The FT reports:
The outlook for Credit Suisse darkened on Friday after the Swiss bank revealed it had been formally placed under investigation by the US authorities over allegations it helped rich American people evade tax.
The move marked a significant escalation in a near four-year battle between the US and Switzerland over the alleged role of some Swiss private banks in helping US clients with undeclared offshore accounts to avoid taxation.
Oh no, surely not? Not those nice Swiss bankers letting their banks be used for tax evasion? How could that be? There must be some mistake here.....
Please tell me that's true.