Switzerland won a major victory in efforts to keep laundering money for the world's wealthiest criminals.
The U.S. government basically agreed to overlook the money laundering operations of major Swiss banks. This agreement was made in order to keep the uber-wealthy from paying their fair share of taxes owed on multi-million dollar incomes. The U.S. and Swiss governments essentially agreed to allow the world's richest people to get away without paying the taxes they owe. The leaders determined it would be easier to just rely on the payroll taxes of the less fortunate than to risk the wrath of oil sheiks, investment bankers, and corrupt politicians. The settlement came as no surprise to those same political leaders that benefited from the agreement.
New York Time article