Glencore might well stay but as others have said they will reorganize to ensure their execs continue to get paid what they do, and the juniors continue to get paid what they do. The downsides of any such reform (and there will be many) will not fall on the execs though, that much can be assured.
You're probably right, that's why Switzerland was created. But you just have to look closer at its economy to find that there is a vested interest from the state to ensure business is better off here then anywhere else, and the laws and regulations reflect that here more so then anywhere else.
just to clarify, Glencore is not now, and has never been, an American company.
I can confirm from a reliable source that its not just Glencore
Big industrial companies would also move HQs or reorganize. They just don't share Ivan's chutzpah in spelling it out quite so clearly.
Think about it
Gap between junior trader and mr glasenberg may well be smaller than between a truck driver and his CEO, even if the latter got paid 1/12 of what mr glasenberg gets.
I do not dare a forecast. Such threats were also done by many companies before the Abzocker-Initiative. Their propaganda was "counter-productive" and resulted in the YES.
Fact is that Zürich and Geneva, each alone, have as many corporate headquarters as Paris, which is absurd. A friend in this regard jokes about the endless lines of penguins all around.
And to put it roughly, Glencore is NOT in Zug. Only its financial HQ is. And some few executive offices.
The thing is completely open
True for sure. But any new "service company" will not simply be "winked throug" but will get checked by the top-echelon
To put it with former leftwinger Transport Minister Leuenberger "what Switzerland has to offer is a better infrastructure, but it at present only offers a minimally better infrastructure, and so this is to be improved"
The juniors MAY continue to get paid what they did up to now, if their top-superiors think it worth the money.
What Sheikh Yamani years ago said about HIS country, the KSA, increasingly becomes a problem in Switzerland. "We have a problem with too much money but not enough substance".
Further on you use the term "state". State here in Switzerland quite correctly means Canton. And the interests of the State of Zug may not be the same as the interests of the union.
Ah, so you can tell the difference between truth and fiction. I wasn't so sure on that as you were quoting Gordon Geckko as if he was Plato...
At this age every national government wants to make their country seem preferable to others for multinational corporations. Switzerland happened to have these favourable conditions, such as lower taxes, greater banking privacy etc. However, if you read a bit about the past, you'll find that much of Swiss banking laws, tax laws are steeply rooted in Swiss history, and have nothing to do with the new multinational corporate greed.
The residents in Zug (at least...those Swiss citizens who haven't yet been forced to move out of the canton because of sky-rocketing rental prices) pay some of the lowest taxes on this planet...they are not going to starve to death if those tax levels increase by a few points.
And remember that Gordon Gekko ended up in jail...
and Marc Rich would have been in jail several decades ago, except guess where he hid?
Presidential pardon helped, too.
And guess which government pardoned him for tax evasion and funding illegal business dealings with Iran. Not the Swiss rather another nation that now seems to play a different tune.
the pardon was nearly twenty years later, after several failed indictments and repeatedly failed efforts to bring him back to the US.
EDIT: the point here being that Glencore started its corporate life as a Swiss company (as a Swiss AG), and remains so to this day.
So are you saying the Swiss were right and correct in 'storing' nazi' gold?
Marc Rich has never had anything to do with the company; Glencore is what was formed when the management got rid of him. He was the owner/boss of an earlier company.
Course not. But switzerland did know what was going on. Even afterwards, when they couldn't possibly not know, they held on to it. I'm not saying it was right or correct, merely that it was swiss.
Corporate greed is not a modern phenomena. Is it not possible that corporate greed became a part of swiss history?
Assuming they all have jobs. The Zug economy is currently very dependent upon the International companies they have attracted. Without them Zug would look very different. Less foreigners, lower rents most likely but it`s not all upside. (Yes I know Glencore is Swiss but it doesn`t have to be in the future)
And Glencore is more than a letter box at the train station or an office for a few execs.
Do you really think that the 'average' Swiss knew about it, and benefited directly from it?
So on the one hand people criticise Switzerland for dealing with/profiting from 'dirty' money, and then laugh and say 'stupid Swiss' when they say 'no'. Make up your mind.
this is simply not true, the company changed its name in connection with the buyout of Rich but the legal entity remains the same.
How right you are, they are in Baar !