U.S. citizens and residents with UBS AG accounts are racing the clock to disclose their secret holdings to the Internal Revenue Service after the Swiss Parliament ratified an agreement to surrender the names of 4,450 bank clients, tax lawyers said.
American International Group Inc. , the insurer that is divesting assets to repay billions of dollars in U.S. government aid, may be preparing to sell a $510 million dollar stake in Blackstone Group LP .
Allowing taxes to rise would be a small price to pay to get U.S. lawmakers to accept spending cuts on entitlement programs, even if it leads to a “moderate recession,” former Federal Reserve Chairman Alan Greenspan said today during an interview on Bloomberg Television and also at a panel discussion in Washington.
A special debt-reduction committee in the U.S. Congress failed to reach agreement, extending partisan gridlock into the 2012 election year and setting the stage for $1.2 trillion in automatic spending cuts.
A U.S. appeals court reversed the dismissal of a proposed class action against Blackstone Group LP , the largest private-equity firm, alleging that it made inadequate disclosures before its initial public offering.