Sunday, March 24, 2013

Credit Suisse chief: bankers' threats are overblown

From March 15, a quote that we missed, from Credit Suisse chief Bradley Dougan, in the context of Swiss plans for strict curbs on executive pay:
"People are always writing about bankers leaving. In the end, not so many tend to move and I think that will also be the case this time."
Quite so, and the same applies to tax. We've seen the threats again and again, but the number of bankers who actually do rip their children out of their schools in a fit of pique at not getting quite as much as their peers, and relocating to soulless places like Monaco, is always at least an order of magnitude smaller than the number who threaten to do so.

For more on this, read our recent blog Financial Times finds evidence of huge flight of rich after French tax hikes.


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