Swiss Bank: Yep, We Helped Americans Duck Taxes
Credit Suisse pleads guilty in Justice Department case
By Newser Editors and Wire Services
Posted May 19, 2014 5:15 PM CDT
In this Oct. 31 2011 file picture the logo of Swiss bank Credit Suisse is photographed in Zurich, Switzerland.   (AP Photo/Keystone,Steffen Schmidt,File)

(Newser) – Credit Suisse AG has pleaded guilty to helping wealthy Americans avoid paying their taxes through offshore accounts, CNN Money reports. A person familiar with the matter said the European bank has agreed to pay about $2.6 billion in penalties, which will apparently be paid to the Justice Department and to regulators. The penalty resolves a yearslong criminal investigation into allegations that the bank, Switzerland's second-largest, recruited US clients to open Swiss accounts, helped them conceal the accounts from the IRS, and enabled misconduct by bank employees.

The case is part of an Obama administration crackdown on foreign banks believed to be helping US taxpayers hide assets. Attorney General Eric Holder, criticized last year after telling Congress that large banks had become hard to prosecute, appeared to foreshadow the guilty plea in a video message earlier this month in which he said no financial institution was "too big to jail." The criminal case follows a Senate subcommittee investigation that found the bank provided accounts in Switzerland for more than 22,000 US clients totaling $10 billion to $12 billion.

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Showing 3 of 53 comments
SPHeroid
May 21, 2014 3:12 AM CDT
If the damn bank is willing to pay $2.6B in fines, you can bet your ass there is a hell of a lot more then $12B in assets.........
Box1Car
May 20, 2014 3:38 PM CDT
How about the AG prosecute those who TRIGGERED the onset of a 2nd Great Depression that won't end until last postwar baby boomer begins to retire in 2025? (1st postwar babies born FALL1946 began to retire FALL2008, anything happen then?) How about JAILING the presisident who resided over his SEC removal of the 1937 Uptick Rule, allowing Wall Street Hedge Funds to SHORT the artifical housing bubble into the ditch- greatest transfer of wealth since the Louisana Purchase, ALL the home equity built up since WWiI going into coffers of the filthy rich and then had audacity to force the US TREAUSRY TO "PONY UP" Bail Out funds to cover SHORTS held by the banks?DUH Why is it NO ONE has gone to jail over biggest heist in Modern History- TRILLION$ stolen It means that AMERICA is a BIG LIE
bubbahotepp
May 20, 2014 10:31 AM CDT
"In Italy for 30 years under the Borgias they had warfare, terror, murder and bloodshed, but they produced Michelangelo, Leonardo da Vinci and the Renaissance. In Switzerland they had brotherly love -- they had 500 years of democracy and peace. And what did they produce? The cuckoo clock." -- Harry Lime...The Third Man