u.b.s.may be opening that door. the i.r.s. said today that u.b.s. has agreed to turn over the names of more than 4,400 americans tied to accounts held at the bank. lynnley browning has been covering the story for the "new york times" and she joins me now. welcome, lynnley. >> thank you. >> ifill: we have always heard about this mysterious, secret swiss bank accounts. why no longer secret giwouldn't say they're no longer secret. i would say the veil of swiss banking secrecy has been pierced but not lifted. the i.r.s. and the justice department have ramped up their investigations of offshore tax evasion in recent years, and it led them to u.b.s. >> ifill: will we ever-- or do we know the names of the people who are holding these accounts, these account holders's names? >> the only concrete identities we have are for the four individuals who in recent months have pleaded guilty to tax evasion and who, of course, were u.b.s. clients. will we ultimately know the names of these 4,000-plus individu

u.b.s.has agreed to turn or the names of re than 4,400 americans tied accounts held the bank. lyney browning has been covering e story for the ew york times" and she joins me now. welcome, lynnley. >> thank you. >> ifill: ve always ard about this mysterious, secret swis bank accounts. why no longer secret giwouldn't say they'reo longer secret. i wod say the veil of swiss banking secrecy has been pierced but not lied. the i.r.s. a the justice depament have ramped up thei investigatis of offshore tax evasion in recent yes, and it led them to u.b. >> ifi: will we ever-- or do we know the mes of the people who are holding these accounts, these account holders's nam? >> the only concre identies have areor the four individuals who in recent months have pleaded guilty to tax evasion and who, of cours were u.b.s. clients. will we ultimately knowhe names of these 4,000lus inviduals? probab not, unless chges are broughtgainst them and made public. >> ifill: how muchoney are we talking aboutstashed awa

settled with swiss bank u.b.s. has netted a guilty plea. prosecutors say john mccarthy put a million dollars into a swiss u.b.s. account in 2003 to avoid paying taxes here. he's going to plead guilty next month. mccarthy faces up to five years in prison and up to $250,000 in fines. in a settlement with the justice department wednesday, u.b.s. agreed to release mccarthy's name and the names of 52,000 other americans with swiss accounts. so you can be sure, this won't be the last tax evasion claim to be made by the i.r.s. >> paul: the difference between legal avoidance and tax evasion. >> don't hire u.b.s. to make that decision. >> paul: apparently not. >> jeff: that's "nightly business report" for friday, august 14. i'm jeff yastine. goodnight everyone, and have a great weekend, you too paul. >> paul: and you as well jeff. i'm paul kangas. wishing all of you the best of good buys. "nightly business report" is made possible by: this program was made possible by contributions to your pbs station from viewers like you. thank you. captioning spo

. >> pl: a former u.b.s. banker will spend more than thr years in prison, despitecting as an inrmant for the u.s. government. bradley birkenfe was key in helping the i.r. get the names of 4,500 american u.b.s. cents o may have cheated on their taxes. but he also admitt helping u.b.s. clients hide assets. today, he was sentenceto 40 nths behind bars, almost a year more than procutors commended. >> susie: he's a look at what'sappening next week: our friday "maet monitor" guest is john dorfman, chairn of thunderstorcapital. on the economicalendar: tuesday, the s case shiller home price index for je is released, consumer confidce for august; wednesday, the julreports on durable goods and new me sales; thursday, it weekly jobless claimsnd a first look at second quarter g.d.p friday, personal income for ly and august consumer sentent. >> paul: my gut market monitor this week is mark skouse editorf the market letter "forecasts and strategs." welcome back to "nigly business rort," mark. welce, glad to be with you, pa

in february, u.b.s. agreed to an $800 million fine, settling federal charges that it helped wealthy americans hide nearly $20 billion in foreign bank accounts. >> paul: tomorrow, from g.m. to bank of america and citigroup, big bailed out firms face a deadline on executive pay. >> susie: airline rivals are swapping airport slots in two of the nation's busiest cities to help their businesses take off. delta air lines and u.s. airways said today they're exchanging gates at new york's laguardia airport and washington's reagan national. the deal lets delta expand its new york service while u.s. airways increases service in d.c. it also lets them better compete with low-fare rival southwest airlines. >> paul: the securities and exchange commission plans to file insider-trading charges against pequot capital management and its founder arthur samberg. the s.e.c. wants to know if pequot traded microsoft shares on confidential information provided by a former employee of the software giant who was later hired by p

a tentative deal was reached between u.b.s. and the i.r.s. last week. but the details weren't made public until now. irs commissioner doug shulman says the agreement sends a strong message to all americans, including tax cheats. >> we will use all of the enforcement tools at our disposal to pursue you. for honest hard working everyday americans. school teachers, firemen, policemen who pay their taxes. the message is also there. wealthy people can't skirt the rules and hide assets. we are going to insure that everyone pays their fair share of taxes. >> susie: speaking of fair shares, late this afternoon, the swiss government announced its selling its stake in u.b.s. the swiss hope to recoup more than $5.5 billion on that sale. and changes are coming tomorrow for american consumers. thanks to the credit card act of 2009, a new set of rules goes into effect. including, the ability to reject rate increases. but as jeff yastine reports, it's already having some unintended consequences. >> reporter: across the country right now, there are thousands of people

