Credit Suisse Pleads Guilty in Tax Evasion Case; $2.6B Fine Imposed

  1. You have chosen to ignore posts from MattyScornD. Show MattyScornD's posts

    Credit Suisse Pleads Guilty in Tax Evasion Case; $2.6B Fine Imposed

    Attorney General Eric Holder said the bank "engaged in an extensive and wide- ranging conspiracy to help U.S. taxpayers evade taxes."


    The Justice Department said that Credit Suisse, for a period of time spanning decades and continuing through 2009, "operated an illegal cross-border banking business" to help thousands of banking clients conceal their income from the IRS.


    The bank will pay a total of $2.6 billion to the federal government and New York financial regulators as part of the settlement. Holder said Credit Suisse has also "fundamentally changed" its business practices.
    Officials hailed the guilty plea a major milestone -- the first such plea by a bank in decades.
    But missing is any agreement by Credit Suisse to provide names of the U.S. clients who allegedly used the bank to hide money from the IRS.
    In 2009, Swiss bank UBS settled similar charges and paid $780 million, while also agreeing to provide names of thousands of customers.

    For years, prosecutors shied away from charging banks with crimes because of fear that they could lose their charters and go out of business.
    However, as part of the Credit Suisse guilty plea agreement, U.S. banking regulators have agreed not to try to pull the bank's license to do business in the United States.
    In a statement, Credit Suisse CEO Brady Dougan said the bank "deeply regret(s) the past misconduct that led to this settlement."


    The Justice Department has been criticized for its inability to bring major prosecutions related to the global financial crisis, and the shoddy banking practices that nearly sank several major banks. The Credit Suisse deal will likely do little to quiet that criticism, as the conduct involved is not related to the financial crisis.


    Credit Suisse bankers used novel ways to help clients hide money in offshore accounts. The bank allegedly opened a branch at the Zurich airport, equipped with a special elevator to whisk clients to private banking suites. The arrangement allowed customers to do their banking quickly before hitting the Alpine ski slopes.


    http://money.cnn.com/2014/05/19/news/companies/credit-suisse/


    "When you're born, you get a ticket to the freak show. When you're born in America, you get a front-row seat."  - GC

     
  2. You have chosen to ignore posts from UserName9. Show UserName9's posts

    Re: Credit Suisse Pleads Guilty in Tax Evasion Case; $2.6B Fine Imposed

    As with GM or Toyota, fines to corporations are not punishment.  "Credit Suisse" is not guilty; someone who works for Credit Suisse and who made the decisions that constituted this crime is guilty. Corporate crime will not end until responsible executives are put in jail. Corporate fines, no matter how large, do nothing to deter the people who actually commit the crime.

     

     
  3. You have chosen to ignore posts from high-road. Show high-road's posts

    Re: Credit Suisse Pleads Guilty in Tax Evasion Case; $2.6B Fine Imposed

    In response to UserName9's comment:

    As with GM or Toyota, fines to corporations are not punishment.  "Credit Suisse" is not guilty; someone who works for Credit Suisse and who made the decisions that constituted this crime is guilty. Corporate crime will not end until responsible executives are put in jail. Corporate fines, no matter how large, do nothing to deter the people who actually commit the crime.

     




    I completely agree.

    We need perp-walks, and to Attica or Sing-Sing, not some country club fed spa for a few months.

     
  4. You have chosen to ignore posts from MattyScornD. Show MattyScornD's posts

    Re: Credit Suisse Pleads Guilty in Tax Evasion Case; $2.6B Fine Imposed

    In response to UserName9's comment:

    As with GM or Toyota, fines to corporations are not punishment.  "Credit Suisse" is not guilty; someone who works for Credit Suisse and who made the decisions that constituted this crime is guilty. Corporate crime will not end until responsible executives are put in jail. Corporate fines, no matter how large, do nothing to deter the people who actually commit the crime.

     




    In this case, the evaders are also guilty of crimes, but their names will not be disclosed as part of the plea.

