Credit Suisse

  • 12 May 2014 at 1:35 PM
  • Banks

BNP Paribas, Credit Suisse Have A Favor To Ask

Preet Bharara & co. are super pissed at BNP Paribas and Credit Suisse. Guilty-plea-to-criminal-charges pissed. But the banks can’t go back in time and not blithely do business with the Axis of Evil-plus, or help Americans minimize the size of that last number on their 1040s, respectively. And until they get their hands on a time machine allowing them to do a better job of covering up those (alleged!) crimes, they’ll resort to a strategy that’s actually available to them: begging. Read more »

  • 17 Apr 2014 at 12:52 PM

Layoffs Watch ’14: Credit Suisse

Denizens of the House of Dougan may want to gird their loins for the next several months. 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 »

Group AG Chief Executive Brady Dougan is scheduled to testify Wednesday at a U.S. Senate subcommittee hearing on offshore tax evasion, a move that comes as the Swiss bank seeks to settle allegations it helped Americans evade their obligations. According to a witness list made public on Monday, Robert Shafir and Hans-Ulrich Meister, who jointly run Credit Suisse’s private banking and wealth management division, as well as Romeo Cerutti, the bank’s general counsel, will join Mr. Dougan at the hearing. A separate panel will include Kathryn Keneally, U.S. assistant attorney general for the Justice Department’s tax division. The hearing will focus on “efforts to hold Swiss banks and their U.S. clients accountable for unpaid taxes on billions of dollars in hidden assets,” according to a press release from the U.S. Senate Permanent Subcommittee on Investigations, which is conducting the hearing. [WSJ]

Multiply that by the 80 years since Switzerland passed its Banking Law of 1934, and you’ve got your settlement. Read more »

  • 23 Jan 2014 at 1:07 PM

Bonus Watch ’14: Credit Suisse

A quick update re: yesterday’s bonus communication day, the update being that Brady Dougan apparently has some ticked off junior mistmakers on his hands. Read more »

  • 22 Jan 2014 at 11:56 AM

Bonus Watch ’14: Credit Suisse

It’s compensation communication day at the House of Dougan. No word on numbers yet, but the early word is: “No one looks particularly thrilled so far…”