UBS Has to Deal with Another Credit Suisse Scandal Amid Rescue Takeover
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This rescue mission just got hairier.
UBS tapped its former CEO, Sergio Ermotti, to lead the emergency acquisition of perennially troubled rival Credit Suisse. In case taking what is essentially a public service job keeping the Swiss banking system from collapsing wasn't challenging enough for Ermotti, another large skeleton has just waltzed out of CS's cavernous closet. A new US Senate investigation revealed that Credit Suisse has allegedly been helping ultra-wealthy Americans avoid paying taxes for years. Better break out the Tylenol, Sergio.
Source Fool.com
