Democracy Now! — Too Big To Jail? Credit Suisse Bank Pleads Guilty to Decades of Tax Evasion, But Execs Avoid Prison

European banking giant Credit Suisse has pleaded guilty to helping American clients avoid paying taxes by concealing assets in illegal, undeclared bank accounts — becoming the largest bank to plead guilty to a criminal charge in 20 years. As part of the plea deal, Credit Suisse will pay about $2.6 billion in penalties and hire an independent monitor. But the bank will not be required to turn over the names of the Americans who used the bank to evade taxes. In addition, no senior Credit Suisse executives will face jail time, and the bank will be allowed to continue operating in the United States. According to The New York Times, the Securities and Exchange Commission voted last week to grant Credit Suisse a temporary exemption from a federal law that requires a bank to hand over its investment-adviser license in the event of a guilty plea. We speak to James Henry, former chief economist at McKinsey & Co., now a senior adviser to the Tax Justice Network and senior fellow at the Vale Columbia Center on Sustainable International Investment.

Democracy Now!
Too Big To Jail? Credit Suisse Bank Pleads Guilty to Decades of Tax Evasion, But Execs Avoid Prison