User Account

All Pages

Credit Suisse bad apples or is Credit Suisse bad barrel

Assignment Help Marketing Management
Reference no: EM133378146

Since Arthur Andersen, a giant accountancy firm, collapsed after being found guilty of obstruction of justice in 2002, the prevailing wisdom has been that no financial firm could survive a criminal conviction. Various financial licences and permissions, after all, depend on the regulators' agreement that a firm is fit for the task; clients also make similar, if less formal, judgments. Yet on May 19th Credit Suisse, a multinational bank based in Switzerland, pleaded guilty to a criminal charge of having helped its customers elude America's tax authorities.

The plea came with an enormous fine: $2.8 billion, much more than the $780m paid in 2009 by UBS, another big Swiss bank, for much the same offence. Although Credit Suisse seems to have been quite brazen in its attempts to fox the Internal Revenue Service-sending private bankers to visit American clients using tourist visas, for example-it appears to have catered to far fewer tax-dodging customers than UBS. As has been the case in many recent legal encounters between American regulators and the banks they supervise, there was no clear formula to explain the size of the fine. Shrugging bankers refer simply to "regulatory inflation".

The potential consequences of the criminal conviction are far bigger. Clients scattered from Andersen after its conviction, precipitating the firm's collapse and the loss of thousands of jobs. Mindful of this example, banks have fiercely resisted admissions of guilt in all their dealings with America's regulators.

Prosecutors, also worried about unintended consequences, have been hesitant to insist-especially since Andersen's conviction was overturned on appeal. UBS, for instance, did not admit guilt, instead entering a deferred-prosecution agreement, whereby the Department of Justice has suspended legal action against it in exchange for a series of reforms, in addition to the fine. Indeed, in spite of the popular belief that wayward bankers precipitated the financial crisis, no bank in America has admitted to, or been convicted of, any crime related to it.

SYNOPSIS: A big financial firm pleads guilty to a criminal charge and lives to tell the tale.

QUESTION: Are some employees at Credit Suisse "bad apples" or is Credit Suisse a "bad barrel"?

 

Reference no: EM133378146

Questions Cloud

Design marketing strategy to reach target market : Choose a product ( Not organic food - coffee - tea - we need something else ) and design a marketing strategy to reach target market.
Mcdonalds global marketing strategy : Identify the key elements in McDonald's global marketing strategy. Does McDonald's think globally and act locally? Explain with an example.
How has img influenced contingency framework of us colleges : Case 3 IMG jolts campus scene: How has IMG influenced the contingency framework of US colleges?
Marketing techniques you have learned from peregrine reading : Compare and contrast the marketing techniques you have learned from the Peregrine readings and how do these areas relate to business in general?
Credit Suisse bad apples or is Credit Suisse bad barrel : Are some employees at Credit Suisse "bad apples" or is Credit Suisse a "bad barrel"?
Chose product-service or idear : Chose a product, service or ''idear''. the product can be a spin-off of something already on the market, however it cannot already exist
Workplace safety and environmental management : Various roles of CSR for internally and externally stakeholders : Workplace Safety and Environmental Management, Customer Safety and Company Liability
How does it affect our perspective on global issues : How can you apply these facts/information? How does it affect our perspective on global issues?
Significance of attenuation coefficient : Explain the significance of the ATTENUATION COEFFICIENT? What is a THERMOCLINE? When do they occur? Where do they occur?

Reviews

Write a Review

Marketing Management Questions & Answers

  Integrated marketing communication

Developing an IMC plan of Amazon that aims to create awareness and knowledge amongst Singaporean  consumers of the ethics involved in buying clothing made from Bangladeshi factories  .

  Multiple choice questions on e-commerce

The assignment in Computer Science or Information Technology is about multiple choice questions, particularly in e-commerce. Questions such as types of e-commerce websites, commercial websites, disintermediation, Platform for Piracy, the data that ca..

  Balanced scorecard for red lobster

The assignment in marketing is about Red Lobster, which is one US and Canada's most loved seafood restaurant. It has hundreds of outlets in US and Canada and it now wants to expand further. The approach adopted by Red Lobster has been discussed in fu..

  Marketing plan - marketing audit, swot and smart report

The assignment in marketing is about preparing a marketing plan. As part of marketing plan, the SWOT analysis, assessing the competitive position, identifying critical competitive issues, marketing objectives, strategy and actions have been suggested..

  Marketing plan

Marketing deals with preparing a marketing plan for either an existing product or a new product. Various aspects about launching a new product into the market are discussed ranging from the industry the product belongs to, goals and vision of the com..

  Yamato corporation analysis - harvard case study

Please refer to the PDF for the Case Study and questions.The case study from Harvard Business School is about Yamato Corporation, a parcel delivery company which provides door to door delivery in Japan.

  Marketing plan - create a new product

The assignment in marketing is about competitive analysis for a new product namely "heated insoles". These heated insoles can be put in shoes and they can protect the wearer's feet by keeping them warm during cold winters.

  Report on digital marketing strategy for a website

Promotion strategies of  the one's own developed website

  Integrated marketing campaign of mccafe

Integrated marketing campaign for McDonald's McCafe. McCafe has been launched in Canada. This is a case study which involves the use of digital marketing and social media marketing apart from regular marketing such as TV and radio. All these more are..

  New product development at adidas

In this paper, the researcher also determines the different kind of practices used by Adidas to manufacture shoes for its customers.

  Managing services in competitive environment

Services can be defined as separately identifiable, intangible activities which provide want-satisfaction when marketed to household consumers and/or industrial users.

  Prepare a marketing plan

A marketing plan is an essential tool for any marketer, providing direction for a brand, product or organization. A marketing plan describes the marketing environment, marketing objectives and marketing strategies.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd