Credit Suisse

Joseph GalbraithOver at Dealbook today, you will find the story of Joseph B. Galbraith, whose Galbraith Capital Investment Management was mistakenly wired $1.5 million from Credit Suisse back in January. Currently, Galbraith is said to be living in Monacco and, presumably, the money is with him, because Credit Suisse, despite realizing its error many months back and asking nicely for Galbraith to return the money, has not seen a dime. But not for lack of trying! In fact, the bank asked Galbraith and his associates (one of whom appears to be his nephew) to give the money back many, many times. Unfortunately, the Swiss apparently had no idea who they were dealing with, i.e. a master of the old “Your check’s in the mail/I just got in a cab/I’m around the corner/I’m just looking for a parking spot.” Read more »

rbsIf you’re going to team up with other banks to manipulate interest rates and engage in other shady behavior, just make sure to be the first one to go to regulators and let them know what you’ve all been up to. Read more »

  • 05 Sep 2014 at 3:16 PM

Pay Hike Watch ’14: Credit Suisse

After having monitored the situation, the House of Dougan has decided its youngest members will be getting base pay raises. Read more »

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 »

In case it was unclear already. 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 »