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How Credit Suisse Helped Thousands Of Americans Avoid Paying Taxes

Tyler Durden's picture


Just when the latest wave of litigation against banks seemed to be calming down with one after another fraudclosure-related settlement (which have cost JPM alone some $30 billion in the past four years), here comes the Senate Permanent Subcommittee chaired by Carl "Shitty Deal" Levin, and blows up the peace of Zurich's nighttime air with a bombshell of a 175-page report which put Switzerland's second largest bank, Credit Suisse, front and center in a brand news tax evasion scandal... not that there is anything inherently wrong with that: the last thing the US government needs is to be enabled to be even bigger, plus any money the Treasury needs, the Fed will simply print on its behalf. However, it is considered illegal, at least in polite company. And so among the accusations listed in the report, seen by FT, is that "Credit Suisse made false claims in US visa applications, conducted business with clients in secret elevators and shredded documents to help more than 22,000 American customers avoid US taxes, according to a scathing report by a US congressional committee.

It continues: "Credit Suisse handed account statements to one client tucked inside a Sports Illustrated magazine as part of their “cloak and dagger tactics”, according to Senator Carl Levin, chairman of the US Senate Permanent Subcommittee on Investigations which drafted the report. The bank also helped clients create offshore shell entities to avoid taxes and aided them in structuring transactions so they fell below the $10,000 amount that would alert the government, according to the report, released on Tuesday." In other words all in a day's business for any self-respecting tax avoider. Which according to the report would be some 22,000 self-respecting tax avoiders.

Credit Suisse created an office at Zurich airport where more than 10,000 US accounts were held, known by the code name SIO85. Bankers made 150 trips to the US from 2002 to 2008 to aid in the tax evasion efforts. At its peak, the assets of the more than 22,000 customers totaled as much as $12bn.

That tax avoidance was (note: past tense - the days of Swiss bank secrecy are now long gone) one of the Swiss banking industry's largest sources of incomes and jobs is not a surprise, however the magnitude of just the Credit Suisse involvement is quite stuning: In total, about 1,800 bankers were involved in helping clients avoid taxes, leading Senator John McCain, the top Republican on the subcommittee, to call the practices "systematic." And since John McCain can't really be bothered with much more than playing online poker these days, one wonders: just who stands to benefit from the complete unraveling of the Swiss banking sector, which without its secrecy shroud provides absolutely nothing of attraction: certainly 0% deposit rates can be found everywhere these days.

Amusingly, one entity that has fallen under the magnifying glass is the US department of justice, best known in recent years of having replaced its name to department of injustice, for arming Mexican drug gangs, for aiding and abetting the IRS with hunt of conservative groups, and for not prosecuting those it deems Too Big To Prosecute.

Mr McCain also criticised the US justice department for not holding high-level individuals accountable, adding that this seemed to be the common practice of the agency.


Mr Levin, a Democrat, accused the justice department of failing to “pierce the cocoon of bank secrecy” and not using all available legal tools to aggressively pursue the case. He said the DoJ obtained the names of only 238 clients out of more than 22,000.


“The battle against tax havens using secrecy laws to facilitate US tax evasion has bogged down, causing a huge loss to our Treasury,” Mr Levin said. “The Credit Suisse case study shows how a Swiss bank aided and abetted US tax evasion, not only from behind a veil of secrecy in Switzerland, but also on US soil by sending Swiss bankers here to open hidden accounts.”

So just how big will the next latest and greatest wristslap be? And just how intense will the tongue lashing be of Credit Suisse's current batch of executives? Find out tomorrow at 9:30 am when the Senate Subcommittee on Investigations holds a hearing title "Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts" and where everyone who is anyone at Credit Suisse will be present:

    Chief Executive Officer
    Credit Suisse Group AG, Credit Suisse AG
    New York, NY

    General Counsel
    Credit Suisse Group AG, Credit Suisse AG
    Zürich, Switzerland

    Co Head, Private Banking and Wealth Management, Chief Executive Officer - Region Switzerland
    Credit Suisse Group AG, Credit Suisse AG
    Zürich, Switzerland

    Co Head, Private Banking and Wealth Management, Chief Executive Officer - Region Americas
    Credit Suisse Group AG, Credit Suisse AG
    New York, NY

Of course, as everyone in finance has long since known, the real center of offshore bank account money laundering moved away from the Alpine nation some 5 years ago and is now located in Singapore. One can't wait to see just how eager the US will be to pick on someone more its own size - say China - when it is done with this latest particular witch hunt, which incidentally global regulations helped enable and which tax authorities closed their eyes on for decades, or at least until the music was playing. It would appear the time to pay the piper has finally come.


