Credit Suisse Went 007 for Clients

A new report from the Senate Permanent Subcommittee on Investigations says the Swiss bank Credit Suisse aided American customers in hiding billions of dollars in assets from the U.S. government. The report also criticizes law-enforcement officials, arguing they were slow in regulating the bank and the individuals. The report alleges that from 2001 to 2008, Credit Suisse worked to help Americans evade taxes, using methods like hiding bank statements in copies of Sports Illustrated and opening an office in the Zurich airport for customers. “It’s time to ramp up the collection of taxes due from tax evaders on the billions of dollars hidden offshore,” said Senator Carl Levin, the subcommittee’s chairman.