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SUNDAY, NOVEMBER 8, 2009
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NEWS ABOUT: UBS

UBS stories: 55 news summaries

1 - 20 of 55 Stories | 1 2 3 Next >>

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Neutral Swiss Becoming
US Lapdogs, Critics Charge

'Active neutrality' policy questioned after Polanski, UBS decisions

Oct 13, 09 7:06 AM CDT
(Newser) - Some Swiss politicians are griping that the country's prized neutrality appears to be sliding as the government adopts a more accommodating stance toward US authorities. The government agreed in August to turn over the names of thousands of suspected American tax dodgers banking with UBS, and Roman Polanski was busted... More »

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diplomacy • Switzerland • UBS • tax evasion • Roman Polanski

(Newser) - UBS will hand over the names of 4,450 of its American account holders as part of a tax evasion settlement, the Wall Street Journal reports, and another 5,000 names will be produced under a special IRS amnesty program. UBS won’t pay a monetary fine. Those being... More »

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Switzerland • UBS • tax evasion • settlement • tax haven • Swiss bank

(Newser) - The IRS and Justice Department crackdown on UBS is widening, reports the Wall Street Journal, as new documents reveal the efforts the bank took to keep its clients' wealth away from the taxman. Two recent cases have relied on channeling millions to a Swiss account owned by a Hong Kong-based... More »

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IRS • Hong Kong • UBS • tax evasion • corporations • tax fraud • Swiss bank • bank secrecy

(Newser) - Swiss bank UBS AG has agreed to a settlement with the US to resolve a lengthy tax evasion probe, the Wall Street Journal reports. The details are currently under wraps, as the final documents await signatures. UBS will likely hand the IRS the names of  8,000 to 10,... More »

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Department of Justice • Switzerland • UBS • tax evasion • lawsuit • tax shelter

Tax Cheats Flood IRS,
Looking to Come Clean

Inquiry into Swiss banks leads hundreds of evaders to come clean

Jul 30, 09 9:07 AM CDT
(Newser) - A crackdown on tax evasion has led to a flood of wealthy Americans lining up to reveal their offshore accounts to the IRS, reports the Wall Street Journal. A limited-time offer of lower fines, coupled with the ongoing probe of Swiss bank accounts held by UBS, has produced a stampede... More »

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IRS • UBS • tax evasion • clemency • Internal Revenue Service • Swiss bank • bank secrecy

(Newser) - Aiming to avoid an ugly international dispute, the US government, Switzerland, and a Swiss bank are seeking to delay a hearing over private bank accounts, the Wall Street Journal reports. The respite would give government officials and UBS until August to strike a deal over data on some 52,000... More »

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Department of Justice • fraud • IRS • federal courts • Switzerland • UBS • tax evasion • bank

MARKETS

 Banks Lead 
 Asian Stock Rally 

Nikkei rises 4.6% to 6-month high

May 7, 09 4:01 AM CDT
(Newser) - The Nikkei stock average soared 4.6% today to close at a 6-month high, leading a rally across Asia. Banking stocks led advances as worries about the US financial system abated, with Mitsubishi UFJ jumping more than 15%. Markets in London, Paris and Frankfurt all opened in positive territory and... More »

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Barclays • UBS • Nikkei • Asian stocks • European stocks • Mitsubishi UFJ Financial Group

UBS Refuses to Hand Over Names of US Tax Cheats

Bank charges IRS is trying to trample on Swiss laws

May 1, 09 3:18 AM CDT
(Newser) - Swiss bank UBS has rejected a demand from the IRS that it cough up the names of 52,000 suspected American tax evaders, the Times of London reports. The bank—which paid out $780 million to avoid prosecution for helping rich Americans dodge their taxes—said the lawsuit by the... More »

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IRS • Switzerland • UBS • tax evasion • Internal Revenue Service • Swiss bank • offshoring

UBS Announces $1.7B More
 Losses, 8,700 Job Cuts

Bank blames US tax fraud case for some of its 1Q losses

Apr 15, 09 7:52 AM CDT
(Newser) - Bad times are continuing for UBS in the wake of last year's record loss, the Guardian reports. The troubled Swiss bank reported a $1.75 billion loss in the first quarter, and announced plans to ax 8,700 employees—11% of its global workforce—sparking rumors that it plans to... More »

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layoffs • Switzerland • UBS • earnings reports • tax evasion • bank • banking • tax haven

UBS Bans Its
Execs From Foreign Travel

Swiss bank facing US inquiry into tax dodge grounds managers

Apr 7, 09 6:56 AM CDT
(Newser) - UBS has banned managers who deal with foreign clients from traveling abroad, the Daily Telegraph reports. The Swiss bank, which has refused to give US investigators the names of 50,000 suspected tax dodgers, denied that the ban is to protect senior staff from American authorities. Analysts, however, see the... More »

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IRS • UBS • tax fraud • tax haven • Swiss bank

(Newser) - In an effort to increase revenue, the Internal Revenue Service is relaxing penalties on offshore tax evaders in hopes they will come forward, the New York Times reports. A penalty that was 50% of offshore holdings will drop as low as 5%. “They need to get money back into... More »

