Details of a historic settlement between the U.S. and Swiss governments over secret accounts at UBS remain, well, secret. But the case marks the biggest assault yet against Swiss banking.
GFI's director of Government Affairs and legal counsel, Heather Lowe, appeared on Fox Business Channel this morning to discuss the implications of the UBS settlement. Check it out below:
MIAMI — The Swiss and U.S. governments announced a deal Wednesday to settle American demands for the identities of suspected tax dodgers, despite Switzerland's vaunted bank secrecy. But they kept all details under wraps, including how many of the 52,000 names sought by the IRS from banking giant UBS AG will be revealed.
It's just been reported that US and Swiss governmnet authorities have initialed a settlement that would bring about an end to the UBS legal saga. According to the Washington Post:
In a conference call Wednesday morning with the federal judge presiding over the case, Justice Department lawyer Stuart D. Gibson said the parties had initialed agreements and that they would ask the judge to dismiss the matter when the final documents are signed.
Terms of the deal were not immediately disclosed, leaving unclear what each side gained or conceded.
