As the FT report in an email this morning:
Credit Suisse made false claims in US visa applications, conducted business with clients in secret elevators and shredded documents to help more than 22,000 American customers avoid US taxes, according to a scathing report by a US congressional committee. Credit Suisse handed account statements to one client tucked inside a Sports Illustrated magazine as part of its “cloak and dagger tactics”, according to Senator Carl Levin, chairman of the US Senate Permanent Subcommittee on Investigations.
Let's be clear; this is not the odd bad apple causing a problem. This is industrial scale abuse by a major bank.
And they were far from alone, as we already know.
As I have said for a long time, tax havens are states that set out to sell corruption, and, I venture to suggest, still do. I very much doubt that the corruption services providers have changed their spots. Indeed, the contempt of banks for all regulations shows they have not.
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Expect a slap on the wrist fine-that affects nothing. Anyone know where these fines go – any social value resulting?
One would hope the committee has identified the US citizens who have been evading tax too and will come down hard on them – What was good enough for Al Capone should be good enough for them
Well you may be interested to learn that the Isle of Man House of Keys had some visitors from Switzerland. This is an extract from the (temporary) rolling Hansard from yesterday: http://www.tynwald.org.im/business/hansard/20002020/k140225%20RHC.pdf
Welcome to visitors from the Swiss Embassy
The Speaker:
It is my great pleasure to welcome to the Public Gallery the Ambassador from Switzerland, His Excellency Mr Dominik Furgler, and his wife, Mrs Hayam Furgler. They are accompanied by First Secretary for Financial and Fiscal Affairs at the Swiss Embassy, Ms Rebekka Benesch
You are very welcome to the Isle of Man.
I am sure they are