Credit Suisse creates ‘bad bank’ unit for US clients

[LuckyTheDog]

Swiss banking giant Credit Suisse, which could be facing looming criminal charges for helping Americans dodge taxes, has created a "bad bank" unit for US clients, Swiss media reported on Tuesday.

According to Swiss daily Tages Anzeiger, the bank aims to drop all funds belonging to US citizens not residing in Switzerland, into a newly created bank called CS International Advisors AG, headquartered in Zurich and with its own separate banking licence.

The bank, Switzerland's second-biggest, has reportedly been informing its off-shore US clients of the shift in recent days.

Credit Suisse did not immediately respond to requests for comment on the report.

MORE HERE: http://wonkynewsnerd.com/credit-suisse-creates-bad-bank-unit-us-clients/

[dixiegrrrrl]

1. Confusing...

First there was a report that:
US prosecuters seeking CRIMINAL charges re: Credit Suisse
http://dealbook.nytimes.com/2014/04/29/u-s-close-to-bringing-criminal-charges-against-big-banks/?_php=true&_type=blogs&_r=0

Then:
US prosecutors close to securing guilty plea and settlement of more than $1 billion from Credit Suisse
http://blogs.wsj.com/law/2014/05/05/u-s-near-deal-with-credit-suisse/

Guilty plea and settlement money is not exactly "criminal" charges. No one goes to jail, no one loses job.