Defy the FSA, the SEC, the CFTC or Iosco if you dare. But do not under any circumstances annoy the IRS.
This seems to be the lesson that UBS, the Swiss bank, is now learning as it lurches from the sub-prime credit crisis into another over how it allegedly helped US citizens to evade taxes.
The sub-prime crisis has cost UBS dearly. It has made $38bn in asset write-downs and its former chairman and chief executive have both departed.
But those in Switzerland could at least comfort themselves that UBS’s greatest asset – its wealth management, or private banking, arm – remained unscathed. Read more