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...years to come. On one side, the U.S. Department of Justice is accusing Swiss banking giant UBS of helping wealthy Americans hide billions of dollars from the tax man and insisting that the bank reveal their identities. On the other, the Swiss government is threatening to step in to protect the country's famous secrecy laws. The two have until Aug. 3 to come up with an agreement - or continue the fight in court...

Author: /time Magazine | Title: U.S. vs. UBS: A Fight Over Secret Swiss Bank Accounts | 7/15/2009 | See Source »

...terms of the treaty between the two countries that permits an exchange of information on tax matters only in individual cases where a specific and justified request is made. "The blocking order that the Swiss government is prepared to issue would be a first, but it's a reasonable step to take in light of the IRS's threatened disregard for international treaties and provisions of Swiss law," says James Nason, spokesman for the Swiss Banking Association (SBA), a trade group for Switzerland's financial institutions. (Read "The Swiss Question Their Once Proud Banks...

Author: /time Magazine | Title: U.S. vs. UBS: A Fight Over Secret Swiss Bank Accounts | 7/15/2009 | See Source »

...nation's economic crisis is forcing schools to take unprecedented steps to survive: laying off teachers, cutting bus services, eliminating summer classes. But more drastic measures may not be far off. Could the next step in saving American education be Introduction to Nutrition, Sponsored by McDonald's or PricewaterhouseCoopers' Financial Accounting...

Author: /time Magazine | Title: Can Corporate Funding Save Endangered College Classes? | 7/14/2009 | See Source »

With local economies flailing, communities across the U.S. are trying to drum up more action on Main Street. "Buy Local" campaigns are one way to go. But many towns--from Ojai, Calif., to Greensboro, N.C.--are considering going a step further and printing money that can only be spent locally...

Author: /time Magazine | Title: Tough Times Lead to Local Currencies | 7/13/2009 | See Source »

...Some LDP members are calling for Aso's resignation, which they believe would improve the party's electoral chances. Those calls have increased following the defeat in the Tokyo elections. Aso has so far refused to step down as Prime Minister...

Author: /time Magazine | Title: Japan's PM Aso Calls for General Election | 7/13/2009 | See Source »

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