CRISIS DEEPENS

Credit Suisse Still Helping Uber-Rich Americans Dodge Taxes, Senate Committee Finds

It comes after the failed bank had to be rescued by the Swiss government.

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.