UBS to pay $780 million fine over offshore services

UBS to pay $780 million fine over offshore services

www.iht.com

The Swiss banking giant UBS has entered into a $780 million deferred prosecution agreement with the Justice Department over its sale of offshore private banking services to wealthy Americans.

Under the agreement, the bank will not have to pay additional fines and penalties that could have brought its deal to more than $1 billion. The decision not to levy the additional fines and penalties was taken in light of the current global economic crisis and after Justice Department prosecutors consulted with the Federal Reserve

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Well finally some people got to pay up! Although I think that UBS got a slap in the wrist, I think that is good that finally those who try to avoid to pay taxes, which are most of the wealthy folk in this country, which is ironic, get flushed out and pay what they deserve.

Hopefully they get prosecuted too.

www.iht.com
(visit the link for the full news article)