Report: Credit Suisse to plead guilty, pay $2.5B over tax evasion


The $2.5B fine stands against the $1B amount which has been floating around for the past couple of weeks. The guilty plea, though, is the most interesting part as prosecutors have shied away from forcing these on banks over the worry regulators could seek to remove a bank's charter, with resultant ripple effects on the economy.

In this case, prosecutors and regulators have worked to prevent this from happening, and regulators will instead be satisfied with a fat payout - of the $2.5B fine, $600M is going to the NY State Dept. of Financial Services and $100M to the Fed. The rest goes to the DOJ.

At issue are charges the Swiss lender assisted wealthy Americans in their efforts to evade taxes. A guilty plea could come as soon as next week, with sources saying final details are still being worked out.

Comments (1)
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    Correction,

     

    Shareholders pay $2.5B

     

    Banksters walk, pay nothing themselves.
    15 May 2014, 04:49 PM Reply Like
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