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UBS, U.S. come to deal over tax lawsuit

Marketplace Staff Aug 12, 2009
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UBS, U.S. come to deal over tax lawsuit

Marketplace Staff Aug 12, 2009
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TEXT OF INTERVIEW

Steve Chiotakis: And we have some news just in about those negotiations between the U.S. government and Swiss Bank UBS. We’re hearing the two sides have initialed agreements to settle their tax evasion dispute. Reporter Tamara Keith joins us live right now with the latest. A quick update. Good morning Tamara.

Tamara Keith: Good morning Steve.

Chiotakis:So what do we know so far about the settlement?

Keith:Not a lot. A Justice Department attorney told the judge overseeing the case this morning that they have initialed this agreement with UBS. Once it’s final, once all the documents are signed, all the charges against UBS will be dropped. The U.S. government wants the names of about 52,000 American clients thought to be hiding nearly $515 billion in secret accounts with UBS. Of course it’s not just as simple as handing over a list because of Switzerland’s bank secrecy laws. And this case his big implications, not just for Switzerland, but for the entire off-shore banking industry.

Chiotakis:All right Tamara, we thank you. Reporter Tamara Keith joining us from our bureau in Washington right now. Tamara, thanks.

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