Scott Michel Quoted in Bloomberg, Credit Suisse Likely to Settle Criminal Tax Probe

Excerpt taken from article.

Credit Suisse Group AG (CSGN), the Swiss bank facing possible U.S. indictment for aiding tax evasion, will likely settle with prosecutors by admitting wrongdoing and paying a penalty that may exceed $1 billion, tax lawyers said.

Whether the U.S. government can apply a 50 percent penalty to Credit Suisse "is going to be the subject of horse trading," said tax attorney Scott Michel of Caplin & Drysdale in Washington.

"You have to wonder whether they would pay more or less than UBS," Michel said. "There's a general sense that Credit Suisse didn't have as many U.S. clients that they marketed to aggressively in the same way that UBS did. If that's true, there would be less income tax that had gone unpaid compared to UBS."

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