UBS: A Swiss Bank's Shadowy Operations

Newsweek by Evan Thomas, Mark Hosenball | Mar. 19, 2009 (Special Report)
With help from a former UBS banker, the Feds are demystifying how the Swiss do business. Inside the tradecraft.

According to a recent U.S. Senate investigation, a single Swiss bank—the biggest, UBS—holds the secret bank accounts of 46,000 Americans, worth an estimated $18 billion. Lately, the Feds have tried to crack down on these rich Americans as tax evaders (generally, the depositors do not pay any taxes on the income from these accounts). The Swiss, not surprisingly, have been resisting. For more than three centuries, Swiss bank secrecy has offered safe ... Full Story »

Posted by Kaizar Campwala

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Subjects: Business, World, U.S.
Topics: Finance, Global Economy, Taxes
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Posted by: Posted by Kaizar Campwala - Mar 19, 2009 - 1:22 AM PDT
Reviewed by: Kaizar Campwala (review), Kristin Gorski (review), Derek Hawkins (review), Peter L. Combs (review), Tyler King (review), john p flores (review)
Content Type: Article
Edit Lock: This story can be edited
Edited by: Kaizar Campwala - Mar 19, 2009 - 1:22 AM PDT
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4.0
 by Derek Hawkins - Mar. 19, 2009

If you would have told me this was a Harper's or Mother Jones story, I would have believed it. It's edgy -- very edgy for Newsweek -- and at the same time carefully reported. Could have been broader, but the dig on Olenicoff is great.

“UBS sincerely regrets the compliance failures in its U.S. cross-border business that have been identified by the various government ... More »

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3.6
 by Kaizar Campwala - Mar. 19, 2009

A good, but not great investigative report. Too narrative driven without giving the reader important information they need to know about UBS today.

Kaizar posted this story.
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3.7
 by Kristin Gorski - Mar. 19, 2009

A fascinating, though brief, look at the beginning crumbling of centuries-old Swiss banking secrecy. A key interview with a wealthy Swiss bank user provides much of the article's information. There needs to be much more sourcing and additional interviewing to make this piece more complete; there is clearly more to the story here.

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3.3
 by Peter L. Combs - Mar. 19, 2009

A well written fairly narrowly researched look at Swiss Banks and how they garner customers. Interesting use of one example for illustrative purposes, nothing terribly new. The writer could mentioned the numerous other countries with even more restrictive secrecy laws.

In Switzerland, Tax Evasion is a misdemeanor I think. Close up this loop-hole and another country will gladly step in. Gaurdiung the wealthy's money ... More »

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3.8
 by Tyler King - Mar. 19, 2009
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NO RATING
by john p flores - Mar. 21, 2009
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