Swiss warn UBS bank could collapse

Started by CrackSmokeRepublican, February 01, 2010, 01:52:12 AM

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CrackSmokeRepublican

Swiss warn UBS bank could collapse
Jan 31 11:01 AM US/Eastern

Switzerland's justice minister warned in an interview on Sunday that top bank UBS could collapse if sensitive talks with the United States over a high-profile tax fraud investigation fall through.

"The actions of UBS in the United States are very problematic. Not just because they are punishable but also because they threaten all of the bank's activities," Eveline Widmer-Schlumpf told Le Matin Dimanche newspaper.

"The Swiss economy and the job market would suffer on a major scale if UBS fails as a result of its licence being revoked in the United States," she said.

Switzerland and the United States have negotiated an agreement under which UBS would hand over information on some 4,500 account holders to US tax police.

But a Swiss court ruling earlier this month put the deal in doubt.

Many in Switzerland, where banking secrecy is a source of pride and a key part of the economy, have accused the government of failing to protect UBS.

"We have nothing to blame ourselves for. I don't think anyone could prove that we acted badly," Widmer-Schlumpf said in the interview.


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After the Revolution of 1905, the Czar had prudently prepared for further outbreaks by transferring some $400 million in cash to the New York banks, Chase, National City, Guaranty Trust, J.P.Morgan Co., and Hanover Trust. In 1914, these same banks bought the controlling number of shares in the newly organized Federal Reserve Bank of New York, paying for the stock with the Czar\'s sequestered funds. In November 1917,  Red Guards drove a truck to the Imperial Bank and removed the Romanoff gold and jewels. The gold was later shipped directly to Kuhn, Loeb Co. in New York.-- Curse of Canaan