July 19, 2011. Credit Suisse In Justice Department Crosshairs (Forbes). Let’s see, first there was UBS. Then HSBC. Now it’s Credit Suisse’s turn with the IRS and federal prosecutors. Foreign financial institutions are probably all hoping they won’t join this elite list. In fact, it is frightening to think that this big Swiss bank could face criminal charges. As big an issue as this is, though, people who have been watching developments since the UBS case are hardly surprised. In fact, it’s been clear for some time that Credit Suisse has been dealing with this, including responding to U.S. requests for information, including subpoenas. Credit Suisse has the advantage of having watched the situation with UBS play out. UBS was a kind of unhappy pioneer. As with UBS, the investigation of Credit Suisse concerns historical private banking services provided on a cross-border basis to U.S. persons. As part of this process, on July 14, 2011, Credit Suisse received a letter notifying it that it is a target of the Justice Department investigation…
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