UBS says still working toward U.S. tax deal

[Joanne98]

Source: Reuters


UBS AG is continuing to work with U.S. authorities to reach a deal on a U.S. tax probe, the Swiss bank said on Tuesday.

The U.S. Internal Revenue Service (IRS) is seeking information relating to U.S. clients of UBS from the Swiss authorities and UBS is addressing those requests, it said.

UBS, which also reported a $7 billion net loss and cut more investment banking jobs on Tuesday, is accused of helping U.S. clients avoid taxes by hiding assets in Switzerland.

"UBS has been working to respond in an appropriate and responsible manner to all of these investigations in an effort to achieve a satisfactory resolution of these matters," UBS said in a statement.

The U.S. Justice Department wants the Swiss authorities to hand over confidential data on the wealthy clients to help its investigation into offshore services provided by UBS advisers to U.S. customers from 2000 to 2007.




Read more: http://www.reuters.com/article/domesticNews/idUSTRE5191Q220090210

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Switzerland doesn't consider tax evasion a crime! They are helping every criminal on Earth.

[acmavm]

1. Why is there any 'dealing' being done? It's open and shut. The IRS wants

info, the UBS should fork it over. Tough shit that the Swiss don't consider tax evasion and fraud (hiding money then taking bailout money) a crime. We do.

[Nihil]

3. That's only in people's dreams ...

UBS don't even consider genocide a crime so tax evasion and fraud
are so trivial as to be beyond their attention span.

[boomerbust]

2. Calling Phil Gramm

Phil Gramm line IRS please!

[acmavm]

5. Hew's sure gone underground, hasn't he?

[lxlxlxl]

4. It's not a 'switzerland' thing...the EU is investigating UBS also

UBS is probably the most corrupt financial institutioin around. Whenever I see the trailer for the new Clive Owen movie 'The International' I think its about them =)