In 2007 Bradley Birkenfeld, an American employed by ubs, approached officials in Washington. His revelations about the bank's surreptitious servicing of thousands of rich, tax-dodging Americans started a war on Swiss moneymen. Eight brutal years later, far from being over, it has become bogged down. Some large banks, including ubs and Credit Suisse, have been punished. But America is refusing to strike deals with several others until a programme to penalise dozens of smaller banks has run its course-and this is behind schedule.
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