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  1. Wealth
April 27, 2009

FT: Swiss pres presses US to stop UBS pursuit

By Spear's

WASHINGTON, April 25 – Swiss President Hans-Rudolf Merz asked US Treasury Secretary Timothy Geithner on Saturday to drop a legal case involving clients of UBS bank in return for a new tax accord the two countries are about to negotiate.

From the Financial Times:

WASHINGTON, April 25 – Swiss President Hans-Rudolf Merz asked US Treasury Secretary Timothy Geithner on Saturday to drop a legal case involving clients of UBS bank in return for a new tax accord the two countries are about to negotiate.

Mr Merz told reporters the new tax agreement would need to be adopted by lawmakers in both countries and perhaps be put to referendum in Switzerland, where it could stumble if the US tax evasion case was still hanging over UBS.

Mr Merz, who met Mr Geithner in Washington on the sidelines of the International Monetary Fund’s semi-annual meetings, told reporters Mr Geithner understood the point and said he would consider it, even if he could not reply immediately.

To read the full story, visit ft.com

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