Feb 13 2012

Liechtenstein royals to veto campaign to remove their veto

Posted by: Nick Shaxson in: Thoughts

CBS news has a story from the mucky little Swiss-dependent tax haven of Liechtenstein:

Liechtenstein’s royal family has indicated it would veto the results of any referendum that removed the prince’s power to veto the results of referendums.

I was in Liechtenstein a few weeks back, and it turns out to be a surprisingly repressive place for those who would resist the all-embracing political power of the financial and secrecy sector, and the powers of the royal family (who also, as it happens, own the country’s biggest bank). Here is the kind of fellow Prince Hans-Adam is: when his rather absolute powers were was challenged by a high court judge, he threatened to leave and to take all his money with him:

“If they do not want the head of our family to be the reigning prince, that is OK. But then they will have to find another head of state willing to pay the costs out of his own pocket. Maybe Bill Gates will be interested and then they could call themselves Microsoft instead of Liechtenstein.”

More on this kind of thing fairly soon.

one comment

Eddie Torres 2th February, 2012 8.40 pm

In that Independent article, another interesting thing about Lichtenstein… and Bain & Co:

“The Liechtenstein royal family commissioned management consultants Bain & Co to recommend what it should do with the GT-Chancellor combine. ‘Bain told the Prince there was no synergy between fund management business and the Bank in Liechtenstein, and recommended the fund management business be sold,’ reports an employee.”

So, was that Mitt Romney’s company showing genuine concern for the plight of the Royal Family’s nest egg, or were they advising GT-Chancellor to get out of the way?

I think I’m gonna watch ‘The Godfather II’ again just to update my understanding of offshore politics…

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