Mar 11, 2014
Swiss Bank Blames Employees for Tax Evasion Scheme
Posted on Feb 26, 2014
A U.S. Senate subcommittee found that Credit Suisse helped American clients conceal as much as $12 billion from the IRS, but the bank’s CEO, Brady Dougan, said the blame lies with a few employees acting on their own.
It’s a bit hard to swallow, since Switzerland, with its secretive banking laws, has been a well-known tax shelter since the Nazis hid their loot there. More recently, Swiss bank UBS paid a $780 million fine in 2009 for helping American taxpayers hide their assets.
Credit Suisse reportedly went so far as to have a bank in the Zurich airport so customers didn’t even have to set foot in the city to stash their cash.
According to CNN, Dougan said the bank faces a different kind of scrutiny from lawmakers at home:
—Posted by Peter Z. Scheer
Previous item: Texans Will Have to Wait for Gay Marriage
New and Improved Comments