Swiss Bank Blames Employees for Tax Evasion Scheme
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:
Dougan said the bank had implemented a raft of new policies, including requiring U.S. customers to prove tax compliance and tightening U.S. travel policy for its Swiss-based private bankers.
He also said Credit Suisse had cooperated with U.S. authorities as fully as possible under Swiss law and had supported transparency efforts such as the Foreign Account Compliance Act in the United States.
— Posted by Peter Z. ScheerWAIT, BEFORE YOU GO…
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.