Brady Dougan

When Brady Dougan & co. pleaded guilty to being a Swiss bank earlier this year, it doomed the firm to its worst quarter since the financial crisis. On the other hand, if it weren’t for helping non-Swiss people avoid taxes, there probably wouldn’t even be a Credit Suisse in the first place. So, you know, totally worth it. Read more »

Earlier this week, Credit Suisse pleaded guilty to engaging in massive tax fraud and paid the U.S. government $2.6 billion as part of its settlement agreement. While these things are never something a corporation hopes for, the good news actually abounds:

1. The restitution charge is not really that high in the grand scheme of things
2. Neither clients nor counterparties can be bothered to care
3. CEO Brady Dougan (and Chairman Urs Rohner) get to keep their jobs

And although it was surely welcome news to hear he didn’t have to box up his things and leave, Brady Dougan’s employment status comes with an asterisk. Although the board “has backed the American chief executive,” the people of Switzerland have not. Indeed, the only reason they’re banging down his office door right now is that, truth be told, they like his style. Read more »

As you may have heard, yesterday Credit Suisse paid a $2.6 billion fine and pleaded guilty to doing the thing that Swiss banks were put on this earth to do– helping American clients avoid paying taxes by hiding their assets from the IRS. Now, some people might worry that copping to engaging in years of highly illegal activity would cause clients and counterparties to look at the bank differently. In fact, CEO Brady Dougan was one of those people, which caused him to get on the horn and conduct a small poll to see if anyone would have trouble doing business with Credit Suisse moving forward. The great news is that apparently no one gives a shit. Read more »

In related news, the bank is about to plead guilty to helping a whole lot of people avoid paying taxes and fork over $2.5 billion1 to the U.S. government. So, it’s a big day for the Swiss. Read more »

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. Read more »

“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]

Light your candles, hang some mistletoe, ring in 2013, and then come back January 2 prepared to clear out your desk. Read more »

  • 26 Nov 2012 at 4:10 PM

Layoffs Watch ’12: Credit Suisse

Cuts are expected to go down at the House Of BD. Read more »