Thursday, March 5, 2009

UBS Refuses To Give U.S. Names, Replaces Chairman

From Yahoo News/Reuters:

WASHINGTON (Reuters) – Switzerland's largest bank held its ground on Wednesday in a dispute with the U.S. government, refusing to disclose the names of tens of thousands of rich American clients suspected by U.S. authorities of using secret Swiss bank accounts to dodge U.S. taxes.

A senior executive for UBS AG said at a Senate hearing that the bank regrets breaking U.S. tax laws, but it does not intend to hand over the client names being sought in a U.S. Internal Revenue Service lawsuit.

"UBS has now complied ... to the fullest extent possible without subjecting its employees to criminal prosecution in Switzerland," said Mark Branson, chief financial officer of UBS Global Wealth Management and Swiss Bank.

Read more ....

My Comment: I can just hear a huge sigh of relief among thousands of Americans right now. I can also easily predict that (rhetoric aside) there is no political will to push this to next level.

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