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taxes • IRS • UBS • tax evasion • Internal Revenue Service • Federal government • penalty • offshore

Bailed-Out
UBS Rewards Bankers With Pay Hike

Swiss bank to boost salaries up to 200%

Mar 2, 09 4:35 AM CST
(Newser) - UBS has been one of the most stricken banks of the last two years, receiving government aid and slashing bonuses. But now the Swiss giant is doing something few would expect in this market: offering pay raises. Senior bankers who complete a performance review will see their salaries spike... More »

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UBS • bank • salary • bonuses • Swiss bank

US Demands UBS Cough Up 50K Tax Cheat Clients

Swiss bank stunned by
number in court filing

Feb 20, 09 4:19 AM CST
(Newser) - The Justice Department has stunned UBS with a demand for the names of 52,000 clients believed to be American tax dodgers, reports the Wall Street Journal. The Swiss bank had expected to be asked for 20,000 names, but a court filing yesterday stated that an IRS investigator had... More »

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IRS • Switzerland • UBS • tax evasion • Internal Revenue Service • Swiss bank • offshoring

(Newser) - Switzerland's biggest bank admitted today that it helped wealthy US customers evade their taxes, the Wall Street Journal reports. UBS set up shell companies and fake trusts for customers so they could hide their accounts from the IRS. The company will pay $780 million in fines and turn over the... More »

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Department of Justice • Switzerland • UBS • Internal Revenue Service • tax fraud • banking industry

 UBS Shocks With 
 Record $17B Loss 

Swiss banking giant posts worst loss in nation's history

Feb 10, 09 6:38 AM CST
(Newser) - UBS today announced an annual loss of $17 billion—the biggest ever by a Swiss company—despite a government bailout and a surprise tax benefit in the fourth quarter. The loss was higher than expected, but the once-mighty corporation reiterated that it would not sell off its investment banking arm,... More »

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Switzerland • UBS • earnings reports • losses • investment banks • Swiss bank • financial crisis


 UBS Closes 19,000 US 
 Accounts in IRS Probe 

Swiss banking secrecy collapses as investors face tax evasion charges

Jan 9, 09 6:51 AM CST
(Newser) - Under pressure from the IRS, Swiss banking giant UBS is closing the offshore accounts of about 19,000 Americans suspected of evading taxes. UBS will transfer the clients' assets to other banks, other divisions of UBS, or the account holders themselves—creating a paper trail that the feds can examine.... More »

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IRS • Switzerland • UBS • tax evasion • money laundering • Swiss bank • bank secrecy

 Madoff Investor Kills Himself 

Hedge fund head who lost $1.4B committed suicide

Dec 23, 08 1:44 PM CST
(Newser) - A hedge fund founder whose firm lost $1.4 billion in Bernie Madoff's Ponzi scheme was found dead in his Manhattan office today, an apparent suicide, reports the New York Times. Rene-Thierry Magon de la Villehuchet, 65, had been trying to recover money for European clients of Access International... More »

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Wall Street • suicide • UBS • hedge fund • Ponzi scheme • Bernard Madoff • recession depression

More Banks, Celebs Losers
in Madoff Scam

BNP Paribas, RBS join charities of Spielberg, Wiesel as Ponzi victims

Dec 15, 08 10:20 AM CST
(Newser) - Bernard Madoff’s alleged Ponzi scheme, which federal investigators say cost investors $50 billion, continues to claim more victims, reports the Wall Street Journal. Spain’s Grupo Santander and France’s BNP Paribas said yesterday they’re on the list, as are charities involving Nobel laureate Elie Wiesel and director... More »

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Steven Spielberg • Royal Bank of Scotland • UBS • SEC • BNP Paribas • HSBC • Banco Santander • Ponzi scheme • securities fraud • Mortimer Zuckerman • Nomura Holdings • Frank Lautenberg • Bernard Madoff • Elie Wiesel

As US Cracks Swiss Secrets, UBS Clients Cop to IRS

Tax evaders taking agency's amnesty deal rather than risk being caught

Nov 24, 08 10:57 AM CST
(Newser) - The IRS is getting an unexpected boon from a Justice Department probe of Swiss bank UBS: Some of its wealthy US clients are owning up to offshore accounts to take advantage of the agency’s amnesty offer, the Wall Street Journal reports—a blow to the secrecy that has made... More »

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taxes • UBS • Internal Revenue Service • Swiss bank • offshoring

Feds Indict UBS Exec on
Tax Evasion Charges

Raoul Weil has headed wealth management division since 2002

Nov 13, 08 2:30 PM CST
(Newser) - The US Department of Justice indicted UBS’ head of global wealth management for enabling the Swiss bank’s American clients to avoid taxes, the Financial Times reports. Although authorities are only specifically pursuing Raoul Weil at this time, they hold that several senior UBS executives are “unindicted co-conspirators.”... More »

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Department of Justice • Switzerland • UBS • tax evasion • Swiss bank • banks

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