re: 77,000 different foreign banks in 70 countries reporting to IRS now

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One of the things I regret is that posters that know something about a subject fall into this "fight and insult" mode.

Even IF NC were trying a "gotcha" or is "too dumb to know _____"....your explaining things to HIM might inform US...even if it fell on his deaf ears.

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The IRS's expressed "concern" is individuals with international earning capacity might avail themselves of that capacity for purpose of tax avoidance. They could take advantage of combinations of international business experience and knowledge of local banking. A prototypical sham Business might be run out of a Grand Cayman or Swiss PO Box as if it's an in-country foreign operation. Basically transactions would use a tax friendly location as little more than a pass through. Investment accounts -- same thing.

Many many of those foreign accounts are set up, not to defraud, but rather to simply protect holders from American insanity, such as our tort system.

But I can virtually guarantee the OP news article originated at some point as a deflective plant from the IRS.

There just is not any there there. Folks with enough money to count, set up "businesses" elsewhere which are both legit, and unreproachable. IRS cannot touch them!