American regulators seem determined to get to the bottom of whether UBS helped some of its American clients evade taxes. It sent a strong signal this week by temporarily detaining Martin Liechti, UBS's head of wealth management, Americas International. Detaining a top executive is bold move. Times Online reports that a Justice Department probe is looking into information provided by a former UBS employee who may have provided names of American clients with suspicious activity. In addition, UBS said the Securities and Exchange Commission was examining whether those advisers should have registered with the agency. Details have yet to bubble forth. We have no idea what specific transactions UBS undertook that landed it in so much trouble. All this comes as the bank prepares to slash 5,500 jobs.

For more:
- here's the Times Online article

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