Feb. 26 (Bloomberg) -- Brady Dougan, chief executive officer of Credit Suisse Group AG, testifies before the U.S. Senate Permanent Subcommittee on Investigations about the bank's efforts to comply with U.S. tax laws and the "bad conduct" of some employees at the bank.
The subcommittee, in a report released yesterday, said 1,800 Credit Suisse employees helped Americans hide as much as $10 billion from the Internal Revenue Service while a criminal probe has largely failed to extract the names of U.S. account holders. Credit Suisse General Counsel Romeo Cerutti and Hans-Ulrich Meister and Robert Shafir, co-heads of the bank's private wealth management division, also testify. (This is the prepared statment portion of the hearing. Source: Bloomberg)