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Tue, 02/25/2014 - 19:53 | 4478034 The Gooch
The Gooch's picture

Taxation is THEFT.

Tue, 02/25/2014 - 20:10 | 4478090 knukles
knukles's picture

Conducted business in Secret Elevators?
What, pray tell, is a Secret Elevator?
Must be like printing a bazillion excess fiats.
Or Virginia PAC cash contributions?

Secret Elevators.
Definitely Conspiracy Theory Stuff Proved Fact.

Tue, 02/25/2014 - 20:18 | 4478119 Cognitive Dissonance
Cognitive Dissonance's picture

"What, pray tell, is a Secret Elevator?"

I could tell you. But then I'd have to kill tax you too.

Tue, 02/25/2014 - 20:33 | 4478164 krispkritter
krispkritter's picture

How much are nail guns in Swiss Francs?  How much to send one to McCain? And frankly, when can we start hanging IRS agents?

Wed, 02/26/2014 - 01:06 | 4478779 Urban Redneck
Urban Redneck's picture

Go to your local home despot or lowes, and look at the price of a Bosch nail gun (which are basically made right up the road from me) THEN MULTIPLY THE PRICE BY THREE (and swap CHF for USD at 1:1)...

Tue, 02/25/2014 - 20:46 | 4478221 NoDebt
NoDebt's picture

Can I petition the Tylers to give me strike-through text added to my permissions on this site?  I could have a lot of fun with that capability.

And it's not like they can't afford it with the GIGANTIC FREAKING AD BOX that now takes up residence between the story and the comments section of every article.  I mean that thing has gotten FREAKING HUGE.


Tue, 02/25/2014 - 21:13 | 4478335 Cognitive Dissonance
Cognitive Dissonance's picture

"Can I petition the Tylers to give me strike-through text added to my permissions on this site?"

Everyone should have it. However, everyone may not know how to use it. :)

Tue, 02/25/2014 - 21:36 | 4478386 NoDebt
NoDebt's picture

Yeah, yeah.  It's a little button in the toolbar above the comment box.  I am using it right now.  When I type it, it shows strike-through but when it appears in the thread, back to regular text.  Just as it did again here.  I have rich text enabled, too.

That's the limit of my technological expertise.  Is there some trick I'm missing?

Tue, 02/25/2014 - 21:52 | 4478446 The Gooch
The Gooch's picture

If you can't find the trick in the room, you're the trick.

With the nail gun.

Tue, 02/25/2014 - 21:54 | 4478453 0z
0z's picture

These Bankers did their Job!
That's Aweful! 

Tue, 02/25/2014 - 23:10 | 4478692 Cognitive Dissonance
Cognitive Dissonance's picture

"Is there some trick I'm missing?"

Yes. Type the entire word or words you wish to strike thru first. Then highlight that word with your mouse, then click the strike-thru button.

Presto. :)

<It took me a god awful amount of time to figure it out so don't feel too bad.>

Tue, 02/25/2014 - 23:38 | 4478791 Urban Redneck
Urban Redneck's picture

Or if you have a secured browser, just do it the old fashioned way and learn to type with proper html tags instead of sarc tags...

(which is a real PAIN THE ASS for someone who can't even type - like myself, but I guess I could always add keystroke macros...)

Wed, 02/26/2014 - 05:37 | 4479336 StychoKiller
StychoKiller's picture

Let's see if Cog is full of sh!t knows what he's talking about... (Guess it don't work!)

Tue, 02/25/2014 - 21:31 | 4478387 knukles
knukles's picture

Sorta like life.....

Tue, 02/25/2014 - 21:34 | 4478394 NoDebt
NoDebt's picture

Yeah.  It's not what you know, it's who you get in the secret elevator with.

Tue, 02/25/2014 - 21:39 | 4478407 Pure Evil
Pure Evil's picture

Hopefully you don't stumble into the White House secret elevator that leads to the Obama-Regie love shack where they take advantage of one's undisclosed location.

