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Swiss Bank Pleads Guilty for Helping US Tax Evaders

IRS Commissioner John Koskinen, left, and Deputy Attorney General James Cole, right, watch as Attorney General Eric Holder speaks during a news conference at the Justice Department, on Monday, May 19, 2014, in Washington
U.S. Attorney General Eric Holder says Swiss banking giant Credit Suisse has agreed to plead guilty and pay a massive fine for helping U.S. citizens evade taxes.

Holder on Monday said an extensive investigation shows the bank and its subsidiaries engaged in a wide-ranging conspiracy as far back as 100 years ago. He said hundreds of Credit Suisse bank employees and managers deceived the U.S. government and American taxpayers by hiding assets in undeclared illegal bank accounts.

Holder said the bank went to elaborate lengths to shield itself and its clients.

Credit Suisse will pay $1.8 billion in fines and reimburse the Internal Revenue Service $670 million.

Holder said this case shows that no company can use its profitability as a shield against prosecution.