By LYNNLEY BROWNING
Published: February 18, 2009
In the hush-hush world of Swiss banking, the unthinkable is happening: secrets are spilling into the open.
UBS, the largest bank in Switzerland, agreed on 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 conspiring to defraud the Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities.
It is unclear how many of its clients’ names UBS will divulge