In Failed Prosecution of UBS Exec, Signs of Limits to Long Arm of U.S. Prosecutors

By Colby Adams

If the acquittal of Raoul Weil earlier this week was for Swiss bankers a sign of hope and for American prosecutors a signal disappointment, it was both for a single reason. The verdict reflected the limits to U.S. ambitions to punish foreign bankers. The U.S. Justice Department accused the former chairman of UBS AG's global wealth management division in 2008 of orchestrating the bank's collusion with American tax dodgers-an allegation that a jury rejected on Tuesday. Weil, who was arrested in November, is the highest-ranking banker to face criminal charges as part of a broad U.S. crackdown on banks that...