Friday, March 21, 2014

Credit Suisse Takes a NonTax Hit from U.S. Authorities (3/21/14)

Elena Logutenkova and Jeffrey Vögeli, Credit Suisse to Pay $885 Million to Settle FHFA Lawsuits (Bloomberg 3/21/14), here.
Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, agreed to pay $885 million to settle lawsuits by the Federal Housing Finance Agency over mortgages sold to Fannie Mae and Freddie Mac. 
* * * * 
Credit Suisse was among 18 lenders sued by the FHFA in 2011 to recoup losses on about $200 billion in mortgage-backed securities sold to the two government-sponsored companies before the financial crisis. Nine companies, including JPMorgan Chase & Co., Deutsche Bank AG and UBS AG (UBSN), have agreed to pay more than $9.2 billion to settle similar lawsuits by FHFA. 
“It’s definitely good for Credit Suisse to have this thing out of the way,” said Guido Hoymann, a Frankfurt-based analyst with Bankhaus Metzler. 
Chief Executive Officer Brady Dougan in February called mortgage-related litigation one of the bank’s two most important legal issues alongside the U.S. investigation into whether it helped Americans evade taxes. The company said yesterday the agreement with FHFA resolves the largest mortgage-related investor litigation.


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  2. .......Lipukhin, a Russian citizen and former lawful permanent U.S. resident.....
    good luck with that indictment !

  3. ChiTownTaxAttorneyMarch 23, 2014 at 10:55 AM

    My interest in this barely extends beyond the fact that I effectively live in St. Charles (most schools, library and park district services, etc.) and the building mentioned was an old church converted into an on-and-off again, so-so restaurant in my opinion. I stopped there quite a while ago because they allowed cigar smoking, and I don't know its status these days. Shockingly good Dover Sole for the Midwest, though. Beyond that, I'd say it looks like a rational move to at least allow collection / asset forfeitures, figuring the defendant (and others like him and maybe the people who have renounced their citizenship) won't likely be back any time soon. I'd doubt this is some kind of stunt as I think UStax is suggesting, although I do find it interesting the indictment came out of Kansas City, instead of the Northern District of Illinois. I haven't read the indictment, however, so that's just my speculation.

  4. Thanks, Global Capitalism.

    When and if this occurs, it will be a step in the right direction. I think most practitioners had anticipated some liberalization of the requirements and had anticipated that the dollar thresholds might be less rigid than most read the requirements before.

    I think people should keep in mind that the streamlined program really is for the truly innocent taxpayers. Of course truly innocent taxpayers going through OVDP should get basically the same result. So, this process essentially short-circuits the expense and hassle of going through OVDP.

    Jack Townsend

  5. ChiTownTaxAttorney, sorry this comment got directed to the spam filter that I only check once a week. I just caught it and, of course, it is not spam, but a very good comment. Thanks, Jack

  6. Sods -----


    For almost two
    decades we have strived to get justice for the injustice we have
    suffered at the hands of a world renowned bank--- PICTET & CIE.

    Two yorkshiremen
    both running their own small family businesses trying to resolve the
    problem by taking all the correct legal procedures to recover their

    The matter was
    raised in Parliament – twice-- the FSA investigated the matter
    concluding that PICTET had rogues operating in their London Bank ---
    but the rogues had left ---saying no one left to prosecute.??? -----
    so there.

    We then
    approached the Financial Ombudsman Service. (FOS) --- our case was
    dealt with by seven different people ---- then our numerous E-Mails
    were ignored --- nobody would speak to us -------so there.

    We then asked the
    SFO ( Serious Fraud Office.) to investigate our case ---- the
    criteria of our case ticked all their boxes. --- we were instructed
    not to send them

    documents/evidence.------ in fact they wrote to us advising us to go
    to the Citizen's Advice Bureau.(CAB.)

    Richard Alderman
    the SFO boss ---- who responded to our letter was the same man who
    would not investigate the “ Madoff” scandal or the “Libor”

    The MP's
    committee ---- said he was sloppy--- and the SFO was run like “
    Fred Karno's Circus” ----- it was an office of fraud.----- so

    Our M.P.
    approached our local Chief Constable to investigate----- he was
    called---- Sir Norman Bettison--- Chief Constable of West Yorkshire
    Police ---- a force that made “ Dad's Army” look like the S.A.S.
    They were inept – corrupt ---malicious --- from top to bottom. We
    were criminally dealt with by the Forces Solicitor---- the Head of
    the Economic Crime Unit ----and the Chief Constable ----- so there.

    We were then
    advised to pass our complaint against West Yorkshire Police to the
    I.P.C.C. – which we did --- they advised us to make our complaint
    to ---- the West Yorkshire Police --- we did with reluctance --- all
    we got was abuse and obfuscation. ----- so there.

    Sir Norman
    Bettison ---- The Forces solicitor--- and the Head of the Economic
    Crime ---- have all been removed from their posts and facing criminal

    ------ so there.

    We even sought
    justice through the Courts --- culminating in a visit to the Court of
    Appeal-London.--- On leaving the Courts of Appeal that day our
    barrister a “rising star” informed us --- that if that was
    Justice then you can keep it. He quit the law and moved to Canada
    ----- so there.

    A few years later
    we learned that one of the judges in our case at the Court of Appeal
    was related to a senior executive of the Pictet Bank -----so there.

    Pictet & Cie
    .Bank --- voted private bank of the year 2013.

    Ivan Pictet ----
    Voted banker of the year 2012. ---- the senior partner --- lied on
    numerous occasions and had documents destroyed --- also said genuine
    documents were forgeries. ----- so there.

    Ivan Pictet in
    Oct. 2013 ---- Given the Legion of Honour --- but saying that ----
    honours were given to Hitler --- Eichmann --- Mussolini ---Franco
    --- he's in fitting company. ----so there.

    RAPHAEL.Q.C. -- Peters & Peters.London. They were the banks

    Raphael.Q.C. along with Ivan Pictet withheld crucial documents
    requested by the High Court ---- the FSA ---- and the police Fraud
    Squad. ----so there.

    Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.

    Raphael.Q.C. became a Master of the Bench in Nov.2012.

    An expert in
    Fraud ---the Doyen of Fraud Lawyers. ----- so there.

    This says a lot
    about Banks --- the consensus of opinion is that they are highly paid
    “crooks” ---- no wonder they voted Ivan Pictet banker of the

    It appears that
    crimes in the “establishment.” are honoured by their peers.


    Full Story.----
    “google or Yahoo ”




    Ivan Pictet/Monty

  7. uscitizenshipnightmareMarch 25, 2014 at 12:23 PM

    Anyone have a particular insight into why the streamlined program only allowed taxpayers who were delinquent from at least 2009 (as opposed to someone, for example, who was delinquent for a lower number of years). What was the policy behind that?

  8. The KGB had never been truly successful in tracking US citizens in Russia, but now, due to the US law FATCA, 2010 HR 2847, the Russians will be able to keep complete records upon US personas social security numbers, bank asset values, bank account info, addresses, and telephones.

    The USA has helped the KGB to accomplish in 2014 what the KGB has been trying to do for decades—to track the most sensitive personal information of US citizens!!! …


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