Tue, 02/25/2014 - 23:09 | 4478690 August
August's picture

What ad box?


Wed, 02/26/2014 - 01:38 | 4479121 Anusocracy
Anusocracy's picture

I thought the secret elevators were those things in Kim Jong-un's shoes.

Tue, 02/25/2014 - 22:33 | 4478560 Restcase
Restcase's picture

They are spacious, they are comfortable, they can seat 8-12, boast a small coat closet, a fax machine, a water fountain, and they travel very slowly because of the extra weight. They are the Secret Elevators!

Tue, 02/25/2014 - 23:40 | 4478800 Urban Redneck
Urban Redneck's picture

If they are spacious (or comfortable), they are NOT Swiss elevators.

Tue, 02/25/2014 - 23:48 | 4478780 Freddie
Freddie's picture

The two things that stood out is the secret elevators.  I would love to see those. 


The other is two on the biggest evil scumbags involved in the witchhunt are Carl Levin and John McCain.   I am not back Credit Suisse just that Levin and McCain are scum. 

Tue, 02/25/2014 - 20:18 | 4478117 NOTaREALmerican
NOTaREALmerican's picture

Re:  Taxation is THEFT.

Well...   if we assume that life is about the smart-n-savvy people screwing the dumbasses, then eventually the smart-n-savvy people will have all the loot, right?

So, the dumbasses get together and hire other sociopaths (sometimes called politicians) to screw the people who have been screwing them.   The usual way this is done is by taxing the sociopaths.  

So, unless we tax the sociopaths, the sociopath's kids will inherit the earth and have access to all the females with the biggest teeth and hair.   See how this works? 

It's for the children.

Tue, 02/25/2014 - 21:05 | 4478300 TheFourthStooge-ing
TheFourthStooge-ing's picture

According to a scathing report by a US congressional committee, it has been learned that saltwater is as wet as freshwater.

Also, during the course of the investigation, Senators Secret Squirrel (R-Griftizona) and Morocco Mole (D-Felchigan) discovered that some yacht club members submitted the payment of their slip fees inside of Department of Agriculture pamphlets and farmers' bulletins. While the motive for this is unknown, it has been determined that the significance is severe.

Tue, 02/25/2014 - 23:56 | 4478867 Urban Redneck
Urban Redneck's picture

Did Carl "Shitty Deal" Levin really say they only have 238 names of CS customers?

If perjury before Congress is a crime, why isn't perjury by Congress a crime? Whatever happened to Equal Protection Under the Law (since the 14th Amendment was enacted later than Art 1 Sec 6 Clause 1, and Bolling v. Sharpe extended the 14th to federal government)?

It must be that either WE are not persons, or CONGRESS-CRITTERS are not persons.

The latter would be nice, because they are some things that I would like to do to Carl that wouldn't really be appropriate to do to anyone entitled to human rights.

Tue, 02/25/2014 - 20:31 | 4478156 Overfed
Overfed's picture

Every American should take it upon himself to everything possible to avoid taxation.

Tue, 02/25/2014 - 21:06 | 4478308 TheFourthStooge-ing
TheFourthStooge-ing's picture

Tax avoidance is one of the few remaining American traditions.

Tue, 02/25/2014 - 20:40 | 4478157 LetThemEatRand
LetThemEatRand's picture

The problem with the "taxation is THEFT" meme is that the oligarchs do not pay directly for the infrastructure such as the MIC and a myriad of other things that allow them to remain oligarchs.  And if we end all taxation of everyone as the solution, we end up with private courts and private police to enforce things like contracts, and the same private forces in this power vacuum will be left to enforce rules against bribery of themselves.   Perhaps individuals could be left to police themselves in small towns, but somehow I don't see it working in large urban centers or on a global scale especially.

Tue, 02/25/2014 - 20:43 | 4478208 Sean7k
Sean7k's picture

Which is why you must eliminate law.

Tue, 02/25/2014 - 20:48 | 4478235 NOTaREALmerican
NOTaREALmerican's picture

Well,  that's kinda been done already for the top 10%.  

The law is for the dumbasses who think like children.

Tue, 02/25/2014 - 20:56 | 4478264 LetThemEatRand
LetThemEatRand's picture

It's also been done throughout most of human history for the rulers.  What we see today is a glimpse of what it was like in ancient times where the vast majority of people were ruled brutally by force.

