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Senate panel says Credit Suisse helped hide US assets

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WASHINGTON — Senators on both sides of the aisle criticized Credit Suisse at a hearing Wednesday, saying it helped thousands of Americans hide billions of dollars in assets from US tax authorities.

“We’re interested in collecting taxes that we’re owed, that were evaded,” said Senator Carl Levin, the Michigan Democrat who heads the Permanent Subcommittee on Investigations. “We simply have got to use our own domestic laws to force cooperation from the banks.”

The hearing was the result of a two-year investigation into practices at the bank from 2001 through 2008, when, Senate investigators said, Credit Suisse bankers actively recruited American clients and helped them hide money offshore.

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