Thursday, June 10, 2010

NYTimes on Swiss rejection of US deal

Lynnley Browning in the New York Times notes some possible consequences of Switzerland's lower-house rejection of the UBS deal.

"A continued refusal to provide the names, if not reversed by the end of next week, when the Swiss Parliament adjourns until mid-September, would set into motion events that could lead the Justice Department to indict the bank, according to people briefed on the matter but not authorized to speak about it publicly.

But several steps would have to be taken before that drastic move, which would be a near-certain corporate death knell for UBS in the United States.
. . .
If the entire Swiss Parliament does not approve the deal by June 18, the Justice Department, on behalf of the Internal Revenue Service, will revive a legal case against UBS in a Florida court that seeks to force the bank to turn over 52,000 names of American clients, a person briefed on the matter said."

The rest of the story is here.

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