Skip to main content

UBS Eagerly Pays Extortion Money

  • Author:
  • Updated:

A short bit of pondering on the (now settled) UBS case:

"It will take a little time for agreements to be signed in final form," Gibson told Gold today in a telephone conference call.
Tax lawyers said they expect UBS to disclose thousands of accounts after giving the Internal Revenue Service data on 250 clients on Feb. 18. UBS, based in Zurich, agreed then to pay $780 million to defer prosecution for aiding tax evasion. (Emphasis ours)

It isn't often that you hear the reality of this sort of extortion spelled out so clearly. Amazingly, this time it was on Bloomberg. We thought this sort of rank regulatory revenue enhancement during times of fiscal crisis was limited to things like reducing the Yellow-To-Red timing for photo-equipped stop lights by a half a second. Boy were we wrong.
UBS Tax Lawsuit Settled by U.S., Swiss Governments [Bloomberg]