Again the right is all atwitter with their latest “controversy” – Obama being friends with Robert Wolf, a donator to his campaign, who works for UBS – a Swiss Bank. And of course they call hypocrisy over the lefts criticism of Romney for hiding his money in a swiss bank.
But, once again, the right is relying on ignorance among their base. So let’s look at some facts.
The fabled Swiss banks where the wealthy hide their money are private banks. Often only having one or two branches, and generally only in Switzerland. They generally will not deal with any client who has less then a preset amount of (extreme) wealth. And they maintain an amzingly small client base for what would normally be considerred a bank. Likewise they do not offer many of the services normally associated with banks. Their purpose is to hide, secure, and grow wealth.
UBS, on the other hand- is a public bank. They deal with anyone. They are the largest bank in Switzerland, and a major force in banking throughout europe and have a strong presence in the US. Robert Wolf is chariman and CEO of their american operations. Operations that must abide by all US regulations.
The comparison is ridiculous. And the conservative leadership knows it. But they also know their followers do not understand the intricacies. And so comparing apples to oranges but impying the oranges are apples and…well…the masses see apples.
Politics at it’s worst. When will people, despite their protests that they already are, become tired of being lied to? And when will they be bothered to actually fact check what they are being told?