Tue, 02/25/2014 - 21:08 | 4478320 TheFourthStooge-ing
TheFourthStooge-ing's picture


What we see today is a glimpse of what it was like in ancient times where the vast majority of people were ruled brutally by force.

Well, yeah, but the law gives it a veneer of legitimacy.

Tue, 02/25/2014 - 20:45 | 4478220 The Gooch
The Gooch's picture

We already have private fucking police.

Tue, 02/25/2014 - 20:54 | 4478243 LetThemEatRand
LetThemEatRand's picture

We have both public and private.  Take away all taxation, and you are left with solely private which you seem to agree is a problem in practice.

Tue, 02/25/2014 - 21:48 | 4478431 The Gooch
The Gooch's picture

By private, I meant "public".

As in publicly funded, perpetually growing and "protecting and serving" the state instead of the people.

There are exceptions but they are becoming the minority.

There is also that accountability for their actions thing.

The one which is rubber stamped in publicly funded, kangaroo courts.

"administrative leave" for murder.

File on time, serfs.



Tue, 02/25/2014 - 21:14 | 4478342 Kreditanstalt
Kreditanstalt's picture

"...a myriad of other things that allow them to remain oligarchs..."

This is part of the big myth of the "evil rich", "the 1%", the "banksters", etc. class struggle-stuff.

The oligarchs remain rich not because of "other things", taxes, infrastructure or whatever but because of the monetary system and protection from GOVERNMENT.

Tue, 02/25/2014 - 21:21 | 4478360 LetThemEatRand
LetThemEatRand's picture

Throughout most of human history we had rulers who imposed a monetary system.  Elected government is a fairly new development.  What is to stop the same oligarchs who infect our society now, from ruling by force without elected government in the future if we do away with elected government?   

Wed, 02/26/2014 - 02:12 | 4479165 Anusocracy
Anusocracy's picture

Because government rules by the consent of the dumb asses.

Some of them actually post on ZH.

Tue, 02/25/2014 - 23:55 | 4478863 A Nanny Moose
A Nanny Moose's picture

More of the same moral relativism that got us here in the first place. Taxation is Theft! PERIOD. If it wasn't theft, why would it need to be backed up by all those guns?

What you are saying is that ending taxation, will merely result in exactly what we have now. That is to say...private courts, private police, private military, etc.

Without taxation, the "oligarchs" may not pay, but they sure as shit DON'T FUCKING PAY NOW! Neither do their corporations. The TAX LIVESTOCK FUCKING PAY, GODDAMIT! That means you, me, and everybody else on ZH. So what exactly is the difference?

Next strawman please.

Wed, 02/26/2014 - 02:06 | 4479161 Anusocracy
Anusocracy's picture

You keep pounding that bullshit that everything will go to hell without government. Let me explain reality to you: everything goes to hell with government, not without government. Government isn't needed, which is why it it can't allow a free society to exist.

Try reading this:

