Credit Suisse whistleblowers say Swiss
bank has been helping wealthy Americans
dodge U.S. taxes for years
CNBC.COM,
by
Eamon Javers
Original Article
Posted By: davew,
3/29/2023 2:11:23 PM
Credit Suisse
, the collapsed Swiss bank taken over by UBS Group
in a hastily arranged bailout earlier this month, may bring with it a fresh set of regulatory and legal problems for its new owner.
For years, the bank has provided a safe haven for wealthy American clients to hide assets from the IRS — even after it was caught and prosecuted for doing the same thing more than a decade ago, according two former Credit Suisse bankers who spoke in exclusive interviews with CNBC and are working with the U.S. government as whistleblowers.
Reply 1 - Posted by:
DVC 3/29/2023 2:16:56 PM (No. 1436477)
Well, duh! This is as big a secret as the Dems being communists.
23 people like this.
Reply 2 - Posted by:
GoodDeal 3/29/2023 2:30:44 PM (No. 1436488)
It’s Mitch McConnell’s favorite piggy bank.
13 people like this.
Reply 3 - Posted by:
jalo1951 3/29/2023 2:44:26 PM (No. 1436497)
This is not news. I think even the dumbest among us knew this. But I guess it is nice to have someone reaffirm our knowledge.
12 people like this.
Reply 4 - Posted by:
Island Life 3/29/2023 2:57:46 PM (No. 1436508)
Well, this person didn't know that it was Credit Suisse that benefited so hugely from this practice. A lot of wealthy Americans are going to lose their "retirement safety net." Hope a journalist has the guts to publish a list of the people who are bucking the system, i.e. breaking the law.
10 people like this.
Well, maybe it's time for those wealthy politicians to pay their "laizze faire" share of taxes.
15 people like this.
Reply 6 - Posted by:
Kate318 3/29/2023 3:32:49 PM (No. 1436540)
Say it ain’t so.
3 people like this.
Reply 7 - Posted by:
Avikingman 3/29/2023 3:44:06 PM (No. 1436551)
So? Lower the tax rate and more money will stay home.
9 people like this.
Reply 8 - Posted by:
wilarrbie 3/29/2023 3:44:28 PM (No. 1436553)
Good thing we got 87,000 newly minted armed IRS agents. Sic ‘em.
9 people like this.
Reply 9 - Posted by:
Strike3 3/29/2023 4:10:33 PM (No. 1436572)
Double Duh, why else are there banks in Switzerland, the Caymans and in the Bahamas? I found out I still have an open account in Kuwait but they don't pay interest so ...
5 people like this.
Reply 10 - Posted by:
Strike3 3/29/2023 4:12:25 PM (No. 1436573)
Even the IRS will be unable to attach a name to a 15-digit account number with password.
5 people like this.
Reply 11 - Posted by:
smokincol 3/29/2023 6:05:15 PM (No. 1436662)
what's the old saying? : money goes to money? certainly is a glaring example of that in this instance
4 people like this.
Reply 12 - Posted by:
WV.Hillbilly 3/29/2023 7:30:28 PM (No. 1436734)
I don't care. If I had the money I'd do it too.
5 people like this.
Reply 13 - Posted by:
or gate 3/29/2023 7:43:22 PM (No. 1436742)
Not True. The guvment knows of all their accounts.
3 people like this.
Many, many moons ago I learned that while the Kennedy Clan supported higher and higher taxes for the masses, they do everything they can to pay as little tax as possible. Much of their fortune is invested in 'tax free' municipal bonds.
5 people like this.
Reply 15 - Posted by:
NancyD 3/30/2023 6:45:54 AM (No. 1436907)
I guess I don't see a problem with this UNLESS it's people in the U.S. Government who makes decisions and enforcements that we must follow, but they don't. In other words, if any politician has money in those accounts, I want to know. Followed up by, how in the heck did they get that much money making $178K a year?
8 people like this.
Reply 16 - Posted by:
Mass Minority 3/30/2023 8:17:16 AM (No. 1436953)
I think the word "Dodge" here is an innaccurate descriptor to gin up outrage. The more appropriate word would be defer. That Swiss account money is mostly useless to you in the states. If the money came from the us it was already taxed before it left the country. If it was earned elsewhere it was taxed there.
Foreign miney cannot be transferred into the US without its tax status being resolved. Taxes have not been dodged, they are still due, they just will nit be paid until that capital is withdrawn. Just like your 401k. Interest would be taxed the year it is paid in the jurisdiction it is earned and will be taxed again when the cash is transferred anywhere else.
Taxing isn't the issue. The issue is that the moneys origin is hidden.
4 people like this.
Reply 17 - Posted by:
Zigrid 3/30/2023 10:53:44 AM (No. 1437128)
Let's take a trip down memory lane...during WWII...Switzerland held the money and treasures for the Rothschilds and other wealthy European oligarchs until the war was over...then the bank decided who got their money back....many lost all they had because so many of the deposits were never claimed because they had been exterminated in the death camps...so...now who do suppose got all the money....makes for an interesting discussion...
3 people like this.
Reply 18 - Posted by:
Rumblehog 3/30/2023 11:07:27 AM (No. 1437148)
Just 25 families, eh? Wanna bet this is far more widespread than a mere 25? Figure that the U.S. Politicians taking kickbacks from Ukraine and China factors into this "secrecy" and "safekeeping" arrangement as well.
2 people like this.
Reply 19 - Posted by:
MickTurn 3/30/2023 11:29:00 AM (No. 1437178)
No SchiffT Sherlock!
1 person likes this.
So, this is where the "big guy" and his criminal brood, along with other selected "officials," hide our taxpayer dollars after washing it in the Ukraine Laundromat.(and other places, as well...)
0 people like this.
Reply 21 - Posted by:
Lawsy0 3/30/2023 7:09:53 PM (No. 1437484)
Not Necessarily the News. I am in my early 80's and I have been hearing about Swiss bank accounts since about the end of WWII or when I was old enough to be told to ''be seen and not heard.''
0 people like this.
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Comments:
Why has the Biden administration and Maxine Waters defended this bank for years protecting it from regulatory scrutiny? How many donations did Democrats receive over the years?