Credit Suisse is the first big bank in more than two decades to plead guilty to a felony crime in the U.S. Attorney General Eric Holder has emphasized that no bank is too big to jail, but the Justice Department has been criticized for not pursuing more charges after the financial crisis. Judy Woodruff discusses the big picture with Nomi Prins of Demos and Mark Calabria of the Cato Institute. Continue reading
WASHINGTON — Credit Suisse AG’s guilty plea and $2.6 billion payment in a high-profile case brought by the Justice Department are being held out as a warning to foreign banks believed to be helping U.S. taxpayers conceal assets.
In our news wrap Monday, banking giant Credit Suisse admitted to helping wealthy Americans dodge taxes as part of a federal plea deal. The bank will pay $2.8 billion in penalties. Also, the Balkans suffered the worst flooding in more than a century. At least 35 people died and thousands were forced to evacuate. Continue reading
WASHINGTON — The Justice Department on Monday charged Credit Suisse AG with helping wealthy Americans avoid paying taxes through offshore accounts, and a person familiar with the matter said the European bank has agreed to pay about $2.6 billion in penalties.
The charge was filed in a criminal information, which is a charging document that can only be filed with a defendant’s consent and which typically signals a guilty plea.
The penalties will be paid to the Justice Department and to regulators, according to a person spoke on condition of anonymity because the guilty plea had not yet been announced. Continue reading
A hotly-debated housing bill aimed at helping struggling homeowners and shoring up Fannie Mae and Freddie Mac is next headed for the Senate. Sens. Chris Dodd, D-Conn., and Richard Shelby, R-Ala., discuss the details. Continue reading