New York Department of Financial Services has selected Neil Barofsky, the former watchdog of the US government’s bank-bailout program, to monitor Credit Suisse Group after it pleaded guilty to aiding US tax cheats.
Barofsky, now a partner at the private law firm Jenner & Block, was selected by a five-member committee from a pool of about 15 candidates.
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He will lead the investigation into the Swiss bank, assisted by colleague Anthony Barkow.
Barofsky will probe the bank’s past failures and its current actions to determine how it flouted the IRS for decades — and make sure that it doesn’t happen again, New York Post reported citing an unidentified source.
In May this year, Credit Suisse agreed to pay US$2.6 billion to US authorities and plead guilty to a criminal charge that it helped wealthy American clients evade taxes.
As part of deal, Credit Suisse also agreed to two years of oversight by New York’s financial regulator.
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By GlobalData
