ANOTHER CHAPTER OF "THE MORALS OF THE MARKETPLACE"

Compared to the crooks who created the Big Shitpile, this doesn't amount to much money but it is another example of the rampant corruption in financial institutions. Putting a few executives on prison and handing out some fines isn't going to change the rotten culture of modern capitalism.

UBS blow as US indicts wealth management head
By Haig Simonian in Zurich and Joanna Chung in New York
Financial Times

Published: November 12 2008 19:11 Last updated: November 12 2008 19:11

UBS suffered its heaviest blow yet in the investigation into its offshore banking activities for rich American clients as US authorities said they had indicted Raoul Weil, the Swiss bank’s head of global wealth management.

The US Department of Justice indictment also says other senior unnamed UBS’s executives were involved as alleged “unindicted co-conspirators”.

“These executives occupied positions at the highest levels of management within the Swiss bank, including positions on the committees that oversaw legal, compliance tax, risk and regulatory issues related to the United States cross-border business.”

Separately, the indictment includes detailed allegations about how more junior managers sought to circumvent US tax rules over a period of years.

UBS Executive Weil Charged by U.S. in Tax Conspiracy (Update3)

By Carlyn Kolker and Ryan J. Donmoyer

Nov. 12 (Bloomberg) -- A top UBS AG official was indicted by a U.S. grand jury on one charge of conspiring to help 20,000 wealthy Americans hide assets from the Internal Revenue Service to maintain a ``profitable'' business for the Swiss bank.

Weil was promoted to chief executive officer of global wealth management at UBS in July 2007, taking over the position from Marcel Rohner, who became the bank's chief executive officer. From 2002 to 2007, he served as head of the wealth- management business, according to the indictment.