clients suected of evading taxeby hiding money in secret u.b.s. accounts. the swiss cabinet won'release details until a deal is reacd. on wednesday, bo sides will update a fedal judge on their on negotiations. >> susie: tonight's commentor wants regulators to crease the capitarequirements of banks. he's richard dekaser, esident of woodley park resech and the formerhief economist of national city corporation. >>eporter: most people would agree that it makes sense toet aside money during good timeto weather e bad ones. that why 90% of state governments have rainy day fds and 60% of american falies save some of their ince. but bank regulation nes to do more in this regard. as things now stand, ban are requed to hold capital at around 10% of sets to protect depositors, taxpayers and investors from their insolvey. but whenhe economy turns down d losses increase, capital disappears. en, banks have two options t maintain their capal ratio: ise more capital or reduce assets. cause times are tough and investors are skitti, raising additional capal is expensive when

the names 4,500 americans th accounts at u.b.s. were handed over to the tman. those clients arsuspected of hidi their assets and evading u.s. taxes. one time, those accounts he more than $18 biion. a tentative deal w reached between b.s. and the i.r.s. last week. buthe details weren't made public until now. irs coissioner doug shulman says the agreement sends strong message tall americans, inuding tax eats. we will use all of the enforcement tools at o disposal to purs you. for honest hard workg everyday americs. school teachers, firem, policemen who y their taxes. the message is ao there. wealthpeople can't skirt the rules and hide assets. were going to insure that everyone pays their fa share of taxes. >> susiespeaking of fair shar, late this afternoon, the swiss government annnced its selling s stake in u.b.s. e swiss hope to recoup more an $5.5 billion on that sale anchanges are coming tomorrow for american consurs. thanks to the credit cd act of 2009, a w set of rules goes into effect. includg, the ability to reject rate increases. but as jeff yastine rert

prosutors say john mccarthy put a miion dollars into a swiss u.b.s. accou in 2003 to oid paying taxes here. he's going to pld guilty next month. mccarthy fes up to five years in prison anup to $250,000 in nes. in a settlement with t justice department wednesday, u.s. agreed to releasmccarthy's name and the names of 52,0 other americanwith swiss accounts so you can be sure, th won't the last tax evasion claim be made by the i.r.s >>aul: the difference between legal avoidance an tax evasion. >> don't hire u.b.s. to me th decision. >> pl: apparently not. >> jeff: that's "nightly business report" f friday, aust 14. i'm jeff yasti. goodnight eryone, and have a great weekend, you too paul. >> paul: and yous well jeff. i'm ul kangas. wishing all of you the best good buys. ightly business report" is made possible by this program was madpossible by contributionso your pbs ation from viewers like you. thank you. captioning sponsed by wpbt captioned by media access gro at wgbh acce.wgbh.org we are pbs.

. >> paul: former u.b.s. banker will spend more than three yrs in prison, despite actg as an informt for the u.s. gornment. bradley birkenfeld w key in helping the i.r.s. g the names 4,500 american u.b.s. clien who y have cheated on their taxes. but he also admitted hping u.s. clients hide assets. today, he was sentenced to0 mont behind bars, almost a year more than prosecurs recoended. >> susie: here's look at what's hapning next week: our friday "marketonitor" gut is john dorfman, chairman of thunderstorm catal. on the economic candar: tuesday, the s&p ce shiller home price index for june released, and nsumer confidenceor august; wednesday, the july rerts on durable goods and new home sales; thursday, it's wkly jobless claims and first look at second quarter g.d.p.; fray, personal income for july and august consumer sentimen >> paul: my guest rket monitor this week is mark skousen, editor of e market letter "forecasts and strategies. welcome back to "nhtly businesseport," mark. weome, glad to be with you, p

u.b.s. has agreed to release the names of some americans with bank accounts. roughly 200,000 american clients will be named. u.b.s. has listen charged with helping them avoid taxes on nearly $15 billion. >> jetblue is charging $599 for one month unlimited travel for any of its 66 international and national destinations. it is good from september 8 through october 8. >> best buy stores around the country has to turn -- had to turn away customers after an online loo ad advertised a 52 inch tv for $10. >> 20 minutes after the hour and we have got 71 degrees. >> coming up on "good morning washingt". could your flip-flops be fatal? we have the hidden stories of the simple footwear and some of the other stories you won't find on the front painl. >> uh-oh. we could be in big trouble this summer. >> on the oprah show, an incredible case of mistaken identity. two young girls in a horrible car crash. only one survived. >> thanks for waking up with us this thursday morning. you're watching "good mornin

