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By Orrin G. Hatch
Procedural changes impede the chamber's traditional deliberative function
Topic - Credit Suisse
The Credit Suisse Group AG is a financial services company, headquartered in Zürich, Switzerland. - Source: Wikipedia
Switzerland's second-largest bank pleaded guilty Monday to helping U.S. citizens cheat on their taxes and had agreed to pay $2.6 billion in penalties, an amount the Justice Department called the largest fine ever in a criminal tax case.
A former Swiss banker pleaded guilty Wednesday to his role in a fraud scheme that prosecutors say helped U.S. taxpayers hide as much as $3 billion in assets from the IRS.
Credit Suisse was the only bidder on three big sections of the struggling Tamarack Resort, and now owns almost every part of the ski resort.
One of Switzerland's signature industries, Swiss banking no longer has the same allure it once did and could be in for tough times in the years ahead, analysts say, as it struggles to cope with a changing regulatory environment in the wake of the global financial crisis.
The number of people seeking unemployment benefits dropped last week to the lowest level since early April, a sign the job market may be healing after a recent slump.
Once thought of as a safe haven from the collapse of the subprime mortgage market, Freddie Mac's stock has lost half its value in the past month as mortgage defaults and foreclosures increase.