The oldest Swiss bank has just closed. Curiously, Swiss banks break no Swiss law by allowing private tax shelters for citizens of other nations. It was American law and American lawyers that forced the bank's closure.
One can usefully speculate what our country's well-off are up to.
Or speculate about other things.
The FT reports on banking scandals of 2012.
Libor might have been the loudest scandal, but it was not the most costly – as HSBC and Standard Chartered, UK banks that transgressed US rules, discovered. HSBC paid US regulators $1.9bn over its involvement in several illicit activities, most strikingly the facilitation of money laundering for Mexican drug runners. Standard Chartered paid a two-stage $667m fine over breaches of US sanctions on Iran.