The new US ambassador to the European Union William Kennard applies a mad rhino strategy, he blackmails members of the European Parliament, the Financial Times Deutschland quoted from a letter his office sent to the group leaders:
“Wenn das Europäische Parlament das Abkommen kippt, bin ich nicht sicher, ob die Washingtoner Behörden wieder entscheiden würden, diese Angelegenheit auf EU-Ebene zu adressieren”
Now AFP has the same quote:
“If the European parliament overturns the agreement, I am unsure whether Washington agencies would again decide to address this issue at EU level”
He indicates the US would negotiate a bilateral agreement instead. Of course it seems legally impossible for member states to enter bilateral agreements and member states would be reluctant to follow that path. Hillary Clinton reportedly phoned Catherine Ashton(?!) and Parliament President Jerzy Buzek. I am sure Buzek and the other members will teach them manners.
See also here: why the MEPs should say no to interim agreement: http://brusselsblogger.blogactiv.eu/2010/02/07/banking-data-why-meps-must-say-no-to-swift-agreement/