Credit Suisse Group to pay $536M in Iran case

AP ^ | 12/16/09 | DEVLIN BARRETT and MARCY GORDON

[TigerLikesRooster]

Credit Suisse Group to pay $536M in Iran case

By DEVLIN BARRETT and MARCY GORDON, Associated Press Writers

Wed Dec 16, 8:20 pm ET

WASHINGTON – Credit Suisse Group has agreed to pay $536 million to settle a Justice Department probe and admit to violating U.S. economic sanctions by hiding the booming illegal business it was doing for Iranian banks.

The Justice Department announced the settlement Wednesday, saying it was the biggest forfeiture ever against a company for violations of that type. "Credit Suisse's decades-long scheme to flout the rules that govern our financial institutions robbed our system of the legitimacy that is fundamental to its success," Attorney General Eric Holder said at a news conference at department headquarters. "We cannot let this stand, and today's settlement sends a strong message that we will not let it stand."

The $536 million that Credit Suisse is forfeiting will be split between the U.S. government and the district attorney's office in Manhattan, which also participated in the settlement talks with the bank along with the Federal Reserve and the Treasury Department.

[TigerLikesRooster]

Ping!

[villagerjoel]

Were they investing in the Bluth company projects?

[stephenjohnbanker]

“”Credit Suisse’s decades-long scheme to flout the rules that govern our financial institutions robbed our system of the legitimacy that is fundamental to its success,” Attorney General Eric Holder said at a news conference at department headquarters. “We cannot let this stand, and today’s settlement sends a strong message that we will not let it stand.”

The $536 million that Credit Suisse is forfeiting will be split between the U.S. government and the district attorney’s office in Manhattan”

Well, Mr. Holder. You blew all of NYCity’s money on what it will cost to protect your terrorists.