Apparently yesterday’s statement before a Senate subcommittee–wherein Dougan said that neither he nor Credit Suisse executives knew tax evasion was going on, but would nevertheless take responsibility for the few bad apples that had to ruin things for the rest of the group– was not satisfactory, particularly the part where Dougan claimed to just to have no knowledge of the practice. In order to move forward, the group needs to hear Dougan 1. Apologize for the original apology and 2. Say he knew it was going on the whole time, that he weighed in on the best way to hide assets, and maybe offer up pictures of himself on the beach thumbing through a copy of the Credit Suisse Tax Evasion handbook and sipping a pina colada. Follow through on one and two, and all will be forgiven.
The American-born CEO told a U.S. Senate subcommittee on Wednesday that he and other top managers were not aware a small group of Credit Suisse private bankers had helped U.S. customers evade taxes with offshore accounts. “The evidence showed that some Swiss-based private bankers went to great lengths to disguise their bad conduct from Credit Suisse executive management,” Dougan told the senators. He said the wrongdoing appeared to have taken place before 2009 despite “industry-leading compliance measures” at the bank. The body representing staff at Credit Suisse and other Swiss banks reacted with astonishment to Dougan’s comments, saying it was “hardly credible” that the bank’s bosses knew nothing of the practices. “It was common knowledge that tax evasion was the strategy, a business model pursued by many banks for a long time,” the Schweizerischer Bankpersonalverband said in a statement.