[Warren]

Judging by the article, LGT managed its clients' affairs in much the same way as the Swiss banks. Unfortunately for LGT, a disgruntled employee sold off a list of some of the bank's clients and that list has now made its way to the US tax authorities. I don't think it should surprise anyone that Swiss banks, and by extension LGT, don't wish themselves or their clients to be exposed to public scrutiny. They provide banking, business and investment services for the wealthy who, for obvious reasons, choose not to deposit their capital in their home countries.

Apart from Switzerland and Liechtenstein, there are still the Cayman Islands, the Bahamas, Bermuda, Netherlands Antilles, Panama, Belize, the Channel Islands, the Isle of Man, Andorra, Singapore and Hong Kong as politely-termed "offshore banking centres", plus no doubt quite a few others, where absolute discretion is (almost) guaranteed.