Millionaire UBS CEO Wants Everyone To Stop Picking On Banks For Being Unethical

Millionaire UBS CEO Wants Everyone To Stop Picking On Banks For Being Unethical

Listen, you guys. We know it makes you feel better to pick on banks for all those ethically dicey financial things like manipulating interest rates and making other questionable decisions. But the CEO of UBS wants you to cut it out, because while sticks and stones may break his bones, words will never hurt him. Sniff. Sniff. [More]

(phildesignart)

Bankruptcy Finally Ends Father’s 4-Year Struggle To Repay Dead Son’s Student Loan

Back in June, we told you about the California man who had spent years trying to sort out his late son’s student loans, only to keep running into dead ends and and roadblocks. Now, after four years of struggling to figure out how much is owed and to whom, he’s finally getting some relief. [More]

UBS Gives Employees 43-Page Manual On How To Dress

UBS Gives Employees 43-Page Manual On How To Dress

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]

IRS Scares 14,700 Americans Into Disclosing Secret Offshore Bank Accounts

IRS Scares 14,700 Americans Into Disclosing Secret Offshore Bank Accounts

The IRS announced today that 14,700 Americans disclosed their secret off-shore accounts — ensuring “billions of dollars in new tax collections” says Bloomberg.

UBS Rats Out Thousands Of Potential Tax Evaders To The IRS

UBS Rats Out Thousands Of Potential Tax Evaders To The IRS

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.

UBS Will Release Names Of Americans Hiding Money From IRS

UBS Will Release Names Of Americans Hiding Money From IRS

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.

UBS Uses Markets, Not Goverment, To Deal With Sub-Prime Crisis

UBS Uses Markets, Not Goverment, To Deal With Sub-Prime Crisis

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:

UBS Closes Fancy Swiss Bank Accounts For American Tax Evaders

UBS Closes Fancy Swiss Bank Accounts For American Tax Evaders

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

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.

http://consumerist.com/2008/04/01/swiss-banking-giant-ubs-is/

Swiss banking giant UBS is now up to $40 billion in total mortgage related writedowns. Whoopsie-Daisy! [Marketplace]

http://consumerist.com/2008/01/30/swiss-bank-ubs-loses-18/

Swiss bank UBS loses $18 billion in the subprime mortgage market. Hi ho. [BusinessWeek]