From the WSJ: In the latest blow to Switzerland's centuries-old banking
practices, the country's oldest bank pleaded guilty to a criminal conspiracy
charge in the U.S. on Thursday and admitted that it helped wealthy Americans
for years avoid tens of millions of dollars in taxes by hiding their income
from secret accounts abroad.
Wegelin & Co., founded in 1741, is the latest Swiss bank
to reach a deal with U.S. prosecutors as they crack down on Americans who kept
their money in secret accounts overseas and the entities which helped them.
Three Wegelin bankers also were charged criminally in the U.S. last year....
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