As if we needed any more disgusting news about the global financial industry, now it seems Swiss giant UBS was actively involved in defrauding the US government, including setting up fake accounts on behalf of some of its largest clients.
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.
Will we ever know exactly how much their clients would have been on the hook for had they not filed fraudulent tax returns at the behest of their bank??
UBS will pay $780 million in fines, penalties, interest and restitution for conspiring to create sham accounts
That's all well and good, but what do finance treaties say about foreign banks encouraging US customers to avoid taxation? Can anyone go to jail for that? One wonders...