jump to navigation

Credit Suisse plead guilty May 20, 2014

Posted by hslu in Economics, Euro, Global Affair, Taxes.

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.



No comments yet — be the first.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: