At what point do "job creators" become "unpatriotic thieves"?
by David Atkins
Another day, another tax evasion story in the annals of our patriotic job creators:
Senate subcommittee investigation accused Swiss banking giant Credit Suisse of using elaborate “cloak-and-dagger” methods to hide the accounts of 22,000 wealthy American citizens with a total of up to $12 billion in assets from U.S. authorities so they could avoid paying taxes.
The bipartisan probe also sharply criticized the Justice Department for being lax in using subpoenas and other legal tools to pressure the bank to reveal most of the names of account holders, which have been withheld as part of a long Swiss tradition of bank secrecy.
“The key to piercing the cocoon of bank secrecy and collecting the taxes owed by tax evaders is getting the names on those accounts,” said Sen. Carl Levin (D-Mich.), chairman of the Senate Permanent Subcommittee on Investigations.
“Yet after years of investigations, negotiations and jawboning, the United States has names for just 238 of those 22,000 Credit Suisse customers,” he said Tuesday in unveiling a 175-page report on the bank’s practices.
The subcommittee will hold a hearing Wednesday on the report’s findings. Senators will question Credit Suisse Chief Executive Brady Dougan, other company executives and two top Justice Department officials.
It's not just important that we get the rest of the names.
It's also important that these 22,000 people not get a slap on the wrist or a fine they'll barely notice. Real jail time would be a good start.
.