Some 14,700 rich Americans worried about a U.S. government crackdown on offshore tax cheats came forward to participate in a tax amnesty program, the top U.S. tax official said on Tuesday.

Some 14,700 rich Americans, worried about a stepped-up U.S. crackdown on offshore tax cheats, have turned themselves in under the government's amnesty program.

By Kim Dixon

By Jason Rhodes

By Lisa Jucca

UBS Chief Executive Oswald Gruebel is targeting annual pretax profit of $14.9 billion as he aims to put the subprime crisis and a U.S. tax row behind the bank and win back clients.

Officials handling the multibillion dollar bailout of insurance giant American International Group Inc. mismanaged an initial rescue attempt and may have overpaid other banks to wind down AIG's business relationships, a government watchdog says.

Swiss bank UBS may hand over only a small amount of bank data as part of a U.S. settlement because the Internal Revenue Service has succeeded in cracking down on tax evaders, a radio station reported.

Robert McCann, UBS Wealth Management Americas CEO, successfully brought four former Bank of America-Merrill Lynch senior managers with him to UBS, but it will be difficult for him to poach any more talent from his former firm, sources close to the matter told CNBC.

Four former dealers at UBS plundered customer accounts to trade and dumped the resulting losses on them, Britain's financial regulator said, further denting the battered Swiss bank's reputation.

Stocks finished mixed Tuesday as techs struggled after a downgrade on Intel. Transports rose following news that that Warren Buffett is buying Burlington Northern railroad. Industrials also gained after this week's encouraging manufacturing reports.

Stocks tumbled Tuesday, led by techs after an analyst downgrade on Intel. Transports rose following news that Warren Buffett is buying Burlington Northern railroad.

With the markets in volatility mode, investors will likely be focusing on the Federal Reserve Tuesday, even though the 2-day Federal Open Market Committee meeting that begins this afternoon won't conclude until Wednesday. 

Swiss bank UBS does not expect a recovery of client inflows anytime soon as it continues to struggle to rebuild its reputation after a bitter U.S. tax row even as its underlying performance improves.

The U.S. dollar rose to a one-month high against a basket of currencies Tuesday as concerns about the global banking sector and weaker equity markets boosted the greenback's safe-haven appeal.