Estimates of the amount of money UBS helped to hide from the U.S taxman keeps going up and as investigators follow the money, the breadth of UBS's business they plan to examine has also widens. Given this potential black hole of doom for the bank, the always expected settlement talks are apparently well underway between UBS and the Justice department. No one is commenting on the record thus far, but a $1.2 billion settlement figure has been tossed around as just the thing to head off a potentially ugly felony indictment.

-- MDT

Labels: Raoul Weil, tax evasion, UBS

In case you were wondering...

Meanwhile, legal woes for UBS keep getting deeper.

-- MDT

Labels: Fraud, Igor Olenicoff, Raoul Weil, tax evasion, UBS

This is quite the significant indictment. Raoul Weil, come on down. Weil oversaw cross-border private banking for UBS from 2002 to 2007, overseeing a division that allegedly helped hide $20 billion from U.S. tax authorities.

-- MDT

Labels: Raoul Weil, tax evasion, UBS