Credit Suisse admits US tax evasion guilt

Credit Suisse (NYSE:CS) admits US tax evasion guilt by Matthew Allen, swissinfo.ch May 20, 2014 – 00:46 The bank admitted to a US court that it set up sham companies to enable clients to unlawfully funnel assets away from the Internal Revenue Service (IRS). It agreed on Monday to pay out $1.8 billion to the federal authorities, $715 million to the New York state banking regulator and $100 million to the Federal Reserve. The bank had previously settled a $196 million fine with the US Securities and Exchange Commission. This means the total bill to the bank reached $2.8 billion (CHF2.5 billion). But the stain on…