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Bloomberg: Senate report slams Credit Suisse over tax dodging

  • The Senate Permanent Subcommittee on Investigations will release a report today that accuses Credit Suisse (CS) of helping American citizens avoid taxes by hiding cash transfers and providing accounts that were not declared to the Internal Revenue Service, Bloomberg writes.
  • The report will also criticize the Department of Justice for not completing a probe into Credit Suisse and for not being aggressive enough in going after offshore banks.
  • The panel will publish the report ahead of a hearing that is scheduled for tomorrow, when Credit Suisse CEO Brady Dougan is set to testify.
  • Last week, Credit Suisse agreed to pay $197M to U.S. regulators and admitted that it provided service to thousands of Americans without authorization.
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