Thursday, May 14, 2015

Credit Suisse



Credit Suisse
Post financial crisis
According to The Wall Street Journal, "Credit Suisse survived the credit crisis better than many competitors."[36] Credit Suisse had $902 million in writedowns for subprime holdings and the same amount for leveraged loans,[41] but it did not have to borrow from the government.[42] Along with other banks, Credit Suisse was investigated and sued by US authorities for bundling mortgage loans with securities, misrepresenting the risks of underlying mortgages during the housing boom.[43][44] Following the crisis, Credit Suisse cut more than one-trillion in assets and made plans to cut its investment banking arm 37 percent by 2014. It reduced emphasis on investment banking and focused on private banking and wealth management.[45][46] In July 2011, Credit Suisse cut 2,000 jobs in response to a weaker than expected economic recovery[47] and later merged its asset management with the private bank group to cut additional costs.[48]
A series of international investigations took place in the early 2000s regarding the use of Credit Suisse accounts for tax evasion. The Brazilian government investigated 13 former and current Credit Suisse employees in 2008.[8] The investigation led to arrests that year and in 2009 as part of a larger crackdown in Brazil.[49][50] Four Credit Suissse bankers were accused of fraud by the US Justice Department in 2011 for helping wealthy Americans avoid taxes.[51][52] German authorities found that citizens were using insurance policies of a Bermuda-based Credit Suisse subsidiary to earn tax-free interest.[53] In November 2012, Credit Suisse's asset management division was merged with the private banking arm.[54]
In September 2012, the Swiss government gave banks like Credit Suisse permission to provide information to the US Justice Department for tax evasion probes.[55] In February 2014 it agreed to pay a fine of $197 million after one of its businesses served 8,500 US clients without registering its activities, leading to suspicion as to whether it was helping Americans evade taxes. It was one of 14 Swiss banks under investigation.[56] Separately, in 2013, German authorities began to probe Credit Suisse, its private bank subsidiary Clariden Leu, and its German subsidiary Neue Aargauer for helping German citizens evade taxes.[57] The bank eventually entered into a €150 million settlement with the government.[58]
In March 2014, Credit Suisse denied claims it had been drawn into a Swiss competition probe investigating potential collusion to manipulate foreign exchange rates by various Swiss and foreign banks.[59] In May 2014, Credit Suisse pleaded guilty to conspiring to aid tax evasion. It was the most prominent bank to plead guilty in the United States since Drexel Burnham Lambert in 1989 and the largest to do so since the Bankers Trust in 1999.[60] "Credit Suisse conspired to help U.S. citizens hide assets in offshore accounts in order to evade paying taxes. When a bank engages in misconduct this brazen, it should expect that the Justice Department will pursue criminal prosecution to the fullest extent possible, as has happened here," Attorney General Eric H. Holder said at the time.[2] Holder also said "This case shows that no financial institution, no matter its size or global reach, is above the law." Credit Suisse shares rose 1% on the day the $2.6 billion penalty was announced.[61]
On 10 March 2015, it was announced that Tidjane Thiam, the CEO of Prudential would leave to become the next CEO of Credit Suisse.

Credit Suisse
Credit Suisse Group was a funder for the Bill, Hillary & Chelsea Clinton Foundation.

Note: Open Society Foundations was a funder for the Bill, Hillary & Chelsea Clinton Foundation, and the American Constitution Society.
George Soros is the founder & chairman for the Open Society Foundations, was the chairman for the Foundation to Promote Open Society, and a benefactor for the Harlem Children's Zone.
Foundation to Promote Open Society was a funder for the Harlem Children's Zone, and the NAACP Legal Defense & Educational Fund.
John J. Mack was the benefactor for the Harlem Children's Zone, a co-CEO for the Credit Suisse Group, the president & CEO for Credit Suisse First Boston, and is a director at the Bloomberg Family Foundation.
Credit Suisse First Boston is the former name for the Credit Suisse Group.
Credit Suisse Group was the Bailout Money Market Mutual Fund Liquidity borrower, and the Bailout Term Auction Facility borrower.
Bloomberg Family Foundation was a funder for the Bill, Hillary & Chelsea Clinton Foundation.
Michael R. Bloomberg is the founder of the Bloomberg Family Foundation, and was a benefactor for the Harlem Children's Zone.
Covington & Burling LLP is the lobby firm for the Credit Suisse Group.
Eric H. Holder Jr. was a partner at Covington & Burling LLP, a board member for the American Constitution Society, an intern at the NAACP Legal Defense & Educational Fund, and the attorney general at the U.S. Department of Justice for the Barack Obama administration.
Peter F. Weibel was a director at the Credit Suisse Group, and is a Swiss advisory council member for the American Swiss Foundation.
Faith Whittlesey is the chair emerita for the American Swiss Foundation, and was the U.S. ambassador for Switzerland.
Swiss National Bank is the central bank for Switzerland, and swapped the Swiss franc for dollars in the Bailout Central Bank Liquidity Swap Lines.
Olivier Steimer is the vice chairman of the bank council for the Swiss National Bank, and a division chairman for the Credit Suisse Group.
Credit Suisse Group was a funder for the Bill, Hillary & Chelsea Clinton Foundation.
Philipp M. Hildebrand was the president for the Swiss National Bank, and is a member of the Group of Thirty.
Roger W. Ferguson Jr. is a member of the Group of Thirty, and was the chairman for the Swiss Re America Holding Corporation.
Swiss Re America Holding Corporation is a subsidiary of Swiss Re.
Swiss Re was a funder for the Bill, Hillary & Chelsea Clinton Foundation.
Carlos E. Represas is a director at Swiss Re, and a director at Merck.
Merck was a funder for the Bill, Hillary & Chelsea Clinton Foundation.
Eric H. Holder Jr.’s client was Merck, a partner at Covington & Burling LLP, a board member for the American Constitution Society, an intern at the NAACP Legal Defense & Educational Fund, and the attorney general at the U.S. Department of Justice for the Barack Obama administration.
Covington & Burling LLP is the lobby firm for the Credit Suisse Group.
Credit Suisse Group was a funder for the Bill, Hillary & Chelsea Clinton Foundation.
Anne M. Tatlock was a director at Merck, and is a director at the Bloomberg Family Foundation.
Bloomberg Family Foundation was a funder for the Bill, Hillary & Chelsea Clinton Foundation.
Michael R. Bloomberg is the founder of the Bloomberg Family Foundation, and was a benefactor for the Harlem Children's Zone.
John J. Mack is a director at the Bloomberg Family Foundation, was the benefactor for the Harlem Children's Zone, a co-CEO for the Credit Suisse Group, and the president & CEO for Credit Suisse First Boston.
Credit Suisse First Boston is the former name for the Credit Suisse Group.
Credit Suisse Group was the Bailout Money Market Mutual Fund Liquidity borrower, and the Bailout Term Auction Facility borrower.
Credit Suisse Group was a funder for the Bill, Hillary & Chelsea Clinton Foundation.

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