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BANKS/UBS
RTR2CLO9
April 09, 2010
Swiss bank UBS Chairman Marcel Ospel grimaces as he attend the extraordinary general meeting of the bank...
Basel, Switzerland
To match Special Report BANKS/UBS
Swiss bank UBS Chairman Marcel Ospel grimaces as he attend the extraordinary general meeting of the bank in Basel in this February 27, 2008 file photo. Investors the world over breathed a sigh of relief on October 16, 2008 when the Swiss government rescued UBS. But unbeknownst to them at the time, the bank faced a potentially devastating crisis on a very different front. Kevin Downing, the U.S. Department of Justice Tax Division Attorney who had been investigating UBS since the middle of 2008, wanted the bank to disclose names of U.S. tax evaders as a condition for a settlement. That put UBS in the nightmarish position of either breaching nearly a century of Swiss bank secrecy or risking indictment in the United States. Picture taken February 27, 2008. To match Special Report BANKS/UBS REUTERS/Pascal Lauener (SWITZERLAND - Tags: BUSINESS CRIME LAW)
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