Senate panel to hold hearing on tax dodging; CS a focus

|By:, SA News Editor

The Senate Permanent Subcommittee on Investigation is due to hold a hearing today on how Swiss banks helped American citizens dodge taxes.

Credit Suisse (CS) will be under particular focus after the panel released a report yesterday that accused the company of opening Swiss accounts for over 22,000 U.S. customers with combined assets of up to $12B.

Credit Suisse CEO Brady Dougan and three other top executives are set to testify, as well as two leading officials from the Department of Justice.

Last week, Credit Suisse agreed to pay $196M in a settlement over the issue with the SEC and it admitted to wrongdoing. However, no deal is imminent with the DOJ, Reuters reports.