Monday, March 30, 2009

Ouster of UBS executive may indicate cooperation with IRS

Swiss bank UBS has removed the top executive who was in charge of secret offshore accounts for wealthy Americans, The New York Times reported.

UBS's decision to place banker Martin Liechti on paid leave "raises questions about what kind of client information UBS may be preparing to provide to federal authorities, who are widening their scrutiny of American clients suspected of tax evasion and seeking to force the bank to turn over the names of 52,000 clients," the Times said.