UBS: Washington’s Old Friend Becomes New Foe

By  Lagan Sebert  Mike Fritz on Mar 06, 2009

76 Comments

Switzerland's largest bank, UBS, has long been a generous donor to American lawmakers. Last year alone, the bank spread over three million dollars across hundreds of U.S. election campaigns. That kind of money wins lots of friends on Capitol Hill, but with the economy now in a tailspin, the money banks like UBS squirrel away in tax havens is getting unprecedented attention and the once cozy relationship between UBS and U.S. politicians has soured. When a top UBS executive was hauled in front of a Senate subcommittee recently to explain his company's actions, remarkably few lawmakers showed up to grill - or defend - their erstwhile friend.