The U.S. and the dark side of the UBS...

It is a world of encrypted laptops, unmarked mail and the briefest stops in multiple hotels. Accusations by US prosecutors this week shed a fascinating light on the allegedly cloak-and-dagger world of UBS, Switzerland's biggest bank. 

A grand jury in Florida has charged one of UBS's top executives, Raoul Weil, with helping 17,000 Americans to avoid tax by safeguarding their money in secret Swiss bank accounts.

Weil, who is based in Zurich, is the head of UBS's wealth management division, and his prosecution is likely to cause deep alarm at the highest levels of Switzerland's banking establishment. More...

See also:

1. UBS and Credit Suisse bailed out by the State...
2. UBS to stop offshore banking for US residents...
3. U.S. super-rich and Swiss bank UBS in murky waters...