U.S. senators scold prosecutors, Swiss bank in tax spat

U.S. senators lashed out at federal prosecutors on Wednesday for a lack of zeal in going after Swiss banks that helped Americans dodge taxes, blaming both sides for billions of dollars in missed revenues. The Senate Permanent Subcommittee on Investigations this week alleged new misdeeds by Switzerland's Credit Suisse, citing secret meetings in luxury hotels and hidden elevators one senator said belonged in a spy novel. But the senators saved some their harshest criticism for two Justice Department officials who testified at the hearing after a morning session with bankers. "You have been incredibly slow over a five-year period," said Arizona Senator John McCain, referring to the moment that Swiss bank UBS admitted to helping U.S. clients hide money from the tax man and handed over their names.

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