Credit Suisse Spied On Lots Of Employees, Just Not The Ones Doing All The Bribing, Money Laundering, Etc.



Not that we didn’t already know, but now it’s official: Credit Suisse did a lot of spying on its own people and then lied about it. And, well, quite frankly, it shouldn’t have, according to Swiss authorities.

Credit Suisse Group AG’s efforts to spy on top executives were broader than previously known and broke Swiss supervisory law, that country’s financial regulator said Tuesday.

The regulator, Finma, said that senior management knew about at least some of the seven surveillance campaigns it documented, pushing back on the bank’s claims that rogue employees were to blame.

What’s more, Credit Suisse’s internal CIA wasn’t even keeping tabs on the right people. Those employees who were allegedly laundering money for the Bulgarian mafia, for instance, or those simultaneously getting kickbacks and stealing from clients, or those allegedly rigging and otherwise manipulating markets, or those piling up enormous and unprofitable risks, or those who then allegedly colluded unsuccessfully to avoid the massive hit therefrom, all managed to go about their business with nary an eye upon them. As were the folks arranging the bribes that led to $2 billion in bond deals with Mozambique.

Credit Suisse Group AG agreed to pay almost $475 million to resolve multiple investigations into its role in a fundraising scandal that saw hundreds of millions looted from Mozambique and tipped the country into economic crisis…. Three Credit Suisse bankers have previously pleaded guilty in the matter.

Credit Suisse Securities Europe Ltd., a unit of the bank, pleaded guilty to a single charge of conspiracy to commit wire fraud at a hearing in Brooklyn federal court Tuesday. The parent company also entered into a three-year deferred-prosecution agreement with the U.S. Justice Department.

The bank deceived investors by hiding information about the use of the proceeds of three debt offerings from 2013 to 2016, prosecutors said Tuesday. Credit Suisse bankers received $50 million in kickbacks that were hidden from other members of management, part of at least $200 million in “improper payments” and bribes, the U.S. said.



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