UBS Settlement Puts Spotlight On Tax Evasion

August 5th, 2009

National Public Radio

It’s been an eventful week for Swiss banking giant UBS. It posted a $1.3 billion loss on Tuesday — its third straight quarterly loss.

But that news was tempered by last week’s announcement that UBS has reached a settlement with the U.S. government in a lawsuit involving thousands of American UBS customers. The government said many of those U.S. citizens and residents with secret UBS accounts may be tax evaders.

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