May 20 - Reynolds Holding and Antony Currie discuss how the Swiss bank will pay $2.8 billion for aiding tax evasion but avoid harsher consequences of a criminal conviction.
▲ Hide Transcript
▶ View Transcript
Credit Suisse is the first major bank in years to plead guilty to a US criminal charge agreed to fork over more than 2.5. Billion dollars for helping clients evade taxes. It -- to curry. Big deal or is there less than BCI was -- to -- I mean it is a big deal. -- -- -- I love the last big banks to Etsy and get it with this was HSBC about 1012 years ago right some kind of guilty -- right but his thing and that their reasons why. Prosecutors don't like the idea of guilty pleas won it's it's hard to get obviously. Yet but secondly more boldly muscled systemically. Idea is if you've got you -- these banks and find him guilty then. You might have to strip the banking licenses customer might decide they county business with a commit to making good belly up as we found that as a reliever Arthur -- not a bank but still it's tighter as Sampras yet. Site knew why convict -- -- as resolving if you get the less you think you -- -- don't think it is it was one of the prosecutors that they have -- gone out of their way to make shall the Credit Suisse. Doesn't get penalized and how life having this whole. What about individuals anybody at the -- similar device I what that no one of the top the middle -- the bottom is getting at least by the US. Getting me to -- accused of anything on this there's like some -- we've heard in the crisis may be as a result of this deal. The department justice will be SEC when it will get. XYZ -- Personally trying to do it that's happened in this case. Axles so when you look at it we basically got is you've got the bit to say is it's probably just as we got this conviction but she does nothing -- and it's a where's this coming from I mean why would they go through this motion whenever they go through this process say we have -- criminal conviction. When in the past we know that other banks JPMorgan among them -- paid you know multi billions of dollars in. Civil settlement to what works what Democrats that I think is coming from an attorney general Eric Holder anyway he backed himself into a bit into a bit of a cold I earlier this year when -- so it will make is that America. It's pretty difficult to go off the banks of the very reason -- -- him that annoyed lawmakers on both sides of the policy came back few weeks go sit at -- there's no such thing as too big to jail and any kind of suffering -- right yes. Well now still we have Credit Suisse are paying you know in excess of 2.5 million dollars. We have. Another bank UBS did. Pretty much the same thing is that right yet and that's that they had and they had. That -- -- of fossil find I think it was under a billion dollars or else that was not a conviction and it was not a mixed news. Guilt that of course was five years ago before we had this huge desire on the part of both public. And regulators and the like on Department of Justice system is that you -- to fight inflation and has no rhyme -- reason that we just neither. Banks are paying more for for some accounts funds well that's interest. We'll watch that story and see what's coming up for other banks in the mean time stay tuned for more breaking news tomorrow.