in a hastily arranged bailout earlier this month, may bring with it a fresh set of regulatory and legal problems for its new owner.
Senate Finance Committee Chairman Ron Wyden, D-Ore., said his committee had received new information just this week from Credit Suisse about additional American undisclosed accounts that the bank held after 2014. The two former Credit Suisse employees, who worked as whistleblowers with the U.S. government and Senate investigators, told CNBC some of the bad behavior continued long after Credit Suisse's 2014 plea agreement. CNBC agreed to mask their identities on camera and to maintain their anonymity because they say they fear retaliation from the bank. They were interviewed in the weeks before Credit Suisse collapsed earlier this month.
Senior executives would call out individual bankers at quarterly meetings where they would read out the asset numbers for each banker. If a banker's number declined, the second whistleblower said, "you'd get exposed in front of your colleagues." And as a result, he said, "there may come moments where people simply omit saying things."
"Swiss banks are much more expensive, and there's a reason for that," he said. "If you could choose anywhere in the world you want to be, why would you pay more? Why would you be in a place which underperforms in terms of your return on assets?" "I tried to reach you, congratulation!!!!!" their private banker emailed back. "This is a big step for you and I know it was not easy."
But aides say they didn't find any evidence the family ever filed required paperwork with the US government or paid taxes on their assets. Instead, the assets were held under one family member's dual Latin American passport.As a result, the aide said: "They're potentially in legal jeopardy, to put it mildly."
Former Justice Department prosecutor Jeffrey Neiman, who is representing the whistleblowers, said he believes fraud is still ongoing and DOJ should claw back hundreds of millions of dollars in fines that the bank agreed to pay in 2014, but ultimately didn't have to pay. The bank agreed to pay $2.6 billion, but a federal judge only imposed a penalty of $1.3 billion at the time.
No way
EamonJavers stunned? as if U.S. banks (J.P. Morgan et al) stay on the straight and narrow.....
EamonJavers Now do JP Morgan and Epstein
EamonJavers American banks do the same thing, fractional reserve banking was the worst idea on earth, worse than trusting a Taco Bell fart 💨
EamonJavers Now will the government do anything with this information? Or just ignore it because it involves the wealthy.
EamonJavers Oh my...the Swiss were too peaceful anyway. Time to bomb some wells during Trump show.
EamonJavers No one cares
Tom_Winter EamonJavers If the Senate finance committee is 1 foot through the door, how many senators have investments in these banking systems, or their money in these banking systems, and keeping it suppressed to benefit them?
Tom_Winter EamonJavers This is incredible! ericgarland
EamonJavers If EamonJavers is covering this, it must be serious. This could get interesting.
Tom_Winter EamonJavers Credit Unions people!
Taxation is slavery?
Not surprising
Duh!
Of course they are and that will only get worse with Biden’s corporate tax policy
Lol, this has been going on for years, All that ever happens Is Credit Suisse pays a fine and continues to operate the same
Are they “whistleblowers” when they come forward after the bank’s demise?
😂 Swiss corruption. 😂
Hence the bailout!
Our laws are protecting the rich!
No shit
EamonJavers deserves a bonus for this story...
The very wealthy will start converting some of their cash into gold...And gold will go to $4,000 an ounce 🤷♂️
American Tax CHEATS? Are WE THE PEOPLE Surprised By This JoeSquawk? I Say Strip These SHADY/GREEDY Americans CLEAN Of ALL Assets Leaving Them With a Bag Of Clothes & $100. SquawkCNBC foxandfriends MariaBartiromo kilmeade ainsleyearhardt BeckyQuick JoeNBC
bullish. Medias sold panic panic and fear while organizations that pay them for this are buying all. Manipulation with fear but bullish , We have QE. JPMorgan, goldman always manipulate with news. A big business
Imagine that
never let a CS crisis go to waste, dear IRS, there’s much more to get than from matt taibbi
Cnbc is part of the problem as they are paid for by banks and hedgefunds
If bank executives don’t have personal criminal liability and then do jail time, it’ll continue
What a surprise
Duh!
Oh no. A Swiss bank who has been known to hide money for the rich since the 80’s hid money!
😅
Everyone knows this.
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