C Suisse CEO under pressure - 'Fish stinks from the head down'

Fish

'Management always tries to sweep things under the carpet, but it’s no longer possible to hide'.

Brady Dougan got a round of applause when he greeted more than 1,500 Credit Suisse investors in German and French at a stadium in Zurich last week.

Bloomberg News reports that the harmony didn’t last.

'Fish stinks from the head down, more precisely, that’s the head of CEO Brady Dougan', Ernst Schmid, a shareholder wearing a traditional Swiss edelweiss shirt, said at the bank’s annual meeting, calling for the chief executive officer’s resignation over an investigation into whether it helped Americans evade taxes. 'Management always tries to sweep things under the carpet, but it’s no longer possible to hide'.

U.S. prosecutors are pressing for a guilty plea from the parent company of the bank, a person familiar with the negotiations said last week. The case could cost the lender more than $1.6bn, according to a second person, who asked not to be identified because talks are confidential. That’s more than twice what Credit Suisse said it set aside for legal costs.

To access the complete Bloomberg article hit the link below:

Dougan's Reign Tested as Credit Suisse Tax Charge Looms

BNP Paribas, Credit Suisse Seek Leniency in U.S., NYT Says 

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