Of the 1,800 bankers who serviced U.S. clients, only 10 have been disciplined and none was fired, the committee said.
“To date, no bank executive or senior official at Credit Suisse has been identified as responsible for any of the misconduct in Credit Suisse’s cross-border activity, even though that activity went on for decades, involved tens of thousands of U.S. clients and billions of dollars,” the report said.
Senator John McCain, an Arizona Republican on the committee, said it’s not plausible that senior management wasn’t involved, considering the systemic misconduct.
“If you believe that, I have some beachfront property in Arizona,” McCain said. “You think all this was coming for all these years in this fashion and nobody knew about it? It defies logic or reason.”
‘Systemic’ Conduct
The report, he said, shows the conduct is “systemic, it extended over years, it involved tens of thousands of accounts, and billions of dollars.”
Calvin Mitchell, a spokesman for Credit Suisse, said the bank would make its written testimony available before the hearing.
The report offers fresh details about how Credit Suisse helped clients cheat the IRS by opening accounts under false names, avoiding the mail when delivering account statements and servicing clients in the U.S. or Switzerland. One client was given an account statement hidden in a Sports Illustrated magazine, according to the report.
Almost 10,000 U.S. clients visited a branch office at the Zurich airport given the code name “SIOA5.” Dougan told the committee that “the airport office was needed because many U.S. clients traveled to Switzerland to go skiing” and didn’t want to go into Zurich.
Elevator Experience