Credit Suisse helped wealthy Americans cheat the IRS, Senate report says
Source: Washington Post
Swiss banking giant Credit Suisse helped wealthy Americans hide billions of dollars from U.S. tax collectors for several years and federal prosecutors have done little to hold violators accountable, according to a U.S. Senate subcommittee report due out Wednesday.
The allegations were particularly stunning in the face of the budget cuts and deficits that the United States faces, lawmakers said. The report casts the Justice Department as a hapless enforcer that has dragged its feet in getting Credit Suisse to turn over the names of some 22,000 U.S. customers.
Lawmakers have accused the bank of helping wealthy Americans avoid paying taxes on as much as $12 billion in assets held at the institution. Prosecutors have been aware of the misconduct at Credit Suisse for at least four years, in which time they have indicted seven bankers and launched a probe of the institution, according to the report. But no one has stood trial, and the bank has not been held legally accountable, the report says.
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The 175-page report, the culmination of a two-year investigation, alleges that from 2001 to 2008 Switzerland’s second-largest bank helped customers disguise Swiss accounts by opening them in the name of offshore shell entities. Bankers used cloak-and-dagger tactics to conceal their misdeeds, according to the report.
Read more: http://m.washingtonpost.com/business/economy/credit-suisse-helped-wealthy-americans-cheat-the-irs-senate-report-says/2014/02/25/e45c7dee-9d9d-11e3-a050-dc3322a94fa7_story.html
= new reply since forum marked as read
and to those foreign corporations who maintain a presence in the U.S. like Credit Suisse. You play here, you follow the rules... (supposedly... 
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