Credit Suisse recruited U.S. clients, helped them conceal accounts from IRS - Senate Committee concl

[Bill USA]

[font size="3"]Panel faults US gov’t over offshore tax evasion[/font]

By Associated Press, Published: February 25

WASHINGTON — Billions of dollars in U.S. taxes are going unpaid because Americans are exploiting Swiss bank accounts, and the U.S. government has failed to aggressively pursue Switzerland’s second-largest bank, a Senate investigation has found.

The bank, Credit Suisse, has provided accounts in Switzerland for more than 22,000 U.S. clients totaling $10 billion to $12 billion, according to a report issued Tuesday by the Senate Permanent Subcommittee on Investigations. The U.S. government has received only 238 names of U.S. citizens with secret accounts at Credit Suisse, or just 1 percent of the estimated total, the investigation concluded.

Credit Suisse recruited U.S. clients to open Swiss accounts from 2001 through 2008, helped them conceal the accounts from the Internal Revenue Service and enabled misconduct by bank employees, the subcommittee asserted.

For five years, the Senate panel has been examining Swiss banks’ use of secrecy laws to enable tax evasion by Americans. The main focus of its latest report was Credit Suisse.
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A matter for the President and State Department? We dealt with Barbary Pirates soon after we became an independent nation. We ought to be able to deal with Buckaneer Banksters too. Declare Swiss government aiding and abetting - sponsoring - criminal enterprises. [ /b]