Key Swiss report raps government over UBS crisis

BERNE, May 31 (BestGrowthStock) – The Swiss government failed to
take swift action to prevent a credit and tax crisis that
endangered the survival of banking giant UBS (UBSN.VX: )(UBS.N: ) in
2008-2009, a key parliamentary report said on Monday.

The actions of UBS’ top management were not at the centre of
the parliamentary inquiry. But the report called on financial
regulator FINMA to find out to what extent UBS executives knew
of the U.S. tax violations carried out at their bank.

FINMA said in a statement on Monday it would examine the
conclusions of the report and state its position on the findings
and recommendations by the end-2010 deadline.

Stock Market Advice

(Reporting by Lisa Jucca and Albert Schmieder; Editing by Hans
Peters)

Key Swiss report raps government over UBS crisis