GOOD DAY FOR: Financial voyeurs, as UBS, under pressure from U.S. regulators, is considering divulging the names of up to 20,000 of its super affluent U.S. clients. Such a move, amid an offshore tax-evasion investigation, would go against Swiss banks’ centuries-old tradition of secrecy. Details of this rarefied investment world are expected to come to light when an ex-UBS banker testifies in U.S. court next week. (The New York Times, free registration)
BAD DAY FOR: Balancing your checkbook, as the net worth of Americans fell by $1.7 trillion—or 3 percent—in the first quarter, amid declining home values and stock prices, according to Federal Reserve figures. That’s the sharpest fall since 2002. With rising gas prices, though, Americans “are spending everything in their wallet and borrowing more,” said economist Michael Englund at Action Economics. (CNNMoney.com)
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
5 exclusive cartoons about Trump and Putin negotiating peaceCartoons Artists take on alternative timelines, missing participants, and more
-
The AI arms raceTalking Point The fixation on AI-powered economic growth risks drowning out concerns around the technology which have yet to be resolved
-
Why Jannik Sinner's ban has divided the tennis worldIn the Spotlight The timing of the suspension handed down to the world's best male tennis player has been met with scepticism