By (Timothy Lee Miller) (California State University, Fullerton) - See all my reviews
This review is from: Law for the Elephant: Property and Social Behavior on the Overland Trail (Paperback)
The Overland Trail that spread to the gold fields of California and Oregon was a trying ordeal; it tested the will and endurance of the American character. The experience of the trail not only shaped America geographically, but socially, politically, and economically as well. The trail also shaped another American institution: law. Law and the Overland Trail is a topic that deserves greater study to determine charaterisitcs of the overland trail and the development of law in America. Law during antebellum America focused on capital speculation and corporate structure, and a bed of safe property law allowed corporate proliferation to occur. Reid examines inherent social and legal developments of the Overland Trail with great detail by examining a plethora of sources. He examines diaries, papers and other records for inferences to legal conduct. Reid explores the use of property law on the Overland Trail. He concludes that property law was something that was inherent to Americans in general, and not something forced upon them by corporate America (p. 335). The trail is unique in American legal history, because it shows how Americans administered law in a lawless land. Reid starts the book with general assumptions about the trail, emigrants and jurisprudence. He notes that the emigrant is a typical American: man women, child, old Young, ethnic, educated and uneducated. This mass of humanity seeking a new existence, in a place presented as a paradise, was not a lawless immoral group as legend, and some scholarship dictates. In assuming so, Reid states that, "Easily overlooked is the possibility that law could be the common denominator, explaining both the definitions people shared and the conduct they followed" (p. 10). Reid examines a common thread: property rights. The remainder of the book examines the interrelationships, uses, and behaviors associated with property and property rights. He notes that the creation, operation, and dissolution of joint stock ventures operated with a high degree of jurisprudence. An interesting aspect explored is the concept of ownership. Except for natural resources such as water, property was an abstract concept. Emigrants abandoned property as the hardships of the trial demanded, to avoid liabilities associated with traveling weight. Emigrants obtained supplies by barter, or by acquiring discarded property (p. 293). Reid notes that the transfer and handling of property, whether by and individual, or partnership was peaceful, and rarely was violence employed as a means of resolution (p. 341-54). Reid concludes by stating, "Instead, they respected the rights of property owners much as if still back east in the midst of plenty. By respect for their neighbor, and their neighbors property, they were, more than not, adhering to a morality of law" (p. 364). Law for the Elephant is an excellent macro interpretation of property, legal, and social relations of California gold rush emigrants. Another advantage the work provides us is an understanding of why current views of property came to be. The research is well covered, and the readability of the book is excellent. The book not only provides generalizations about law and the Overland Trail, but gives insight into how emigrants acted at the micro level as well.

Wed, 02/26/2014 - 05:33 | 4479334 The.Harmless.Who
The.Harmless.Who's picture





I had the oppertunity to protect my capital from gangs and scummy theiving zionists (as well as the AIPAC and "Friends of Israel" mob) I would.  


More power to anyone who protects their assets from the above.  


The trouble is, a lot of those hiding money are members of gangs (government) and zionist garbage.  





Tue, 02/25/2014 - 19:55 | 4478045 Kirk2NCC1701
Kirk2NCC1701's picture

Fuck the u.s.g.o.v.!
Go Credit Suisse!

Tue, 02/25/2014 - 20:38 | 4478180 LetThemEatRand
LetThemEatRand's picture

Credit Suisse is a player in the Federal Reserve and part of the Rothschild cartel.  So go Rothschild?

Tue, 02/25/2014 - 20:38 | 4478185 xamax
xamax's picture

Dont share that
ALL Swiss banks have black money, payoff time now

Tue, 02/25/2014 - 19:58 | 4478054 unrulian
unrulian's picture

There's only one place to keep your money:

just remember where you bury it

Tue, 02/25/2014 - 20:38 | 4478183 krispkritter
krispkritter's picture

I commented on this earlier saying that this person could have been an original ZH'er.  I wonder if they're going to do a historical study on the property ownership to see what happened to who might have hidden these.  I do think the finders should have kept this under wraps though.

Tue, 02/25/2014 - 20:00 | 4478060 Tall Tom
Tall Tom's picture

"...not that there is anything inherently wrong with [Tax Avoidance]: the last thing the US government needs is to be enabled to be even bigger, plus any money the Treasury needs, the Fed will simply print on its behalf."


I cannot agree more. Credit Suisse did something right by serving the interests of their clients.

Tue, 02/25/2014 - 20:02 | 4478063 JustObserving
JustObserving's picture

At its peak, the assets of the more than 22,000 customers totaled as much as $12bn.

US debt and unfunded liabilities rise at $7.9 trillion a year now.  That is $21.6 billion a day.  Seen in that light, $12 billion is peanuts.

Tue, 02/25/2014 - 20:17 | 4478108 Cognitive Dissonance
Cognitive Dissonance's picture

It's the principal of the thing dude. Can't have ordinary (rich) US citizens avoiding taxation. That's the exclusive realm of US corporations.

If you let just one (tax) slave get away without even a spirited chase, let alone a hanging, before you know it other (tax) slaves might get all uppity and stop paying working altogether. Can't have that now.

Tue, 02/25/2014 - 21:23 | 4478366 TheFourthStooge-ing
TheFourthStooge-ing's picture


It's the principal of the thing dude. Can't have ordinary (rich) US citizens avoiding taxation. That's the exclusive realm of US corporations.

Hey ... hey! Hold on there, mister. Not all US corporations avoid taxes. I mean, look at General Electric. They're taxed at a rate of negative 45.3 percent, which amounts to quite a bit of money by anyone's standards. Nevertheless, they make no effort whatsoever to avoid these taxes. GE is a model corporate citizen. It is both the principle of the thing and, indeed perhaps more importantly, dude, the principal of the thing.

