Earlier this month, I did a blog entry on how Swiss bank UBS was aiding and abetting tax cheats.

Then last week, we had news reports that New York State Attorney General Andrew Cuomo Thursday has brought a multi-billion dollar civil lawsuit against the bank for misleading investors by getting them to buy junk of auction-rate securities.

Meanwhile, UBS has gone into damage control with reports that it has put the ehad of its US fixed income unit David Shulman on gardening leave.

This is going to get worse. Odds are that UBS will be joined by other banks who were doing the same sort of thing. Watch this space.