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.
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