It seems any prelude to a settlement will come with massive disclosures on the part of embattled bank, UBS. In addition to more than a billion dollars in financial penalties, UBS will be obligated to fork over "scores" of names of those the bank helped dodge the taxman via it's cross border services.

This would be in addition to the 300 or so names that have already been confirmed for authorities and against whom individual tax cases are expected to be filed in short order. As per yesterday's post, some sort of very expensive settlement / deferred prospecution deal is expected for UBS - so long as the play ball. Not good news to their loyal, if ethically challenged, customers.

-- MDT

Labels: tax evasion, UBS