    I'll also add that this is a bipartisan problem. Both sides have been abetting these practices for years.

    "Too big to jail" is an ongoing issue.

     

     
  5. You have chosen to ignore posts from FortySixAndTwo. Show FortySixAndTwo's posts

    Re: Credit Suisse Pleads Guilty in Tax Evasion Case; $2.6B Fine Imposed

    In response to high-road's comment:

    In response to UserName9's comment:

    As with GM or Toyota, fines to corporations are not punishment.  "Credit Suisse" is not guilty; someone who works for Credit Suisse and who made the decisions that constituted this crime is guilty. Corporate crime will not end until responsible executives are put in jail. Corporate fines, no matter how large, do nothing to deter the people who actually commit the crime.

     




    I completely agree.

    We need perp-walks, and to Attica or Sing-Sing, not some country club fed spa for a few months.




    Yes, let's send some business executives to prisons that house the hardest of hardened criminals. You don't want a murderer to suffer one ounce of pain when being put to death yet you want an executive who helped with tax evasion to go to a prison with murders and rapists where he surely will be beaten and raped on a continuous basis. The hypocrisy is astounding as usual.

     

    White Collar 'Country Club' Prisons? Not So Much

    http://www.cnbc.com/id/49506680

     
  6. You have chosen to ignore posts from high-road. Show high-road's posts

    Re: Credit Suisse Pleads Guilty in Tax Evasion Case; $2.6B Fine Imposed

    In response to FortySixAndTwo's comment:

    In response to high-road's comment:

    In response to UserName9's comment:

    As with GM or Toyota, fines to corporations are not punishment.  "Credit Suisse" is not guilty; someone who works for Credit Suisse and who made the decisions that constituted this crime is guilty. Corporate crime will not end until responsible executives are put in jail. Corporate fines, no matter how large, do nothing to deter the people who actually commit the crime.

     




    I completely agree.

    We need perp-walks, and to Attica or Sing-Sing, not some country club fed spa for a few months.




    Yes, let's send some business executives to prisons that house the hardest of hardened criminals. You don't want a murderer to suffer one ounce of pain when being put to death yet you want an executive who helped with tax evasion to go to a prison with murders and rapists where he surely will be beaten and raped on a continuous basis. The hypocrisy is astounding as usual.

     

    White Collar 'Country Club' Prisons? Not So Much

    http://www.cnbc.com/id/49506680" rel="nofollow">http://www.cnbc.com/id/49506680




    Wow, you really went all whacko wingnutty on that one.

    Hey spanky, do you think certain criminals should get special treatment?

    So you probably believe in 'affluenza' too, those poor rich kids, it's not their fault.

    And why can an 18 yr old pot smoker be sentenced to 'hard time' for smoking some weed yet a person who purposely and knowingly perpatrated fraud on thousands of people not do the same time?

    Are you saying that these 'job creators' are too fragile to handle prison but an 18-19-20 yr old kid is?

    Oh spanky, you getting your panties all twisted in a bunch over the idea that these manicured and well coiffed adults who run multi-billion dollar, multi-national companies having to actually serve time is quite touching.

    BWAAAAAAAAAAAAAAA HAAAAAAAAAAAAA HAAAAAAAAAAAAAAAAAA

    Yep, pinky thinks these adults can't handle prison so it would be mean to send them there.

     

     

     
  7. You have chosen to ignore posts from FortySixAndTwo. Show FortySixAndTwo's posts

    Re: Credit Suisse Pleads Guilty in Tax Evasion Case; $2.6B Fine Imposed

    In response to high-road's comment:

    In response to FortySixAndTwo's comment:

    In response to high-road's comment:

    In response to UserName9's comment:

    As with GM or Toyota, fines to corporations are not punishment.  "Credit Suisse" is not guilty; someone who works for Credit Suisse and who made the decisions that constituted this crime is guilty. Corporate crime will not end until responsible executives are put in jail. Corporate fines, no matter how large, do nothing to deter the people who actually commit the crime.