Tue, 02/25/2014 - 23:12 | 4478702 Cognitive Dissonance
Cognitive Dissonance's picture

You are a real Prince a pill yourself. :)

<I suck at spelling if you didn't already notice.>

Tue, 02/25/2014 - 23:10 | 4478693 UselessEater
UselessEater's picture

Can't have ordinary (rich) US citizens avoiding taxation

ordinary citizen ... meet Mr Rich the chap in your mirror


Tue, 02/25/2014 - 20:18 | 4478094 ebworthen
ebworthen's picture

Well, if CONgress is perfectly happy to let Apple, Microsoft, and other corporations hide trillions overseas, why not citizens?

What's that CONgress Critter?  All I did was vote for you to represent me, and I didn't grease your palm?

Heads on pikes and bodies hanging from trees LONG overdue.

Wed, 02/26/2014 - 03:09 | 4479222 Kirk2NCC1701
Kirk2NCC1701's picture

According to the US Supreme Court, "corporations are persons too".

Except that some persons in USSA are more equal than others.

Wed, 02/26/2014 - 03:32 | 4479241 ebworthen
ebworthen's picture

And isn't that odd? 

The corporations are "persons" or "individuals" yet can't vote?

Hmmm...funny...I never remember "We The People" meaning "We the Corporations".

Never question why it feels futlie to "vote" at the voting booth when the real votes are with BRIBES to CONgress Critters.

Wed, 02/26/2014 - 07:25 | 4479405 monkeyshine
monkeyshine's picture

So, corporations are persons and they can legally park money earned overseas in tax free accounts, but people who park money earned overseas in tax free accounts are criminal tax-avoiders?

Tue, 02/25/2014 - 20:12 | 4478095 Sean7k
Sean7k's picture

Does anyone else see the stupidity of having government, when it actually criminalizes you for not giving ever increasing amounts of your labor/wealth to it, just so it can tyrannize you more?

Cue the morons that shout,"no, we need government", "remember the sewers". 

Hiding in elevators, secret codes, multiple offshore corporations, channeled through multiple countries to hide YOUR money?

No, I want the zionist/ illuminati nexus to steal my money, eat my children, fuck my wife and shoot us down when we complain.

The world is filled with slaves and they all believe the lie. Tragic. Where are the good aliens to save us from ourselves?  

Tue, 02/25/2014 - 20:27 | 4478144 NOTaREALmerican
NOTaREALmerican's picture

Re:  The world is filled with slaves and they all believe the lie.

And that's why the smart-n-savvy people want government, to manipulate and control these dumbasses.   You wouldn't want all these dumbasses running around unmanipulated would you?

How would we have the cool wars we have?   Who would fight and die for the slow-motion flags and predatory birds?

Wed, 02/26/2014 - 00:05 | 4478890 Urban Redneck
Urban Redneck's picture

My favorite display of Congressional Fucktardedness came during the last round of the melodrama, where it was deemed such a stupid or conspiratory thing that Swiss bankers were encrypting Customer data before placing it on laptops that left the office and could be left or stolen in a public place...

Where's the nearest US .gov laptop with all of Congress's confidential banking, medical, or pension information -since we know that won't be encrypted...

Tue, 02/25/2014 - 20:14 | 4478101 NOTaREALmerican
NOTaREALmerican's picture

Seriously,  if we can't help the top 10% save money on the taxes they are supposed to be paying on all the loot they've scammed from the dumbasses,  who can we help?! 

Tue, 02/25/2014 - 20:29 | 4478111 Blazed
Blazed's picture

So Switzerland and its businesses, government, and people are the new "bad guy" because they didn't go along with the globalist/bolshevik open immigration self-destruction agenda, and now they will be attempting to paint Switzerland as an axis of evil member in the kosher ethno-corporate media at every turn.

Wed, 02/26/2014 - 03:51 | 4479252 Ratscam
Ratscam's picture

interesting that Jersey, guernsey, the city of londo, cook island, singa, etc. are not beeing charged for tax evasion ....
Oh yeh, and laundering drug money for centuries, as HSBC is/has been doing, can be written off with a one time payment to the govt, seems fair practice.

