Credit Suisse Still Helping Uber-Rich Americans Dodge Taxes, Senate Committee Finds
CRISIS DEEPENS
Credit Suisse is still helping rich Americans dodge taxes, the Senate Finance Committee said Wednesday after a two-year investigation. The panel found the bank—which failed earlier this month and is being taken over in an “emergency rescue” by rival UBS—violated the terms of a 2014 plea deal with the DOJ for having enabled thousands of U.S. citizens to evade taxes. In one case, the committee found a “previously unknown, ongoing and potentially criminal conspiracy involving the failure to disclose nearly $100 million in secret offshore accounts belonging to a single family of American taxpayers.” Chairman Sen. Ron Wyden (D-OR) said: “At the center of this investigation are greedy Swiss bankers and catnapping government regulators, and the result appears to be a massive, ongoing conspiracy to help ultra-wealthy U.S. citizens to evade taxes and rip off their fellow Americans.” In a statement to Reuters, Credit Suisse said it has been cooperating with U.S. authorities and that it does not tolerate tax evasion.