Tuesday, June 23, 2009

UBS Could Soon Be Off the Hook

A U.S. official said the Justice Department may drop a case against UBS, the giant Swiss bank. It seeks the names of 52,000 wealthy Americans suspected of offshore tax cheating. The NYT reported:

Of the 52,000 clients on the agency’s original list, prosecutors are focused on several thousand ultrawealthy Americans with offshore accounts containing from tens to hundreds of millions of dollars.

How many were advised by UBS Vice Chairman Phil Gramm? How many are major campaign donors, even elected officials? The public will likely never know.

(Note: Minutes ago the WSJ reported the Justice Department is not dropping the suit, at least not yet. 7-12-09 Court filings indicate a settlement may be near.)