PAY UP, Credit Suisse

Reuters reports that Credit Suisse is about to be in a world of hurt:

Credit Suisse Group AG is in talks with the U.S. Justice Department to pay as much as $1.6 billion to resolve an investigation into the bank’s role in helping Americans evade U.S. taxes, a person familiar with the matter said on Monday.

I always want to know who the person familiar with the matter is. I hope it’s someone who overheard a conversation in the men’s room.

The penalty would exceed the 895 million Swiss francs ($1.02 billion) that Credit Suisse has set aside to pay potential penalties to the United States.

They put a billion dollars aside to pay penalties. Hmph. Guess that’s smart of them.

Oh wait, did I say “world of hurt”? I guess I meant minor discomfort. Is 600 million dollars the ‘low hundred millions’? Someone is not going to be able to quit the Silicon Valley grind to pursue a career in the arts.

Photo via wikimedia commons


4 Comments / Post A Comment

I recognize this won’t get any sympathy on this site, but what people overlook is that the ones who get hit the hardest are the people lowest on the totem pole. The contractors who don’t get their contracts renewed to the personal assistants and IT workers who get told no bonuses for any of you this year.

The people making half a million a year? They’ll get their bonuses cut by a hundred grand but still take home a 100k bonus.

Meaghano (#529)

@forget it i quit No that is a great point and a good thing to keep in mind.

andnowlights (#2,902)

True story, my dad worked for Credit Suisse up until about a year ago. He doesn’t really have anything nice to say about them in private, and doesn’t say anything about them publicly period.

gyip (#4,192)


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