It looks like the highly publicized settlement between UBS and the Justice Department will ultimately be approved. Recall that the bank is expected to give up 5,000 accounts of U.S. citizens. Most of these will be immediately suspected of tax fraud. About 150 are thought to be likely candidates for prosecution. Tax authorities initially sought details on 52,000 accounts.

For UBS, Reuters notes, this paves the way for the Swiss government to sell its 9 percent stake in the bank. Some expect an announcement soon. UBS will then face the task of rebuilding its reputation, which was built in part on its Swiss lineage. Some wonder whether the vaunted discretion of the Swiss is in its twilight. 

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