UBS to pay $780M, open secret Swiss bank records

By DEVLIN BARRETT, Associated Press Writer

WASHINGTON – Banking giant UBS has agreed to pay $780 million and turn over once-secret Swiss banking records to settle allegations it conspired to defraud the U.S. government of taxes owed by big clients.

As part of the deal struck in federal court in Fort Lauderdale, Fla., UBS has made the unprecedented step of agreeing to immediately turn over to the U.S. government account information for U.S. customers of the bank's cross-border business.

In doing so, federal authorities have struck a big crack in Switzerland's vaunted bank secrecy laws.

UBS will pay $780 million in fines, penalties, interest and restitution for conspiring to create sham accounts to hide the assets of U.S. clients from the U.S. government.

"We accept full responsibility for these improper activities," Peter Kurer, chairman of Swiss-based UBS AG, said in a statement. He added that the bank was determined to abide by the terms of the deal with U.S. criminal and securities officials.


The Rest of the Story:

http://news.yahoo.com/s/ap/20090218/ap_on_bi_ge/ubs_secrets


So, come clean Minglers... Give it up...

I didn't do it

"defraud the U.S. government of taxes owed"

Sounds like Obamas cabinet choices...

Making sure there is nowhere to run. Creepy government.

it's about time!!

hopefully they will take more action against these crooks and
make banks responsible for what they do

Has every poster here always paid every cent in taxes owed?

Ever fudged a return?

Ever made an honest mistake in filing?

yeah but the mistakes i made in doing taxes doesn't add up to millions

think of all the dirty money people have in Swiss banks and you can honestly say oh well they scamed it so they can keep it

These is not "dirty money".

Taxes on this have already been paid, then the funds were routed overseas and invested. Currently, US claims a right on overseas income.
This is ridiculous, because this money and income from it was not gained by use of us government.
The presumption is that we have to pay income because the government makes it possible for us to make an income.

What's next? Taxing foreigners on their income?

No, taxing Laundered Drug money...

See what had happen was..........................then all of a sudden .......................and I was like ...............and the next thing you know

honest, that's the truth, nothing but the hole in the truth

Do you know what Money Laundering refers to?

I like your story almondiiz69, it was absolutely rivoting and edge of my seat lol.