Swiss government to dump UBS stake

The Swiss government apparently wants to get as far away from UBS (NYSE:UBS) as possible now that the bank has made a deal to turnover the names of 4,450 Americans who may have used the firm to dodge taxes.

The Swiss put a good face on their decision to dump the country's 9 percent interest in the bank, but it did not fool anyone. The government said that the bank was stable enough for the government to exit. Some of its investment in the firm was to bolster the bank's balance sheet during the credit crisis.