Wednesday, August 19, 2009

Where's the Money?

Entrance to UBS building in Midtown ManhattanImage via Wikipedia

BERNE--The Swiss government will hand over details of about 4,450 bank accounts to U.S. authorities as part of a deal struck with Washington over UBS, it said on Wednesday.

The agreement brings to an end a row which has strained relations between the United States and Switzerland and challenged the latter's jealously guarded bank secrecy laws.

It could help UBS, the world's second-largest wealth manager, restore an image that has been battered by the financial crisis and the U.S. dispute, and may open the way for the Swiss government to sell its stake in UBS. UBS shares were down 3 percent at 1352 GMT.

Looks like the Swiss caved, but did they really have a choice? I do not think we will ever know the complete details of this settlement and the names on those Swiss accounts. Will all of this new found money be used to finance the Obama care?
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