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Anorak | UBS Is Bleeding: All’s Weil That Ends Weil

UBS Is Bleeding: All’s Weil That Ends Weil

by | 12th, November 2008

SWISS banks have long been noted for their customer service, but it’s unlikely that, post financial markets melt-down, Raoul Weil, the chairman and chief executive officer of global wealth management at UBS in Zurich, who has just been indicted on a single charge of conspiring to help 20,000 wealthy Americans hide assets from the Internal Revenue Service, is likely to meet much sympathy from jurors, Grand or otherwise.

UBS signed an agreement to identify its clients, and then allegedly helped those clients to create fake identities; competition amongst banks for wealthy clientsbis pretty tough, but it looks as if UBS overlooked the one unbreakable Commandment:

Thou shalt not get caught.

Chenier



Posted: 12th, November 2008 | In: Money Comment | TrackBack | Permalink