For the first time in 25 years a major bank, Credit Suisse, has pled guilty to criminal wrongdoing. The bank helped thousands of Americans to hide assets in offshore accounts in order to evade paying taxes. The bank will pay $2.6 billion in penalties and hire an independent monitor for up to two years.
Next up to plead guilty to criminal charges is BNP Paribas, which is suspected of doing business with countries like Sudan and Iran that the United States has blacklisted. It will pay more than $5 billion in fines; some employees will also be penalized.
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