Monday, August 15, 2011

Noises that Credit Suisse Is Ready to Surrender (8/15/11)

The news purveyors are reporting that Credit Suisse is ready to give it up -- including admitting wrongdoing and giving up $1 billion.  The actual details are not known, but the speculation is that the template for the deal will be the UBS arrangement with a deferred prosecutions agreement.

I will amend or supplement this blog entry as I become aware of additional material details.


See David Voreacos, Credit Suisse May Settle U.S. Probe by Admitting Wrongdoing, Paying Fine (Bloomberg 8/14/11).


  1. Read the article, which is just a bunch of disconnected lawyers offering opinions that CS will settle. I think we all know that. There are no new facts here, or am I missing something.

  2. As we've discussed frequently in this blog, it would not be surprising for Credit Suisse to settle, similar to the way UBS settled, because of Credit Suisse's substantial presence in the US - - assets, employees, US banking license - - which are under US jurisdiction. (Contrast this to, e.g., the Swiss Kantonal banks with no footprint in the US.) Americans with accounts at Credit Suisse still have some time (but not much time) to get into compliance before Credit Suisse shares their banking data with the IRS.

  3. Agreed Asher and Anon. I read the article too and it adds nothing new.

    Q: If CS does settle (and it seems it will have to and soon), does that settle all its US tax disputes civil and criminal, or just the criminal bank account stuff. It would seem reasonable that DOJ would want to settle up everything and release IRS resources but I don't know much about procedures in this type of case.

    Any ideas?

  4. A healthy diet is not about strict nutrition philosophies, staying extremely thin, or depriving yourself of foods you love. Rather, it is to get that good to have more energy and keep you healthy as possible.


Please make sure that your comment is relevant to the blog entry. For those regular commenters on the blog who otherwise do not want to identify by name, readers would find it helpful if you would choose a unique anonymous indentifier other than just Anonymous. This will help readers identify other comments from a trusted source, so to speak.