Kenneth Rijock

Kenneth Rijock

Tuesday, May 20, 2014

CREDIT SUISSE: BILLIONS IN FINES, BUT NOT ONE BLOODY NEW INDICTMENT OF BANKERS


While the indictment of Swiss banking giant, Credit Suisse, is welcomed as long overdue, the Attorney General's failure to charged senior bank staff, and the directors, is a disappointment. The culture at the bank has, for decades, invited American tax cheats, and who knows how many financial criminals posing as  garden-variety tax evaders, to covertly bank there.

Unless the senior management, and the fat-cat directors, actually are charged with felonies, the problem will remain; greedy foreign bankers accept the risks, due to the obscene profits. Actually, the only bright spot in the case, aside from the criminal charge of the bank, was the report that Credit Suisse will have to terminate those bakers who are currently under indictment in the US, and stop paying their salaries.

The trump card, a review of the bank's charter, for the death penalty, apparently will not occur, at least in New York, where the state regulator has admitted that there will be no action taken for charter revocation there. A pity; only radical moves will stop the world's banks from playing cat-and-mouse with US laws and regulations.

Am I unhappy about the case ? Yes and no; I will only clap my hands when the other foreign banks engaged in tax evasion facilitation of US nationals, and money laundering, are charged as well. 

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