Reader Zach Glazar has his own theory on why the Saudis are pulling billions of dollars out of US banks:
One of the reasons the Saudis are taking money out of the USA is because they fear (rightly) that once they are exposed for what they really are we may freeze their assets in this country. If I was a Saudi prince, I would certainly be moving a lot of capital to Switzerland or another EUnich country.
The Swiss option is probably an increasingly popular one with Saudi princes, as I reported three weeks ago in this post. Comfortable exile, good banks, and — mmm, have you tried the emmenthaler fondue? Besides, the Swiss have a long and fine tradition of not scrutinizing their wealthy exiled guests too closely.
But I doubt the Saudi princes will be taking leave of Arabia because of US military actions abroad, or US Commerce Department actions at home. By the time we crack down (if ever), the smart ones will have their money stashed in Geneva, Zurich, and Lausanne, and the dumb ones don’t really have enough money to matter.
But I wouldn’t be surprised if, sometime in the next couple or a dozen years, the princes escape — and just barely — with jihadists (or worse) on their heels.