Swiss banking giant, UBS, and the US government have come to a tentative settlement agreement in the prolonged legal battle which has pitted the US government against Swiss banking secrecy. From the Washington Post:
The U.S. and Swiss governments have tentatively settled a dispute in which the U.S. government was seeking information about thousands of American depositors suspected of using accounts at Switzerland's largest bank to hide money from the Internal Revenue Service.
The two sides have "reached an agreement in principle on the major issues," Justice Department lawyer Stuart D....
Task Force member Christian Aid has produced a great new video which talks about how ending poverty is merely a matter of political will, and lets everyone know that it can be done.
Bloomberg is reporting that UBS ignored a suggestion to sell its US wealth management division last year. According to Bloomberg, the former head of the wealth management division wrote to the UBS management suggesting that they sell that division last year, and he never heard back. I'm sure they're regretting that decision now.
Swiss authorities are investigating allegations that a Swiss official accepted a bribe from an American UBS client. From Reuters:
Swiss prosecutors are investigating allegations that an unamed Swiss official took a bribe from a U.S. client of UBS, they said on Wednesday.
Federal prosecutors said in a statement the tax authority had filed charges against unknown persons which it was now investigating without giving further details.
Word of the investigation came just one day after a former UBS client plead guilty in US court to filing false tax returns and evading...
