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View Diary: Swiss Bank Folds After US Criminal Conviction (43 comments)

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  •  Well, hard to argue that any bank has helped.... (5+ / 0-)

    ...US tax evaders more than UBS, but....

    http://www.nytimes.com/...

    U.S. Drops Criminal Charges Against UBS

    By LYNNLEY BROWNING
    Published: October 22, 2010

    Federal prosecutors on Friday dropped criminal charges against UBS, saying that the Swiss bank had gotten out of the business of selling offshore private banking services that allowed wealthy Americans to avoid billions of dollars in taxes.

    If you're too big to fail, the US Justice Dept will not seek to pull your license in the US, which would result from a criminal conviction.

    Hence, so much resistance by banks to government efforts aimed at making them more manageable.

    More manageable means smaller means higher likelihood of criminal prosecution if employees go rogue.

    Today, the top 5 US banks have a higher market share of total assets than they did just 10 years ago.

    Learn about Centrist Economics, learn about Robert Rubin's Hamilton Project. www.hamiltonproject.org

    by PatriciaVa on Thu Jan 03, 2013 at 09:20:15 PM PST

    [ Parent ]

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