Hoo boy! Look out Phil Graham! UBS may open it's books!

[annabanana]

McCain is gioing to HAVE to can his sorry ass. Sorry Phil.. No Secretary of the Treasury for you

Wealthy Americans Under Scrutiny in UBS Case

But now, as the federal authorities intensify an investigation into offshore bank accounts, the secrets of this rarefied world are being dragged into the open — and UBS’s privileged clients are running scared.

Under pressure from the authorities, UBS is considering whether to divulge the names of up to 20,000 of its well-heeled American clients, according to people close to the inquiry, a step that would have once been unthinkable to Swiss bankers, whose traditions of secrecy date to the Middle Ages.

Federal investigators believe some of the clients may have used offshore accounts at UBS to hide as much as $20 billion in assets from the Internal Revenue Service. Doing so may have enabled these people to dodge at least $300 million in federal taxes on income from those assets, according to a government official connected with the investigation.

~snip~

The case could turn into an embarrassment for Marcel Rohner, the chief executive of UBS and the former head of its private bank, as well as for Phil Gramm, the former Republican senator from Texas who is now the vice chairman of UBS Securities, the Swiss bank’s investment banking arm. It also comes at a difficult time for UBS, which is reeling from $37 billion in bad investments, many of them linked to risky American mortgages.

http://www.nytimes.com/2008/06/06/business/worldbusiness/06tax.html?_r=1&adxnnl=1&oref=slogin&adxnnlx=1212797166-Qcp+qk423djkrKPRInFV6w

More at link

[blm]

1. Enron economics - Gramm arranged for UBS to pick up Enron's investment arm immediately

after the shit hit the fan and the files were sent overseas before Ashcroft dawdled his way to to an investigation.

People forget that Gramm 'resigned' his senate seat when he returned from a Texas vacation in Sept2001, right before Sept11 and then shortly after, the Enron news hit.

[AnnieBW]

2. UBS - U Be Screwed

This should be interesting...

[windoe]

3. K & R