Wednesday, February 26, 2014

Swiss Bank Uses Tricks to Help American Hide Billions from the IRS

A Swiss Bank has helped many Americans hide billions from the IRS. It may sound naive to connect paying taxes with patriotism, but the Americans who used Credit Suisse further exacerbated the distance between the one percent and poor Americans. After all, if you don't pay taxes you get to keep it all.
Right now, as I'm writing this, the Senate Permanent Subcommittee on  Investigations is sharing a report that details the tricks and subterfuges the bank used to conceal the money Americans have, so they won't have to pay American taxes.
After this unbelievable litany of tricks, I don't understand how Credit Suisse is allowed to have a bank charter in the United States. Any country in this position should pull that charter immediately. If anyone thinks we need the Swiss more than they need us should have his head examined.

Some of the details defy comprehension. Americans were able to open accounts under the names of shell companies. Credit Suisse sent bankers surreptitiously from Switzerland to recruit rich Americans, so as to not leave a paper trail in the American division of Credit Suisse. They established banking offices at Swiss Airports so people could drop their money and then head to ski resorts.

Credit Suisse refuses to give the names of the Americans who have these accounts. They say Swiss law prohibits it. I say pull the bank's charter and let the bank disappear from American life. We have enough rich people not paying the taxes they deserve to pay because of loopholes in our tax laws. We don't need to have another bank helping America become a nation of have and have nots.

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