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Credit Suisse plead guilty May 20, 2014

Posted by hslu in Economics, Euro, Global Affair, Taxes.
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The Swiss bank has agreed to pay the US $2 billion for aiding its clients hiding assets from the US regulators and IRS. It was reported that Credit Suisse has 22,000 US clients with ~$10 billion under management.

In the settlement with the government, Credit Suisse didn’t have to give America regulators the names of its clients and the bank was still allowed to do business in the US. No bank officials will be prosecuted either.

IRS should be happy with the outcome because the most IRS can get from these people is probably 20% of the assets in question.

As for the $2 billion fine, Credit Suisse will make it back within a year. It can claim the charges as an expense too. I hink Credit Suisse came out on top even though it has to pay a much bigger fine.

 

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