Swiss too slow to act: report

The Swiss government failed to act swiftly to prevent a credit and tax crisis that had endangered banking giant UBS in 2008-2009 and could have sunk the Swiss economy, a parliamentary report said yesterday. The report, the result of a 15-month inquiry by two parliamentary committees and 59 closed-door hearings with senior Swiss officials, showed the government waited for five months before decisively stepping in to tackle UBS's credit woes in September 2008.