Fed to allow Credit Suisse to remain a primary dealer

The Swiss lender will be able to continue to serve as  a counterparty to the Federal Reserve after pleading guilty to tax evasion earlier this year, says the FRBNY.

A New York Fed spokesman noted Credit Suisse's (CS) criminal activities didn't involve its broker-dealer business, and the bank has taken steps to address compliance issues. What he didn't note was that the Fed got a piece of the $2.6B settlement, receiving $100M.

Credit Suisse being allowed to keep its primary dealer status is another sign the criminal plea was for "showin', not blowin'."

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