Shares in Swiss bank UBS rose sharply yesterday as attention turned to details of an agreement ending the Swiss bank’s dispute with U.S. authorities over whether it should reveal the identities of thousands of American clients, said Reuters. The U.S. government and UBS struck a deal in principle on Friday to end tax litigation against the Swiss wealth management giant, heading off a showdown that had threatened to damage relationships between the two countries. U.S. government sources said the key to any final deal, which could be hammered out in negotiations this week, is whether it will give U.S. investigators details of the largest American tax evaders with UBS accounts. A Swiss newspaper had reported that as many as 10,000 names of UBS clients could be transferred to U.S. tax authorities. The number of account holder names to be disclosed by UBS in the agreement was much less significant than what they would represent in terms of the total amount of U.S. assets concealed at the bank, the U.S. government sources said.
UBS Shares Rise Following Swiss, U.S. Tax Deal
Shares in Swiss bank UBS rose sharply yesterday as attention turned to details of an agreement ending the Swiss bank’s dispute with U.S. authorities over whether it should reveal the identities of thousands of American clients, said Reuters. The U.S. government and UBS struck a deal in principle on Friday to end tax litigation against [...]
August 4, 2009