comes on the heels of its responsible plea, Wegelin has been on its means out for a while; the bank offered most of its business to a cooperative lender final yr.

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