Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Credit Suisse's Secret Deals
The Wall Street Journal ^ | DECEMBER 16, 2009, 8:08 P.M. ET | AARON LUCCHETTI And JAY SOLOMON

Posted on 12/16/2009 7:05:32 PM PST by PaulAllen

U.S. Attorney General Eric Holder said Credit Suisse Group helped clients in Iran and elsewhere conduct financial transactions in secret, saying Wednesday the Swiss bank "established a business model to allow these rogue players access to U.S. dollars."

Mr. Holder and Manhattan District Attorney Robert Morgenthau detailed a decade-long effort by the bank to carry out transactions from Iran, Libya, Sudan, Burma and Cuba.

The men announced a $536 million settlement by Credit Suisse, one of several banks accused in a long-running case that has netted roughly $1 billion in fines. The bank, which paid the biggest of the fines, reached a deferred prosecution agreement, meaning they'll be monitored for violations by Swiss authorities and the Federal Reserve Bank of New York.

Mr. Holder said Credit Suisse produced a pamphlet for clients explaining how to avoid detection by U.S. authorities on their financial transactions. Credit Suisse had also circulated images of payment applications showing how to properly format them to avoid detection.

"The settlement we announce today ensures that Credit Suisse will not flout the law again for its own financial gain," Mr. Holder said. He called the bank's operation "simply astounding."

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Crime/Corruption; News/Current Events
KEYWORDS: bank; bankers; burma; creditsuisse; csfb; cuba; ericholder; fed; holbrooke; holder; iran; libya; richardholbrooke; sudan; swiss; switzerland; thefed

1 posted on 12/16/2009 7:05:33 PM PST by PaulAllen
[ Post Reply | Private Reply | View Replies]

To: PaulAllen
The Swiss, the jackals of Europe.
2 posted on 12/16/2009 7:17:03 PM PST by stripes1776 ("That if gold rust, what shall iron do?" --Chaucer)
[ Post Reply | Private Reply | To 1 | View Replies]

To: PaulAllen

Maybe the Swiss will re-think having branches in the US.


3 posted on 12/16/2009 8:14:40 PM PST by cryptical (The early bird gets the worm, but the second mouse gets the cheese.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SunkenCiv; Nachum
BBC News - Credit Suisse to pay $536m fine over Iran sanctions

http://news.bbc.co.uk/2/hi/americas/8417239.stm

This story is apparently getting much more "air time" in Europe.

4 posted on 12/17/2009 4:41:11 AM PST by hennie pennie
[ Post Reply | Private Reply | To 1 | View Replies]

To: hennie pennie; AdmSmith; Berosus; bigheadfred; Convert from ECUSA; dervish; Ernest_at_the_Beach; ...
Thanks hp.
Eric Holder said Credit Suisse Group helped clients in Iran and elsewhere conduct financial transactions in secret...
...maybe they can track down who paid for Barry Soetero's "vacation" in Pakistan when he was a young man.
5 posted on 12/17/2009 4:19:02 PM PST by SunkenCiv (My Sunday Feeling is that Nothing is easy. Goes for the rest of the week too.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: cryptical; Cindy

The recently deceased Richard C. Holbrooke was an executive with Credit Suisse First Boston


6 posted on 12/14/2010 12:54:54 AM PST by piasa
[ Post Reply | Private Reply | To 3 | View Replies]

To: piasa

Thanks for archiving the info, Piasa.


7 posted on 12/14/2010 1:33:21 AM PST by Cindy
[ Post Reply | Private Reply | To 6 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson