From the AP, via Yahoo! News:
Swiss banking giant UBS has agreed to "pay $780 million in fines, penalties, interest and restitution for conspiring to create sham accounts to hide the assets of U.S. clients from the U.S. government." As a part of the settlement, they have agreed to open their banking records to U.S. criminal and securities officials.
The scheme is one part of the abusive tax shelters and hidden offshore accounts that Sen. Carl Levin has estimated to cost the U.S. government nearly $100 billion a year in lost tax revenue.
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