UBS signals the end of the secret Swiss bank account

cyberfugue

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In the hush-hush world of Swiss banking, the unthinkable is happening: Secrets are spilling into the open.

UBS, the largest Swiss bank, agreed Wednesday to divulge the names of well-heeled Americans whom the authorities suspect of using offshore accounts at the bank to evade taxes. The bank admitted having conspired to defraud the U.S. Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities.

http://www.iht.com/articles/2009/02/19/business/ubs.php