Quote of the week

"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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“Based on the facts currently known, it is not practicable at this time for the group to determine the terms on which the ongoing investigation will be resolved, or the timing of such resolution, or for the group to estimate reliably the amounts or range of possible amounts of any fines and/or penalties which could be significant,” it said.

“ HSBC Private Bank (Suisse) SA continues to cooperate, with due regard for Swiss law, with an investigation by the US Senate Permanent Subcommittee on Investigations relating to compliance with US tax and securities laws,” it said.

The statement comes as Switzerland and the US are seeking to resolve an investigation involving 11 Swiss financial firms after the US Department of Justice indicted Wegelin & Co in February for allegedly helping customers hide money from the IRS.

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