Friday, May 23, 2014


This seems to be the first in this century: a bankster admitting to criminal acts.
Credit Suisse’s Felony Plea
May 20, 2014 8:04 am
NY Times

Credit Suisse has done what no other bank of its size and significance has done in more than two decades: plead guilty to criminal wrongdoing, DealBook’s Ben Protess and Jessica Silver-Greenberg write. “In a sign that banking giants are no longer immune from criminal charges, despite concerns that financial institutions have grown so large and interconnected that they are too big to jail, federal prosecutors demanded that Credit Suisse’s parent company plead guilty to helping thousands of American account holders hide their wealth,” they write.

As part of the deal announced on Monday, the Swiss bank agreed to one count of conspiring to aid tax evasion. Credit Suisse, which has a giant investment bank in New York and whose chief executive is an American, also agreed to pay about $2.6 billion in penalties and hire an independent monitor for up to two years.

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