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February 27, 2014

Probe Finds Credit Suisse Aided Tax Evasion by Wealthy U.S. Clients 
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A new Senate investigation finds the Swiss banking firm Credit Suisse
aided tax evasion by wealthy U.S. clients who have stashed billions of
dollars outside the reach of U.S. tax collectors. The report accuses
Credit Suisse of an array of tactics, from creating offshore shell
entities to establishing a branch at Zurich airport where elite clients
used secret elevators operated by remote control. CEO Brady Dougan
blamed the abuses on a small group of bankers at the firm.

Brady Dougan: "Credit Suisse's management team regrets very deeply that
–- despite the industry-leading compliance measures we put in place
-– we had some Swiss-based private bankers who appear to have violated
U.S. law."

 

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