Aiming its investigative powers at Credit Suisse, a Senate panel said Swiss bankers had illegally helped wealthy Americans evade billions in taxes. The bank's CEO apologized, but said Swiss law bars him from naming names.
Credit Suisse as management team regrets very deeply. That despite the industry meaning compliance measures we put in place and we have some Swiss based private bankers. You're violating US law the sad truth is that your bank secrecy is -- don't. Bank secrecy has been discredited and condemned but it isn't gone -- -- and billions and unpaid taxes. And remain on collect. Thanks to tax evaders YouTube and seekers. Credit Suisse banker reportedly stated and customs yeah. That they were traveling to the United States -- tourism purposes. Instead of sightseeing which secretly meet with clients. A violation. Of US securities laws. In one instance of credits each bank traveled to the US purportedly to attend the wedding client's child. However in addition to enjoying the wedding festivities banker also took advantage. Of this social occasion to secretly briefed his client. On the status of the clients -- declared credit squeeze count. Is alarming instances of police had illicit banking practices on this by now. Not at one of the world's top. Those who were interested in collecting taxes is wealth that are old. There have been -- it and we need the cooperation of the banks in order to do that. The banks won't cooperate. Citing Swiss secrecy laws than we'd simply you've got to use our own domestic laws to force. Cooperation from the banks under -- All we -- told pace. Criminals. Indictments in Switzerland and most probably prison terms if we wouldn't handover. These kind names without the permission of the Swiss government. Anything you're going to be convicted. -- -- -- court -- the Swiss government gonna prosecute you if you comply with our laws and turn over those things -- be prosecuted. Is that your fear you're at your fear here after Italy's government okay and in that case. This be real clear here what we're talking about him you're not cooperating with us. Hiding behind. Law which applies in Switzerland. Does not apply here and yet you wanna do business here. You know frost to break the long London and one jurisdiction in order provide that information is difficult for us to do but I think the most importantly from our party we can't. Necessarily influence these discussions between government and how they how they. How they proceed we are ready to provide any information that we can provide. Legally you folks. Have not been willing to give us more than 238. Of those counts. And that means that we lose billions of dollars in tax collections. And that's unacceptable to us. --