Too big to fail - Need not apply for Swiss

dealbook.nytimes.com...

Finally there has been prosecution of a big bank. Which one? Goldman Sachs, BOA, Citi, Wells Fargo...any of these? Nope. Credit Suisse

Credit Suisse has done what no other bank of its size and significance has done in over two decades: plead guilty to criminal wrongdoing.

In a sign that banking giants are no longer immune from criminal charges, despite concerns that financial institutions have grown so large and interconnected that they are too big to jail, federal prosecutors demanded that Credit Suisse’s parent company plead guilty to helping thousands of American account holders hide their wealth.

Gone are the days of blanket immunity in the Swiss banking sector.. Which almost makes you wonder who is taking over the lucrative trade if hidden dollars aren't safe in the most renowned tax haven in the world.

As part of a deal announced on Monday, the Swiss bank met the demands, agreeing to one count of conspiring to aid tax evasion in a scheme that “spanned decades.” Credit Suisse, which has a giant investment bank in New York and whose chief executive is an American, will also pay about $2.6 billion in penalties and hire an independent monitor for up to two years.

Now someone explain the next quote to me:

The rebuke from federal prosecutors as well as from the Federal Reserve and New York’s state banking regulator, Benjamin M. Lawsky, is intended as a blow against overseas tax dodging and the shadowy world of Swiss bank secrecy. The deal also signals a shift in prosecutors’ tactics. It is the most prominent bank to plead guilty in the United States since Drexel Burnham Lambert in 1989, and the largest to do so since the Bankers Trust in 1999, a bank a fraction the size of Credit Suisse.

The FED is in on the prosecution! Wait what...?

Sounds more like a bankster war fight over turf. IN the lucrative drug trade gangs are shadowy banking sector the players are always looking to consolidate their power.

The Fed/Credit Suisse beef feud, dates back to at least 2009:

For immediate release
The Federal Reserve Board on Wednesday announced the issuance of a consent Order to Cease and Desist against Credit Suisse AG, Zurich, Switzerland. The Order requires that Credit Suisse improve its program for compliance with U.S. economic sanctions requirements on a global basis.

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Here are some links on banks and the seedy overworld they live in. Id say seedy underworld, but it's not, it's in your face, 'over world' is more appropriate, since they are the overlords and all.


List of crimes by banks and the banksters running the operation

Wall Street Crimes

Big banks are criminal enterprises?

a reply to: boncho

Not bad. Thanks for the info, S&F.

I don't see though how this affects corruption in China and Russia economical echelons. Is China not the country where all the gold is going to? In the Big Players' minds, At this point it doesn't matter if Switzerland (or even America) gets exposed - the gold (and credit) was moved to China eons ago. Everyone owes to China.

a reply to: boncho

I like how everybody needs to be in compliance with US requirements.

Hell, we should ban all local constitutions and laws...just to be in compliance with the all mighty...

a reply to: MarioOnTheFly

It's beyond the US. Were's in the 21st century - now corporations are globalist in nature.

If Swiss Credit falls, then there's no guarantee the US won't be the next to get accusations. Which implies that the true "mighty tyrant" is neither Swiss or the US. It must be moves from one of the two next superpowers, getting agressive as they eliminate (or put leverage on) competitors.

a reply to: swanne


maybe you missed this part...

The Federal Reserve Board on Wednesday announced the issuance of a consent Order to Cease and Desist against Credit Suisse AG, Zurich, Switzerland. The Order requires that Credit Suisse improve its program for compliance with U.S. economic sanctions requirements on a global basis.

it's not beyond...it's exactly from the...

But if you like to think it's Russia or China...

originally posted by: MarioOnTheFly
a reply to: swanne


maybe you missed this part...

The Federal Reserve Board on Wednesday announced the issuance of a consent Order to Cease and Desist against Credit Suisse AG, Zurich, Switzerland. The Order requires that Credit Suisse improve its program for compliance with U.S. economic sanctions requirements on a global basis.

it's not beyond...it's exactly from the...

But if you like to think it's Russia or China...

And the very fact that China is holding the US by the gugoliones has no implications in this? The US owes trillions to China.

If the US can do it, don't you find it possible that a bigger economical system will do it to the US?

But if you like to believe it's only the US, no one else, please people keep your eyes focused on the US...

a reply to: swanne

a reply to: MarioOnTheFly

I'm going to reply to both of you here, because I think the discussion is going a little sideways. It's a little bit bigger and a little bit simpler in many aspects.

As far as bank vs. bank, I see it similar to a mob family. The Fed Reserve (IMF, World Bank, et al) is like the head of the family-Godfather. The other banks are the capos and soldiers. The SEC is obviously the enforcers.

In this case, it seems like it's just a case of the boss kicking his guys back in to line.

More banks are about to get the hammer laid down:

BNP Paribas, France’s largest bank, is next in line to plead guilty in the coming weeks, the people briefed on the matter said. The bank, which is suspected of doing business with countries like Sudan that the United States has blacklisted, will also pay more than $5 billion in fines, the people briefed on the matter said.

French bank that was doing business with US enemies. I get the feeling those will be the first ones to suffer consequences. Just like the Godfather might make someone pay a tax, or kick up money for doing business with people they don't like or an enemy.

So there's the big - worldwide politics injected into it.

Whether or not it comes home to US banks, it seems doubtful. Since actions aren't taken when citizens suffer, it seems like something only happens when you piss off the wrong people.

The BNP and Credit Suisse cases may also lay the groundwork for criminal actions against American banks. While the new strategy applies to American banks like JPMorgan Chase and Citigroup, those inquiries are at an earlier stage and it is unclear whether they warrant charges.

I think it's just clearing the tables for another run. It's like you see in courtrooms all over. A criminal gets caught for a crime but admits to a string of other crimes(to be took into consideration) therefore lumping scores of different crimes into the one court proceedings. Job done,sentenced for the original crime but his crime "portfolio" is cleared for him to resume to start another spree. Big banks in other countries will never,ever fail because the mega rich will always want somewhere to put their money to avoid any penalties. The very best(like a current British figure) takes over a banana republic lock stock and barrel, which includes the national bank, so he dictates who, what,where and how his money is being managed, mainly by himself. Him and his money is cast iron.

Oh look !

The Federal Reserve is attempting to come across as a squeaky clean persona right before they slam their trump card on the table to take the entire hand.

Yup, these boys sure know how to play the game right, don't they...

a reply to: swanne

And the very fact that China is holding the US by the gugoliones has no implications in this? The US owes trillions to China.

Qualifying for a loan ... is like being granted membership in a club. The expressed tenet is honor.

When is the last time the US Govt was accused of being honorable? Nobody (and I mean Nobody) expects the US Govt to pay off its debt.

Paying back what you borrowed is for suckers. Ever 'loan' money to the schoolyard bully? Did you really expect to get it back? LOL

a reply to: swanne

I don't get it man...

Federal Reserve Board on Wednesday announced the issuance of a consent Order to Cease and Desist against Credit Suisse

What does the federal reserve board have to do with Chine or Russia ?

Maybe I'm missing the point here.

a reply to: boncho

In this case, it seems like it's just a case of the boss kicking his guys back in to line.

I don't know man...does not appear to me that way.

Order to Cease and Desist

this is right before you take them to court...