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Wegelin believe this is a regulatory monster. It is an important regulatory burden not only on Swiss banks but all over the world, we decided to tell our clients not to invest in U.S. securities any more. If clients want exposure to U.S. securities we would buy an ETF which does not have a U.S. regulatory base.

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    Who said: "The art of leadership is saying no, not yes – it’s very easy to say yes.’"?
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    B Mao Tse-Tung
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