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Milton J. Madison - An American Refugee Now Living in China, Where Liberty is Ascending

Federalism, Free Markets and the Liberty To Let One's Mind Wander. I Am Very Worried About the Fate of Liberty in the USA, Where Government is Taking people's Lives ____________________________________________________________________________________________ "Extremism in defense of liberty is no vice. Tolerance in the face of tyranny is no virtue." -Barry Goldwater-

Monday, August 22, 2011

More banks refusing American customers overseas.....

This is the unintended consequence of the arrogance of the American government that is demanding that foreign financial institutions comply with a raft of new rules that, in many cases, are not allowed by local laws.

As a result, there has been and will continue a wholesale refusal by banks in doing business with both individuals and companies owned and managed by Americans. The latest....
With the announcement last week from one of our major local banks, HSBC Private Bank Bermuda that they would no longer support accounts owned by US citizens, Bermuda residents with dual-citizenship with the United States, and green card holders living in Bermuda, the concerns elucidated in many of my earlier columns regarding US tax compliance have come to pass.
From here. HSBC is one of the largest financial institutions in the world and seems to be deemphasising its American businesses and its business with Americans. Since there is so much to do in other countries with their citizens, its no surprise that companies act in the best interests of their shareholder and ALL of their clients and move out of troublesome and problematic markets.

The biggest problem, as i see it, is that the US government will only increase the meddling in affairs of foreign institutions and these institutions have to react to these new interventions.

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