You know some rich Americans are pooping their pants right about now

[Koxinga]

And for once it’s not stock market related.

UBS to pay $780M, open secret Swiss bank records:

WASHINGTON – Banking giant UBS has agreed to pay $780 million and turn over once-secret Swiss banking records to settle allegations it conspired to defraud the U.S. government of taxes owed by thousands of American clients.

As part of the deal struck in federal court in Fort Lauderdale, Fla., UBS has made the unprecedented step of agreeing to immediately turn over to the U.S. government account information for U.S. customers of the bank’s cross-border business.

What’s the Brit expression? “Touching cotton?”

[slaphead]

@Koxinga

What’s the Brit expression? “Touching cotton?”

When the turtle’s head is forcing its way out? “Touching cloth”, I believe.

[Mudshark]

Under the deal, UBS also will completely stop engaging in the type of cross-border banking business that got them into trouble.

So is the end of “swiss bank accounts”?

[WormTheRed]

Haven’t the Swiss been allowing much more access to their accounts lately? I even seem to remember that the days of the “Number Account” are past.

So wouldn’t most people have moved their money to safer havens like e.g. Liechtenstein, the Channel Islands and the Carribean?

[glee]

@Koxinga

And for once it’s not stock market related.

UBS to pay $780M, open secret Swiss bank records:

What’s the Brit expression? “Touching cotton?”

Never heard of ‘touching cotton’ (55 years as a resident Brit!).
Lighting the fuse?

[PunditLisa]

I don’t know about the rest of y’all, but my entire fortune is in the hands of my new online Nigerian pal.

[kellner]

@WormTheRed

Haven’t the Swiss been allowing much more access to their accounts lately? I even seem to remember that the days of the “Number Account” are past.

Yes, but initially the banks only cooperated with investigations of crimes and in Switzerland that doesn’t include ordinary tax evasion.

[WormTheRed]

@kellner

Yes, but initially the banks only cooperated with investigations of crimes and in Switzerland that doesn’t include ordinary tax evasion.

Ah, gottcha. Thanks for clarifying.

[JohnT]

@PunditLisa

I don’t know about the rest of y’all, but my entire fortune is in the hands of my new online Nigerian pal.

So you’re the one to whom all those millions really belonged. Glad you got your money back!