Tue, 02/25/2014 - 20:17 | 4478113 bearish1
bearish1's picture

Where there are Banksters, there is fraud, lies and theft! 


Tue, 02/25/2014 - 20:17 | 4478114 Sinnedi
Sinnedi's picture

Get rid of Rothschild and Rockefeller right now.

Tue, 02/25/2014 - 20:21 | 4478127 The Gooch
The Gooch's picture


Tue, 02/25/2014 - 20:18 | 4478118 disabledvet
disabledvet's picture

This is a huge story...obviously the USA has been "defending" Europe for a long time...and just as obviously everyone knows about the huge investigation into tax evasion where people were allowed to come forward "free of being charged."

Sorry but "you dance with the Devil" you pay the price.
These folks have a Government to run and they've got rules to follow too.

It would be another thing altogether if the US economy was roaring ahead 6-8 percent a year.

Instead its "ZH celebrating grandma getting her social security check cut off" or "not paying their soldiers" etc.

I hope we're charging ten thousands dollars per round of ammo given all our "foreign adventures" oh these many years. Lord knows i can't afford to even go bird hunting anymore...let alone practice.

Tue, 02/25/2014 - 20:29 | 4478152 agent default
agent default's picture

"Dance with the Devil" means doing business in the US or EU. 

Tue, 02/25/2014 - 20:19 | 4478121 Tegrat
Tegrat's picture

Love my Credit-Suisse -- worked there for a nice stint. AVP's start with 4 weeks vacation and while there they would contribute a nice amount to retirements wether you did or not. Best IB to work for so far.

Tue, 02/25/2014 - 20:20 | 4478123 Henry Chinaski
Henry Chinaski's picture

How can I confiscate thy wealth. Let me count the ways.

Tue, 02/25/2014 - 20:32 | 4478159 sbenard
sbenard's picture

The answer is to repeal the 16th Amendment to the US Constitution. It enabled massive government and the entitlement state by making what was once illegal (income taxes), now legal.

Tue, 02/25/2014 - 20:37 | 4478179 NOTaREALmerican
NOTaREALmerican's picture

Re:  The answer is to repeal the 16th Amendment to the US Constitution

Right,  as soon at the corporate people who own the politicians realize you want to cut them off the 1.5 trillion dollars of government loot they get each year, I'm sure they'll be putting this at the top of their to-do list:

Priority 1:  Cut off own nose. 

Big-Ag, Big-MIC, Big-Road, Big-Water, Big-Airport, Big-Energy, Big-Ed, Big-House, Big-Fin, Big-OldFartHealthcare, Big-AntiDrug, & Big-PoliceState...   where do-ya think all these fine Free-Enterprise loving organizations get their loot from?

Tue, 02/25/2014 - 20:41 | 4478198 Sean7k
Sean7k's picture

Unfortunately, if you go to court to contest taxes, the 16th amendment doesn't even  come up. They get you on a contract/ liability ruling from 1895. See Have a bank account? Have insurance? etc.etc.etc. you have an invisible contract with the US government and you must pay.

Tue, 02/25/2014 - 20:36 | 4478178 Sean7k
Sean7k's picture

Imagine a world where the only taxes we pay are the ones we agree to pay. Imagine a world where the only wars we fight are defensive wars. Imagine a world where we can actually have property without rents.. Imagine a world where some fucking corporation doesn't dictate who buys what, where and when. Imagine getting 100 dollars and keeping 100 dollars, where if you put it in a bank, it earns interest. Or wait, wait, it is still worth 100 dollars ten years later!!! Imagine never having to see Obama, Boners or Pelosi's faces EVER AGAIN.

Tue, 02/25/2014 - 20:40 | 4478194 NOTaREALmerican
NOTaREALmerican's picture

Cue:   Amber wave of grain?    Peasant smiling upwards?   Children running across open field?

Cue John Lennon reincarnated as a Libertarian...

Imagine all the people, living life debt free.   You WHOOOO...

Tue, 02/25/2014 - 20:40 | 4478196 krispkritter
krispkritter's picture

Stop it, I'm getting all misty...oh sorry, that was the ice in my rum...carry on.

Tue, 02/25/2014 - 20:38 | 4478188 fijisailor
fijisailor's picture

Everyone should avoid paying taxes.  It's your patriotic duty to kill this beast.