last week, u.b.s. announced a settlement with the i.r.s. agreeing to release almost 4,500 client names. also a ib.s. whistleblower was sentenced to 40 months in -- also, a u.b.s. whistleblower was sentenced for shuttling money to offshore accounts. wolf raised a half a million dollars for president barack obama's presidential bid. >> reports say dozens of agencies have been ordered to purge common words and phrases now deemed offensive. retired sayings include "whiter than white," "gentleman's agreement, black mark and right hand man," and even master bedroom is problematic, advice issued by the south west regional development agency says "black sheep of the family, black looks an black mark have no link to skin color but potentially serve to reinforce a negative view of all things black." opponents say what is really needed is a bit of common sense. nasa just moments ago scrubbed tonight's scheduled launch of the shuttle discovery. technicians detected a valve problem. this morning he's blastoff was also postponed because of thunderstorms

but maury harris of u.b.s. wns there will be shakeout among the companies the group. you're going to have a lot more concentraon among the top five of six seers in the market. it is rtly because of credit conditions andhe small builders not being ablto get the financing. so when you talk about wt's going to happen to the homeilders and their fortunes, ey should outperform overall home sales because they're gng to get a bigger rket share. >> reporter: but howig a market will they share some of the current buyi is a result of government'sirst time buyertax credit, which expires deceer 1. before the housing bble burst, 25% hmortofe gages we in the non-primcredit category.ga assuming tt kind of lending is history, the n normal for housing will be muchower than the two miion starts seen in the year beforthe sector collapsed. >> while it does look like housinstarts, the numbers that were out a ltle while ago, were also stting to show signs of stabizing, and that would be a goosign for home builde. itoesn't look like we're going to really see anything near at would consided

but maury harris of u.b.s. warns there will be a shakeout among the companies in the group. >> you're going to have a lot more concentration among the top five of six sellers in the market. it is partly because of credit conditions and the small builders not being able to get the financing. so when you talk about what's going to happen to the homebuilders and their fortunes, they should outperform overall home sales because they're going to get a bigger market share. >> reporter: but how big a market will they share? some of the current buying is a result of government's first time buyers tax credit, which expires december 1. before the housing bubble burst, 25% of home mortgages were in the non-prime credit category. assuming that kind of lending is history, the new normal for housing will be much lower than the two million starts seen in the year before the sector collapsed. >> while it does look like housing starts, the numbers that were out a little while ago, were also starting to show signs of stabilizing

long been after americans dodging taxes by hiding assets in switzerland and today the banking giant u.b.s. agreed to cooperate and disclose the names of nearly 4,500 account holders suspected of evading u.s. taxes. their accounts at one point totaled $18 billion. hurricane bill is gaining strength in the atlantic. it's now a category 4 with winds of 135 miles an hour. pictures from the space station show just how big it is. 300 miles wide. forecasters expect the hurricane to pass by bermuda this weekend and there's a small chance it could threaten new england. coming up next, morley safer, steve kroft and andy rooney remember don hewitt. a tornado hits, air life denver takes off... their night-vision goggles keeping the rescue mission safe... and powering those goggles-- the only battery air life trusts: duracell. trusted everywhere. duracell. great looking skin... it's in the dna. [ female announcer ] new regenerist dna cream with spf 25 doesn't just correct. it helps protect your dna without a $200 department store price tag. olay regenerist. in this box is what i need to control my dia

host: there is a story on the united states making a deal with u.b.s. about turning over names of people with swiss bank accounts. there is a closely watched dispute over whether they should be forced to reveal the identity. the story continues, saying that if they do hand over client names, authorities could use this as a precedent that would further breached secrecy. switzerland's image as a haven had taken a hit in february, when u.b.s. had to hand over names of clients suspected of using sham companies to evade tax. "americans decide to sit out the economic downturn to a degree of." -- the "washington post" disclosed a loss, while the caplan higher education arm saw a 31% jump in enrollment. higher education's countercyclical nation was also highlighted by pearson, the educational publisher and owner. 26% jump in 2009. one more call, from indiana. alice, of our republic . -- on our republican line. caller: i make a good income. but i let people with more income than meet by the new car and traded in, and i have a good income. my concern is that they

i was in a u.b.s.n saturday, they asked me if i could do any -- if they could do anything else for me. at the post office, i wait 20 lines of force -- i wait 20 minutes in line for a stamp that i do not need. in 2007, the stands were 41 cents. 44 cents in 2009. doubling the price from 10 years ago. his advisers have got to wonder why he brought it up. >> i have a suggestion for your viewers. as soon as the post office opens, go to it. purchase 3 44 cent stamps. one for your senator, one for your congressman, the other for your other senator. but a stamp on the envelope, send it to them, send them a hand written letter. tell them what you want your health care preserved. chapter four of my book if you need any information. brian: stay right there, we have got to talk to you about what happened yesterday. someone talking of a cop, not very happy? the secretary of state -- someone talking off of the cough, not very happy? the secretary of state. (announcer) illness doesn't care where you live... ...or if