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 6/10 Very Good --- www.huffingtonpost.com http://feeds.huffingtonpost.com/huffingtonpost/LatestNews
| The latest news from the Huffington Post ... |
Tuesday, July 01, 2008 --- 58 days ago http://feeds.huffingtonpost.com/click.phdo?i=929fafdd26ad91af79e92716e3241cfb
| A federal judge on Tuesday cleared the way for prosecutors to force the Swiss banking giant UBS to turn over the names of wealthy clients as part of an investigation of its offshore private banking practices. An order signed by Judge Joan A. Lenard of Federal District Court in Miami gives prosecutors and the Internal Revenue Service the authority to request the information. It was unclear whether UBS would turn over the names or appeal the process. The decision is a setback for UBS, which is struggling to maintain its tradition of Swiss banking secrecy amid the rapidly unfolding investigation. The bank said in an e-mailed statement Tuesday that "UBS looks forward to working with the I.R.S. to address the summons." The embattled bank, which is struggling against investor concerns about further write-downs and its ability to retain vital private clients, also announced a major overhaul of its corporate governance rules on Tuesday. It said it would replace four directors and more clearly separate the responsibilities of the board from those of the executive management to end what some critics called a cozy relationship that had led to the bank's becoming one of the first and largest casualties of the subprime mortgage turmoil. ... |
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