Swiss Banks That Tasked Employees With Helping Clients Evade Taxes Are Saving Themselves By Turning In Said Employees, Muttering "I can't believe you'd do something like that, don't you know tax evasion is illegal" Loud Enough For Others To Hear

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Swiss banks are turning over thousands of employee names to U.S. authorities as they seek leniency for their alleged role in helping American clients evade taxes, according to lawyers representing banking staff. At least five banks supplied e-mails and telephone records containing as many as 10,000 names to the U.S. Department of Justice, according to estimates by Douglas Hornung, a Geneva- based lawyer representing 40 current and former employees of HSBC Holdings's Swiss unit, Credit Suisse, and Julius Baer Group Ltd. The data handover is illegal, said Alec Reymond, a former president of the Geneva Bar Association, who is representing two Credit Suisse staff members. “The banks are burning their own people to try and cut deals with the DOJ,” said Hornung. “This violation of personal privacy is unprecedented in the Swiss banking industry.” [Bloomberg]

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