The entire UBS mess is getting even uglier, and by uglier I mean better:

The curtain is being peeled back on the infamous secrecy of Swiss banks.

The largest bank in Switzerland, UBS, agreed Wednesday to reveal the names of wealthy Americans whom the authorities suspect of using offshore accounts to evade taxes.

The change in policy is the result of UBS’ admitted role in conspiring to defraud the Internal Revenue Service. As part of the agreement, the bank will pay $780 million in damages, and also close all offshore accounts of its American clients.

It is not clear how many names will be divulged, but the Feds have been looking into roughly 19,000 accounts, according to the New York Times.

So we are going to see which rich bastards have been abusing the system. This is a thing of beauty and could end up becoming a massive clean up in our financial sector.

Now I really wonder how much money the U.S. has lost because of this?

How much lower could our taxes actually be, because the rich has been screwing the system?

Hopefully this is the start to the end of offshore banking and these kind of scams. I don’t care if your worth $30 billion, you need to follow the same rules as the person worth $30 thousand.