Credit Suisse Pleads Guilty in $2.6 Billion Criminal Case

Tuesday, May 20, 2014

Brady Dougan, CEO of Credit Suisse Group testifies before the Senate Homeland Security and Governmental Affairs Committee February 26, 2014 in Washington, DC. (Win McNamee/Getty)

For the first time in two decades, a major bank has pleaded guilty to criminal charges.

Agreeing to pay $2.6 billion in penalties, Credit Suisse admitted to helping wealthy Americans evade their taxes by hiding their money in offshore accounts.

It's the largest bank to acknowledge criminal wrongdoing in 20 years.

Heidi Moore, finance and economics editor for The Guardian U.S., explains what Credit Suisse did, and whether this has anything to do with the financial crisis. 

Guests:

Heidi Moore

Hosted by:

Todd Zwillich

Editors:

T.J. Raphael

Comments [3]

HS from BC

Seems like a meager sum of money, considering what they did and for so long, knowing it was illegal.
These guys are laughing...all the way to the Credit Suisse Bank.
Brings to mind the whole money laundering at HSBC, also slapped with a pathetic "fine" by the us government

May. 20 2014 03:41 PM
Larry Fisher from Brooklyn, N.Y.

Their 2.6 billion dollar fine and their ability to not name names, is a great advertisement for their business. They will make up the 2.6 by lunch today.

May. 20 2014 11:46 AM
Michelangelo from Miami FL

What happens to the $2.6 billion? Do the rest of us get a tax break?

May. 20 2014 10:59 AM

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