“Some Swiss-based private bankers went to great lengths to disguise their bad conduct from Credit Suisse executive management,” Dougan said at a Senate subcommittee hearing in Washington today. “While that employee misconduct violated our policies, and was unknown to our executive management, we accept responsibility for and deeply regret these employees’ actions.” [Bloomberg]

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  1. Posted by Guest | February 26, 2014 at 3:35 PM

    The dog ate my homework…I double pinky swear on my Grandma's life.

  2. Posted by Guest | February 26, 2014 at 3:39 PM

    Credit Suisse Compliance Manual, p. 152, IX.2, "Concealment of Illicit Activities from Regulatory Authorities":

    a) Any attempt to conceal activities which are in violation of any law, regulation, statute, or rule of any jurisdiction within which CS maintains a legal standing, shall be immediately punishable by discipline up to and including immediate severance and legal action to recover previous compensation, including bonuses paid, except when such activity:

    i) Returns a net profit to CS and remains undetected, or

    ii) Returns a net profit to CS and is detected by authorities, but where net legal costs are less than the profit returned, or

    iii) Involves persons related to or very good friends with senior CS executives, regardless of profitability

    b) For any exemptions in §IX.2.a to be valid, employees involved must actively conceal such activities from CS management, or be willing to attest that they have attempted to do so if called for testimony

  3. Posted by Credit Cartman | February 26, 2014 at 5:48 PM

    You guys – I am so seriously

  4. Posted by Guest | February 26, 2014 at 8:59 PM

    "POST CARD FROM TAX EVASION HQ" – Dealbreaker 2008/2009

  5. Posted by I was there | February 28, 2014 at 4:07 AM

    Big banks have been using their small subsidiaries for years to fly under the radar of regulators. Commerzbank did it, RBS did it with Coutts, Credit Suisse did it with Clariden Leu, DZ Bank is still doing it with DZ Privatbank. These entities are so small that regulators don't want to spend resources on them to audit or even inspect them.