Cole detailed a number of small actions around the edges of the problem, but he failed to detail all of the resistance by DOJ officials to prosecute Credit Suisse officials who came onto American soil and shielded billions from the reach of the IRS. Cole admitted in his testimony that none of the small DOJ actions involve the key fourteen Swiss banks most heavily engaged in criminal conduct in the United States.
Levin said that Credit Suisse has illegally shielded up to $12 billion from the IRS.
Fourteen days after Cole was grilled, the Department of Justice announced a single plea deal with a lone Swiss bank official:
In court papers, Bachmann admitted traveling twice a year to the United States as an employee of a Credit Suisse subsidiary to meet with clients who maintained secret Swiss accounts as a means of avoiding U.S. taxes. He would show clients their account statements, and if they asked for a copy he would ask them, “Do you really want to keep the statement?” and suggest that keeping physical records of the account in the U.S. was a risk.
At another point, in a discussion between Bachmann and the CEO of the subsidiary that employed him regarding compliance with U.S. laws, Bachmann says the executive told him, “Mr. Bachmann, you know what we expect of you. Don’t get caught.”
Contrast Cole’s kid gloves when it comes to Swiss bankers with the aggressive treatment of Tea Party groups by Obama’s IRS.
Like so much in the age of Obama, who you are determines how you are treated by the administration far more than what actions you take. This is also a Department of Justice that acts appropriately only after Congress applies pressure.