Swiss Government To Sell Its Stake In UBS
RENEE MONTAGNE, host:
NPR's business news starts with the Swiss government bailing out of a bailout.
(Soundbite of music)
MONTAGNE: The government is expected to sell its stake in the banking giant UBS - over five and a half billion dollars worth. The Swiss government put in those billions last year to help the bank cope with the financial crisis. The news that it's pulling the money out comes on the heels of an announcement that UBS has reached an agreement with the U.S. Justice Department. The Swiss bank offers customers accounts that have only a number and not a name on them. The U.S. government suspects many of these secret accounts belong to wealthy U.S. citizens who are evading taxes. The Swiss bank has now agreed to provide customer data on about 4500 of those accounts.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.