UBS: taxing problem

Swiss banks have in the past stared down the bared fangs of countries snarling over tax evasion. This time, however, the US has really got its teeth into the matter. Prosecutors escalated their attack by filing criminal charges against Raoul Weil, who runs global wealth management for UBS, the largest wealth manager in the world. Weil, who sits on the bank’s group executive board, stands accused of encouraging a team of private bankers to help 17,000 US clients avoid paying taxes. Weil, whose l...