Implode-o-Meter News - Swiss Parliament Pushes Back on U.S. Banks Deal

"I think the deal is dead," said Peter V. Kunz, a professor of business law at the University of Bern. Mr. Kunz said a few banks may be indicted in the U.S. if the plan doesn't pass, while the more immediate drawback for the financial sector would be prolonged uncertainty.
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Critics have called the plan a violation of Swiss sovereignty, which unfairly exposes local bankers, advisers and attorneys to legal prosecution in the U.S. Critics have also said the plan lacks important details on the potential size of fines for the banks that opt to participate.

Now, following a 126-67 vote in the lower house against considering the measure, it is being tossed back to the Swiss Parliament's upper house for further consideration Wednesday. Parliament's summer session is scheduled to end Friday. The autumn session begins Sept. 9.

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Swiss Parliament Pushes Back on U.S. Banks Deal