Seven months after launching its credit card complaint portal, the Consumer Financial Protection Bureau has started taking complaints from checking and savings account customers — and actually expects banks to respond. [More]
Are you dress-SOX compliant? Swiss bank UBS has passed out a 43-page book to employees at 5 of its branches telling them what to wear and what not to wear. [More]
The Swiss government has reneged on a deal with the U.S. to disclose the names of American customers of UBS who may have stashed their cash in the Swiss bank to avoid taxes. Two Swiss courts said that the deal violated the country’s secrecy laws and could not be enforced. [More]
Bad news for tax evaders! UBS has reached an agreement with the IRS to turn over the names of 4,450 “U.S. account holders as part of a U.S.-Swiss tax-evasion settlement and investigation that could produce a total 10,000 account identities,” says the WSJ.
Swiss bank UBS, which has “admitted conspiring to defraud the Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities,” has agreed to release the names of Americans who have been secreting away cash in UBS’ fabled Swiss bank accounts. The U.S. Justice Department has been investigating about 19,000 accounts, but the New York Times says the bank may only release a couple hundred names. Update: Now the IRS has asked a judge to demand that UBS turn over the names of around 52,000 clients. UBS says it will “vigorously challenge” the new request.
Instead of sucking off the blood of taxpayers, Swiss banking giant UBS is weathering a financial crisis wrought by investing in bad mortgages by aggressively selling off its U.S. commercial and residential mortgage-related assets. Reports Forbes:
Recently, we told you that Senator Levin recommended that the UBS not patronize American citizens who are trying to evade taxes. His wish has come true–UBS has announced plans to close the Swiss bank accounts of such American customers and will lift the cloak of anonymity which has protected its customers for centuries. Details, inside..
Senator Recommends That UBS Be Shut Down For Helping Thousands Of U.S. Citizens Cheat On Their Taxes
Another update to the disgruntled computer technician story: Sen. Carl Levin told ABC News that Swiss banking giant UBS’s banking license should be revoked until the bank “cleans up its act.” The bank is accused of arranging “undeclared” accounts for an estimated 19,000 US citizens, effectively “hiding” $18 billion from the IRS.
Swiss banking giant UBS is now up to $40 billion in total mortgage related writedowns. Whoopsie-Daisy! [Marketplace]
Swiss bank UBS loses $18 billion in the subprime mortgage market. Hi ho. [BusinessWeek]