It’s about time! Credit Suisse (CS) finally admits the truth… It’s been cheating the system. Our U.S. Justice Department, at last, salvaged a guilty plea from the once-esteemed Swiss bank – scolding it for assisting Americans in skipping out on paying taxes.
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U.S. Attorney General, Eric Holder, proudly announced that CS agreed to plead guilty to ongoing pervasive illegal activity:
“This is the largest bank to plead guilty in 20 years. The bank will pay a total of $1.8 billion in the form of a fine of over $1.3 billion and nearly $670 million in restitution to the IRS. They have admitted criminal wrongdoing in a detailed statement of facts that has been filed alongside the information in this case.”
Since Credit Suisse’s confession, the company has made known that the fraudulent activity has ceased and its business operations have fundamentally changed – agreeing to provide critical information to U.S. feds so that the bank can move forward in full compliance with the law.
The investigation finds that Credit Suisse helped taxpayers roll American taxpayers’ funds into offshore accounts… for decades.
Rolling, Rolling, Rolling
Now, the bank wasn’t just merely aware of the illegal, cross-border shenanigans, it willingly and knowingly aided and abetted these citizens in cheating the U.S. system. And believe it, it was a group effort, as hundreds of Credit Suisse’s employees (including managers) were in on the conspiracy, helping tax cheats dodge U.S. taxes.
What’s worse, in doing so, Credit Suisse gave the U.S. government and economy the middle finger, by outright deceiving the IRS, the Federal Reserve, the Securities and Exchange Commission and the U.S. Department of Justice. The bank stopped at nothing to cover its butt, its employees and the criminals with whom it conspired.
You see, for a while, regulators and enforcers were apprehensive to throw criminal charges at banks, fearing another financial crisis. But, this time… CS was not getting any breaks.
“This case shows that no financial institution, no matter its size or global reach, is above the law.”
Credit Suisse expressed its shame and regret for such misconduct. Not surprising. It’s lucky that top execs keep their jobs and the institution keeps its New York state license. The initial consequences could have been much worse for such a high-profile crime.
For now, CS will have to wait it out until August 12, its scheduled date of sentencing.
Ahead of the tape,
Wall Street Daily Research