As you’ve probably heard, the U.S. Department of Justice is investigating whether or not UBS helped its clients evade taxes. Yet another less than shining moment for the Swiss bank, on the heels of writing down trillions, laying off millions, and demonstrating an extreme inability to take a joke. Or is it? Obviously that’s how the naysayers (Credit Suisse) would like to see it, but from our angle, the so-called “crimes” committed between 2000 and 2007 are the first indication of UBS trying to do right by its clients. We should be applauding UBS for such efforts, not knocking it down– they kinda sorta give a shit! About people other than themselves! Not so much shareholders or anything (let’s not go crazy), but maybe if we start offering positive reinforcement for good deeds now, there’s a glimmer of hope that perhaps, many, many years down the road, they’ll consider it.
UBS Faces U.S. Tax Evasion Probe; Employee Detained [Bloomberg]