Britain’s largest bank, HSBC, published a full-page apology letter in several U.K. newspapers Sunday, following allegations that the company’s Swiss private banking arm helped clients dodge taxes and conceal millions of dollars of assets. Continue reading
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
A Senate probe concluded that Credit Suisse has helped thousands of wealthy Americans hide billions of dollars from the IRS overseas. In a hearing on Capitol Hill, the Swiss banking giant’s leadership refused to provide more information or disclose names to the Senate, citing Swiss law. Gina Chon of The Financial Times joins Judy Woodruff to discuss the hearing and the Swiss bank’s liability. Continue reading
The government continues to grapple with an estimated $290 billion gap between the amount of tax revenue it is supposed to receive and what it actually collects. Tax experts explain why the gap exists and what should be done to close it. Continue reading