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UBS : SHUT IT DOWN

Business (tags: Carl Levin, Senator Carl Levin, Swiss Bank, Tax Cheats, Tax Evasion, Tax Fraud, Ubs, UBS Close, UBS Probe, UBS Shut Down, Business News )

Blue
- 84 days ago - huffingtonpost.com

Senator Carl Levin Tells Swiss Bank To Cut The Crap, Says $18B In Assets Have Been Kept Secret... UBS Says It Will Stop Private Banking Services For U.S. Clients

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Blue Bunting (761)

Thursday July 17, 2008, 2:51 pm
The Wall Street Journal reports that UBS will close private-banking operations for U.S. clients:

A UBS AG executive told a U.S. Senate panel that the Swiss company will shutter its private-banking services that have served U.S. clients from Switzerland.

"That means UBS will no longer provide offshore banking or securities services to U.S. residents through our bank branches," said Mark Branson, chief financial officer of UBS Global Wealth Management and Business Banking.

Earlier today, ABC News reported that Senator Carl Levin was talking tough again on private banking and tax havens:

Federal regulators should consider revoking the US banking license of the giant Swiss Bank UBS because of its role in helping wealthy Americans evade billions of dollars in taxes, Sen. Carl Levin (D-MI) told ABC News today.

"I don't think that any bank that goes to the extent that UBS has gone through to avoid doing what their agreements with the United States require them to do, should be allowed to continue to do business unless they clean up their act," Levin said.

Check out Senator Levin's blog today about the tax avoidance hearings on the Huffington Post
-OR-

Read more about Swiss banks and wealthy tax evasion:

::Super Rich Tax Cheats Outed By Bank Clerk

::Judge Tells Feds They Can Ask For Secret Swiss Banking Info

::Ex-UBS Banker Pleads Guilty, Will Help Feds

::Sen. Levin's 4/1/08 blog on tax cheats abroad

Blue Bunting (761)

Thursday July 17, 2008, 2:55 pm
Senate report accuses UBS, Liechtenstein of aiding massive tax evasion
July 17, 2008: 07:09 AM EST NEW YORK (Associated Press

New York Times
By LYNNLEY BROWNING
Published: June 6, 2008
Wealthy Americans Under Scrutiny in UBS Case

"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."

Phil Gramm's 2nd career - Gnome of Zurich. Who would have believed it? Notice how this information is not newsworthy enough to be included on recent articles on this year's deregulation catastrophe involving Phll Gramm -"One Man Crime Wave"..

http://tinyurl.com/6zglwl