     




    I completely agree.

    We need perp-walks, and to Attica or Sing-Sing, not some country club fed spa for a few months.




    Yes, let's send some business executives to prisons that house the hardest of hardened criminals. You don't want a murderer to suffer one ounce of pain when being put to death yet you want an executive who helped with tax evasion to go to a prison with murders and rapists where he surely will be beaten and raped on a continuous basis. The hypocrisy is astounding as usual.

     

    White Collar 'Country Club' Prisons? Not So Much

    http://www.cnbc.com/id/49506680" rel="nofollow">http://www.cnbc.com/id/49506680" rel="nofollow">http://www.cnbc.com/id/49506680




    Wow, you really went all whacko wingnutty on that one.

    Hey spanky, do you think certain criminals should get special treatment?

    So you probably believe in 'affluenza' too, those poor rich kids, it's not their fault.

    And why can an 18 yr old pot smoker be sentenced to 'hard time' for smoking some weed yet a person who purposely and knowingly perpatrated fraud on thousands of people not do the same time?

    Are you saying that these 'job creators' are too fragile to handle prison but an 18-19-20 yr old kid is?

    Oh spanky, you getting your panties all twisted in a bunch over the idea that these manicured and well coiffed adults who run multi-billion dollar, multi-national companies having to actually serve time is quite touching.

    BWAAAAAAAAAAAAAAA HAAAAAAAAAAAAA HAAAAAAAAAAAAAAAAAA

    Yep, pinky thinks these adults can't handle prison so it would be mean to send them there.

     

     



    You do realize there are different levels of prisons right? 

     
  8. You have chosen to ignore posts from Hansoribrother. Show Hansoribrother's posts

    Re: Credit Suisse Pleads Guilty in Tax Evasion Case; $2.6B Fine Imposed

    In response to UserName9's comment:

    As with GM or Toyota, fines to corporations are not punishment.  "Credit Suisse" is not guilty; someone who works for Credit Suisse and who made the decisions that constituted this crime is guilty. Corporate crime will not end until responsible executives are put in jail. Corporate fines, no matter how large, do nothing to deter the people who actually commit the crime.

     



    These days banks get away with crime more than any other business. What would debt-ridden governments do without them? Who would distribute their debt instruments, prop up the stock market with the Fed money printing?

    When the savings and loan scandal hit 1000s went to JAIL. With the 2008 financial mess, no one did even though it was many times worse.

    The government is bought and paid for, so much so that even one of the biggest buyers, Warren Buffett, said it is cheaper to spend money in Washington to get a return than it is to invest in a new business, plant and equipment that employ people.

     
  9. You have chosen to ignore posts from ronreganfan. Show ronreganfan's posts

    Re: Credit Suisse Pleads Guilty in Tax Evasion Case; $2.6B Fine Imposed

    In response to MattyScornD's comment:

    In response to UserName9's comment:

    As with GM or Toyota, fines to corporations are not punishment.  "Credit Suisse" is not guilty; someone who works for Credit Suisse and who made the decisions that constituted this crime is guilty. Corporate crime will not end until responsible executives are put in jail. Corporate fines, no matter how large, do nothing to deter the people who actually commit the crime.

     




    In this case, the evaders are also guilty of crimes, but their names will not be disclosed as part of the plea.

    I'll also add that this is a bipartisan problem. Both sides have been abetting these practices for years.

    "Too big to jail" is an ongoing issue.

     



    Isn't tax evasion the entire reason Switzerland banking exists?

    i agree. The too big to fail/jail is an ongoing issue, and an example of what happens when government does not feel obligated to follow the law, any law.  If there are guilty parties, frog march them.  

    This is, amazingly, a slide downhill from the Bush administration, where individuals, like Ken Lay, SKilling, etc. were actually brought up on charges.  As much as the left likes to complain about Enron, etc. , it appears the left is more willing to protect corporate malfeasance.

     
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