Comment Re:Cash grab of a bankrupt country (Score 1) 825
The US has managed to get other places to "bend over" for things like reporting on US citizenship financial holdings by threatening to fine companies who do not report such info. Since almost every financial institution of any size has some US dealings, they are vunerable to this threat. Up until the Canadian government said "OK we will collect the data for you, big brother Sam, don't hurt us" the Canadian financial sector was all in a tizzy trying to figure out how it could prove to Uncle Sam it was not harbouring undeclared citizens, figuring out how to provide the info that Sam wanted on the declared citizens that would violate privacy laws, and figuring out how to divest themselves of clients who were US citizens to get rid of the complicated reporting requirements. I know of at least one international venture capitol fund that refuses investments from USA citizens for exactly this reason.
While the USA may be morrally bankrupt, the financial weight that they can bring to bear on any institution is pretty large.