UPDATE ON OUR CAPITALIST PIGS

The UBS investigation has finally gotten some results and I can't wait to learn WHO tried to hide income. Let's hope this adds to the pressure for an overhaul of our financial system.

What to Do if UBS Is Outing Your Secret Account
By PAUL SULLIVAN
Published: January 9, 2009
NY Times

Swiss banking has a tradition of secrecy and service that dates back 250 years. But for one group of very rich Americans, that haven is at an end, with consequences for all United States citizens who have relied on secretive offshore accounts to keep their financial means private and their tax bill artificially low.

Americans holding such accounts at UBS, the world’s largest wealth manager, are about to have their funds returned to them — an estimated $18 billion — under pressure from the Justice Department. Prosecutors say the bank has about 19,000 accounts that have enabled United States citizens to evade at least $300 million a year in taxes — not including interest and penalties for delinquency.