Scott Michel Quoted in Bloomberg, Credit Suisse Likely to Settle Criminal Tax Probe
Excerpt taken from article.
Credit Suisse Group AG (CSGN), the Swiss bank facing possible U.S. indictment for aiding tax evasion, will likely settle with prosecutors by admitting wrongdoing and paying a penalty that may exceed $1 billion, tax lawyers said.
"You have to wonder whether they would pay more or less than UBS," Michel said. "There's a general sense that Credit Suisse didn't have as many U.S. clients that they marketed to aggressively in the same way that UBS did. If that's true, there would be less income tax that had gone unpaid compared to UBS."
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