Tue, 02/25/2014 - 20:40 | 4478195 xamax
xamax's picture


Tue, 02/25/2014 - 20:47 | 4478229 22winmag
22winmag's picture

Helped Americans avoid taxes?


Give that corrupt, shit-and-piss company a medal!

Tue, 02/25/2014 - 21:08 | 4478317 Kreditanstalt
Kreditanstalt's picture

About time a bank really went to bat for its customers!  Bravo.

Tue, 02/25/2014 - 21:29 | 4478377 jtg
jtg's picture

I don't believe a word in this US government report on Credit Suisse. Not a single word.

From 2005 until just a week ago I had a Credit Suisse account, and from when I opened the account until its close they were very, very strict on adhering to US reporting laws.

The US government is now so corrupt and thirsty for funds that they are now making it up as they go. They will lie about just anything for money. They have no honor. They are despicable scum.

Tue, 02/25/2014 - 21:47 | 4478426 Catullus
Catullus's picture

John McCain is still a traitor. Maybe someone should just tell him that the Swiss bankers were helping the north Vietnamese sell out US military personnel. He would gladly volunteer to do it as well.

Tue, 02/25/2014 - 21:52 | 4478447 proLiberty
proLiberty's picture

So, what is a good bank in Singapore?

Tue, 02/25/2014 - 21:54 | 4478452 Mandel Bot
Mandel Bot's picture

If  I had enough money to have a Swiss bank account, I would open it at Credit Suisse.

The US Govt. has no fucking right to interfere in the operation of Swiss banks. Secrecy and discretion were part of the Swiss bankers stock in trade. Why else would anyone go the trouble of banking in a foreign country with cuckoo clocks?

Although generally I have no time or respect for bankers, a small tip of the hat to the men and women of Credit Suisse.

Tue, 02/25/2014 - 22:39 | 4478579 Restcase
Restcase's picture

I had a Swiss bank account in the 70s (UBS) when I was an overseas resident. They charged -2% to park your money in savings or checking. Negative interest. They figured if you needed secrecy, you could pay the price.

I wonder what the current USA crowd is charged for frills like secret elevators.

Tue, 02/25/2014 - 22:40 | 4478586 usednabused
usednabused's picture

Ahh, the enemy of your enemies, huh?

Wed, 02/26/2014 - 00:06 | 4478900 TheCosmicTaco
TheCosmicTaco's picture

Credit Suss... an aptly named financial institution...

Hey, make sure y'all pay your taxes... 83 million people on welfare are depending on you... Doritos and diet soda cost money...

Wed, 02/26/2014 - 07:40 | 4479415 overmedicatedun...
overmedicatedundersexed's picture

IRS you will pay (obey) or face a “shared responsibility payment” when filing their tax returns in 2015. The term “shared responsibility payment” refers to the Obamacare individual mandate ..a tax on not buying health Ins..

Wed, 02/26/2014 - 09:05 | 4479546 esum
esum's picture

AVOIDING   T A  X  E  S   is  L E G A L

evading taxes is a crime...... unless yo are in congress or sec of the treasury

get it right carl shitty deal

just ask charlie rangel and all the other tax evaders in CONGRESS and tiny tim geithner

Wed, 02/26/2014 - 09:24 | 4479581 d edwards
d edwards's picture

The Dems and RINO's better be careful-some of those folks with Swiss bank accounts are probably their biggest campaign donors.

Wed, 02/26/2014 - 10:01 | 4479688 Final Authority
Final Authority's picture

I have a theory that now informs my actions. Based on the Federal Reserve Act of 1913 all currency is presumed to be property of the FED. When you hold FEDERAL RESERVE NOTES, they can presume that you are an Agent of the Federal Reserve (see 12 USC 411 - but especially the text from the original statute). When they collude with the Treasury Dept (both potental property owners seals on the front of the NOTE") they both want their cut ("Tax Return"). Aunty IRIs is just the collection agent.  If you look around the world at Central Banking, they all operate the same scam. There is no Money, which would be considered property, there are only NOTES that represent debt.  See 18 USC 333. They presume you operate under a contract with them. Not true of course since you did not enter into it with full knowlege and it is all fundamentally based on fraud but the Courts (all of them) are also part of the scam.

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