UBS to Pay $780 Million Over U.S. Tax ChargesSwiss Bank to Name Some U.S. Clients

[seemslikeadream]

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/18/AR2009021802541.html?hpid=sec-business


By David S. Hilzenrath and Zachary A. Goldfarb
Washington Post Staff Writers
Thursday, February 19, 2009; Page D01

UBS, Switzerland's largest bank, agreed yesterday to pay $780 million to settle civil and criminal charges by the U.S. government that it helped thousands of American clients use Swiss accounts to evade U.S. taxes.

UBS also agreed to turn over the names of some of those clients.

The settlement ended a legal battle that pitted Switzerland's legendary tradition of bank secrecy against the U.S. government's determination to crack down on tax cheats.

But how the U.S. government resolved perhaps the central issue in its dispute with UBS was not disclosed, making it hard to assess how much the government gained in its battle against tax evasion.

The Justice Department charged that over several years UBS provided Swiss bank accounts to approximately 20,000 U.S. clients with assets of about $20 billion. About 17,000 of those clients concealed their identities and the existence of their UBS accounts from the IRS, the Justice Department alleged.

[FrenchieCat]

1. You think the talking heads will be talking about this tomorrow?

[seemslikeadream]

2. Do you think they will have on Phil Gramm on to explain it all?

[FrenchieCat]

3. Most are probably afraid to death of the names that will be released!

Probably both Democrats and Republicans and Bankers and folks working for and with Halliburton, etc...

So, nope, will probably not hear a nary on this.

[bobthedrummer]

4. I wonder if Oliver Sarkozy brought "gifts" aside from his skill sets when he left UBS for

The Carlyle Group? He was head of the global financial institutions group at UBS-Oliver is the half-brother of French President Nicolas Sarkozy.

2+2=4

[seemslikeadream]

5. .....

:hug:

[bobthedrummer]

6. .

:hug:

[bobthedrummer]

7. Swiss Banking Confidentiality is Toast now...when the PRICE IS RIGHT!

[bobthedrummer]

8. kick