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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBig fine 'won't do much damage': Credit Suisse CEO
Hours after the Obama administration announced the criminal conviction of Credit Suisse on Monday evening, the bank's chief executive, Brady W. Dougan, publicly reassured Wall Street that the punishment would not do much damage to his firm. The conviction, he said on a conference call, would not cause "any material impact on our operational or business capabilities."
And in many ways, that was exactly the outcome that the American authorities desired.
The Justice Department and bank regulators had worked hard to find a careful balance. When Credit Suisse pleaded guilty to the crime of aiding tax evasion, prosecutors did not want the action to lead to repercussions that could destabilize the bank or the wider financial system.
So far, that arrangement seems to have been achieved. The question, however, is whether it amounts to justice.
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http://www.cnbc.com/id/101696645
I'll bet he would sing a different song if he was going to jail.....
1StrongBlackMan
(31,849 posts)Go to jail for what?
msongs
(67,395 posts)1StrongBlackMan
(31,849 posts)Big difference.
leftyohiolib
(5,917 posts)1StrongBlackMan
(31,849 posts)okaawhatever
(9,461 posts)Regardless, this is a historic win. This article doesn't discuss it, but I think part of the problem was finding account managers/bankers who were in the US when it was done. The 8 indicted individuals were here in the US soliciting business. I remember the story of one who was here for some golf tournament and approached a potential client and mentioned ways the bank could help them skirt taxes. This is something that has been going on for years without prosecution. Congrats to the Obama admin and DOJ for pursuing this.
leftyohiolib
(5,917 posts)okaawhatever
(9,461 posts)KamaAina
(78,249 posts)like when auto companies lose lawsuits over defective cars.
okaawhatever
(9,461 posts)WillyT
(72,631 posts)KansDem
(28,498 posts)okaawhatever
(9,461 posts)FiveGoodMen
(20,018 posts)Nothing else makes the point.