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How to Lose Allies and Alienate Clients, a Swiss Approach
August 6th, 2009
By now, I’m sure you’ve heard of the Swiss bank giant and scandal headliner UBS. The scandal broke early this year when the IRS caught wind that Swiss bankers were traveling to the U.S. and systematically offering wealthy Americans the opportunity to evade taxes in Swiss banks. In addition, UBS formed offshore non-U.S. companies for investor’s assets and then engaged in an aggressive cover-up to conceal these activities. The Bank pled guilty to the criminal charges, was fined $780 million and forced to hand over 250 names of tax-evading Americans. Next there was the civil case held...
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UBS tax deal details unlikely on Friday: sources
August 5th, 2009
ZURICH (Reuters) - The United States and Switzerland are expected to reach a final settlement on Friday to end a tax row against giant UBS, but details of the deal won't be made public the same day, sources familiar with the situation said.
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