by Greg Allen
Morning EditionNational Public Radio
August 5, 2009
For months, U.S. officials insisted that they were going to trial and would settle for nothing less than full disclosure from UBS.
Scott Michel, a partner with Caplin & Drysdale, a Washington, D.C., firm representing many UBS account holders, says what changed things was the involvement of the Swiss government.
Switzerland places great value on its bank secrecy laws. The Swiss government said publicly that it would seize UBS records rather than allow the company to hand over secret account information to U.S. authorities.
...It's a precedent that may eventually be brought to bear on the Cayman Islands, Singapore, Liechtenstein and many other nations that have been identified as international tax havens.
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