UBS AG, a giant Swiss Banking Company agreed last Wednesday to turn over to the IRS the details of 4,450 accounts that are suspected to hold undeclared assets by American customers, this is the news in msnbc.msn.com

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Their IRS Commissioner Doug Shulman reported that the accounts held $18 billion in assets at one time. UBS has an estimated 52,000 accounts of US Customers and the bank’s IR Chief said that only 4,450 accounts are being relinquished to the agency that they were suspected to contain undeclared assets.

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The deal will give way the Internal Revenue Service thousands of long-sought account names. Accountholders will be notified before their names are released to the IRS.

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Swiss Justice Minister Eveline Widmer-Schlumpf told in a conference at Bern that the deal lifts the threat of crimin$l prosecution against UBS which could endangered the bank’s existence.

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This is the latest news in the banking industry in the USA and in Bloomberg News report. BB&T is expected to acquire the Colonial BancGroup or known as Colonial Bank, an Alabama-based lender.
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Colonial Bank is facing a criminal investigation now into the accounting of its mortgage-warehousing business and a separate inquiry into its application for federal aid under TARP and was warned a substantial doubt of its ability to sustain the business. With its $25 billion in assets, it is said that Colonial Bank would be the largest bank failure for 2009 so far.
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Now a representative from Colonial is not available to explain their side and spokesman from BB&T also decline to comment, according to Reuters report.
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The F.D.I.C. seizes failing banks after the close of business on Friday.
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Following up with the report, BB&T, which is based in North Carolina USA, it would take over Colonial Bank and its shares surged more than 9%.
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We considered Sun Life (Philippines), Inc. through Sun Life Financial as one of the best insurance company that offers individual life insurance. In the midst of recession and based on some bad closure of insurance companies in the Philippines. Now you are assuring that if ever you want to get a life insurance, you will think first of the company if it is stable or not.
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Sun Life Financial is offering a great individual life insurance products that will fit your lifestyle.Their main purpose is to secure your family's future and meet the demands of changing lifestyles and time through their insurances.
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You can now choose from their categories or Policyholder Divident package. The best insurance that was offered with us of some of our insurance agent friends is the Sun SmartStarter8. It is a participating whole life insurance plan payable for only 8 years. It also provide lifetime insurance protection and cash payouts. This is amazing because the payouts is equal to 3% of the face amount which will be given starting at the end of the 3rd year and every 3 years thereafter for life.
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Now if you want to check other insurance products of Sun Life Philippines, Inc. , you can choose from their life insurance packages and plan depending on your preferences. You may visit their official website for more information and updates of their insurance policy.