Scott Michel Quoted in Bloomberg, Credit Suisse Likely to Settle Criminal Tax Probe

08.15.2011
Bloomberg

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.

Whether the U.S. government can apply a 50 percent penalty to Credit Suisse "is going to be the subject of horse trading," said tax attorney Scott Michel of Caplin & Drysdale in Washington.

"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."

Click here to read more on the Credit Suisse's possible settlement of criminal tax probe.

Attorneys

Related Practices/Industries

Jump to Page

We use cookies to make your experience of our website better. By continuing to browse this site you content to the use of cookies. Please visit our Privacy Policy for more information.