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.
No comments:
Post a Comment