Credit Suisse: We were running a criminal enterprise.

   0   0 Blog, Enablers and intermediaries

credit-suisse-logo-370x229We have written at some length about Credit Suisse’s attempted defences of its long-standing business model, highlighted in a headline “Credit Suisse CEO says a few bankers are to blame for $10bn in tax evasion.” As we said:

“The old ‘a few rotten apples’ defence.

“Some Swiss-based private bankers went to great lengths to disguise their bad conduct from Credit Suisse executive management,” Dougan said during his testimony in Washington DC.

Oh yeah? Here’s a more accurate description, Mr. Dougan: it’s institutionalised corruption and criminality in the entire Swiss banking system, for over a century.

Now we see, from a private asset recovery group:

“Credit Suisse is set to sign a document admitting it had unwittingly run a “criminal enterprise” in its past wooing of US tax dodgers (media reports).

“We were running a criminal enterprise, but we didn’t know,” reads the document cited by the media. However, we dispute that they didn’t know – and have the documents to back us up.”

Interesting. Let’s see how this one plays out.

 


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About The Author

Nicholas Shaxson is a journalist and writer on the staff of Tax Justice Network. He is author of the book Poisoned Wells about the oil industry in Africa, published in 2007, and the more recent Treasure Islands: Tax havens and the Men who Stole the World, published by Random House in January 2011. He lives in Berlin
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