Smart. Sharp. Funny. Fearless.
Wednesday, October 26, 2016

Washington (AFP) – U.S. Attorney General Eric Holder met with his counterpart from Switzerland as investigators crack down on Swiss banks that help U.S. customers avoid paying taxes.

U.S. officials were tight-lipped about the content of the meeting between Holder and Eveline Widmer-Schlumpf, but told AFP that the U.S. probe into the Credit Suisse bank was discussed.

Credit Suisse has been in talks with the Justice Department to settle a probe over its role in enabling Americans evade taxes. U.S. prosecutors have reportedly pressed for a guilty plea from a bank subsidiary.

One possible outcome is that Credit Suisse will be fined. Press reports say the fine could exceed the $780 million that another Swiss bank, UBS, paid in 2009.

In early April Credit Suisse said it had set aside 425 million Swiss francs ($476 million) in provisions for a possible deal with U.S. tax authorities.

The Justice Department has described a decades-long conspiracy that resulted in secret accounts for U.S. customers.

“The conspiracy dates back to 1953 and involved two generations of U.S. tax evaders including U.S. customers who inherited secret accounts” at Credit Suisse, it said in a July 2011 news release.

Credit Suisse is one of 14 Swiss banks under U.S. investigation for allegedly accepting billions of undeclared dollars from U.S. citizens.

On Wednesday, the owner of a Swiss trust company pleaded guilty in New York to conspiring with Credit Suisse bankers to enable U.S. customers avoid taxes by hiding assets in secret Swiss bank accounts.

Josef Dorig admitted he engaged in a “wide-ranging” conspiracy between 1997 and 2011 to help U.S. citizens evade income taxes by concealing assets in Credit Suisse accounts held in the names of sham entities, the Justice Department said.

A U.S. Senate report out in February showed that at its peak, Credit Suisse sheltered between $10 billion and $12 billion in largely non-reported assets in the accounts of more than 22,000 U.S. customers.

The exact amount funds unreported to U.S. tax authorities is probably around $7 billion, Credit Suisse director Brady Dougan in late February.

AFP Photo/Andrew Winning

Click here for reuse options!
Copyright 2014 The National Memo
  • Grannysmovin

    Why doesn’t Boehner appoint a special committee to investigate this or tell Issa to spend 2 years investigating who is hiding money to avoid taxes – wait Issa is probably one of them.

    • disqus_ivSI3ByGmh

      Granny, you beat me to the Issa comment I was gonna make. Dang!

  • 788eddie

    Yea, Eric!

    And good luck in your quest!

  • Thomas_Blaney

    Well, it was the only way they could get Al Capone, but it still doesn’t look like anyone is going to jail.

  • charles king

    Critical Thinking makes our Democracy so potent. President Obama introduce critical thinking into his re-election campainge and it got everyone in his Admin, and coming up with some good workable answers on finding out Where? and How? the MONIES are coming and going. Keep up the good work and find out about our Unions, Public education, our J A Z Z and What? the hell is going on in America. Obamacare is working find us some more workable issues. Thank You are the4 magic words in my book. I Love Ya All. Mr. C. E. KING

  • CPAinNewYork

    It’s about time that Holder did something substantive against the big money tax cheaters in this country. He still refuses to go after the cheats who repatriated offshore money to get the low tax rates from the latest amnesty but violated the law by using that money to pay executive bonuses and buy back their own corporation’s stock. He also refuses to indict the big banks who violated the law and simple ethics during the 2008 crisis.

    Eric Holder is full of crap. His continuation in office shows me that a lot of Obama’s rhetoric about bringing the miscreants to justice is just hot air.

    • ralphkr

      For decades that has been the major problem with the government officials tasked with dealing with enforcing laws pertaining to major financial entities, CPA. All those government employees expect to land extremely lucrative jobs with said financial entities when they leave the government so there is absolutely no way that they shall EVER do anything to enforce the law against anyone other than scapegoat underlings.

  • Organix

    Even with Federal debt over $17 trillion, $509,840 is being wasted on a study that will send text messages to drug addicts in homo lingo.

    • Allan Richardson

      And we spend more on the military than the next 15 countries combined (that INCLUDES Russia and China), and ONE phony vote to repeal the ACA costs more than that text message project, not to mention the WEEKLY cost of the new, redundant Benghazi hearings.

      But the text message project, if you have your factual details right, may save thousands of lives. How much are thousands of human lives worth? Oh right, to you, saving “those people’s” lives is worth nothing at all.