UBS Still Popular with Both Obama and Republicans after Paying More Than $1 Billion in Fines

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http://www.allgov.com/Top_Stories/ViewNews/UBS_Still_Popular_with_Both_Obama_and_Republicans_after_Paying_More_Than_1_Billion_Dollars_in_Fines_110520


It’s been no-hard-feelings for Swiss bank UBS AG, the financial institution that hasn’t let more than $1 billion in government fines get in the way of building relationships with politicians in Washington.

Over the past three years, UBS has paid off three large settlements, while courting favor with Republicans and President Barack Obama.

The bank this month finished giving the U.S. Department of Justice $160 million for manipulating the bidding for municipal bond sales. Two years ago, it forked over a $780 million fine for helping Americans evade taxes by keeping bank accounts secret from the IRS, and in 2008, UBS paid $150 million in fines to state and federal regulators after the market for auction-rate securities failed.