busted
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.
More »
taxes
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.
More »
money meltdown
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:
More »
ubs
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..
More »
Consumerist
tax evaders
Swiss banking giant UBS is now up to $40 billion in total mortgage related writedowns. Whoopsie-Daisy! [Marketplace]
