Global Financial Integrity


GFI’s Heather Lowe to Testify Thursday at U.S. Labor Dept Hearing over Proposed Credit Suisse Tax Evasion Exemption

Clark Gascoigne, +1 202 293 0740 ext. 222
Credit Suisse

Credit: Clark Gascoigne / GFI

Public Hearing to Consider Proposed Credit Suisse Exemption from U.S. Regulation Barring It from Claiming Preferential Asset Manager Status in Wake of Criminal Conviction

GFI Expert to Testify in Favor of Financial Integrity, Rule of Law, and Protection of Retirement Funds; Will Recommend Rejection of Proposed Waiver

Time: 10:00am – 5:00pm EST (Lowe to testify at 1:15pm EST)
Date: Thursday, January 15, 2015
Room: C5320, Rm. 6 (5th Floor)
Venue: U.S. Department of Labor, 200 Constitution Ave NW, Washington, DC 20210

WASHINGTON, DC – Global Financial Integrity (GFI) Legal Counsel and Director of Government Affairs Heather Lowe will testify at the U.S. Department of Labor on Thursday during a public hearing considering whether Credit Suisse AG (Credit Suisse) should be granted an exemption from U.S. regulations barring it and its affiliates from receiving preferential asset manager treatment after the bank was criminally convicted of willfully aiding in U.S. tax evasion on an industrial scale over many years.

U.S. Department of Labor regulations bar entities from enjoying the preferential status of “qualified professional asset manager” (QPAM) when they or any of their affiliates are convicted of aiding in tax evasion, among a number of other crimes.  Such a disqualification would mean that Credit Suisse would no longer be able to engage in higher-risk transactions with the pension fund capital that they manage.

“Receiving preferential asset management status is a privilege, not a right, and Credit Suisse has routinely demonstrated that it is not worthy of that privilege,” said Ms. Lowe ahead of the hearing.  “The felony conviction, to which Credit Suisse pled guilty this past year, is only the latest transgression in a long string of serious regulatory problems at the financial institution.  Enough is enough: Credit Suisse needs to understand that there are serious repercussions for engaging in illegal activity that defrauds the U.S. Government and American taxpayers.”

The hearing will begin at 10:00am EST on Thursday, January 15th in C5320, Rm. 6 of the U.S. Department of Labor in Washington.  Ms. Lowe is scheduled to give her testimony beginning at 1:15pm.  Also speaking at the hearing will be representatives from Credit Suisse, Public Citizen, Tax Justice Network, Ralph Nader, and others.  A complete agenda can be downloaded here.


Notes to Editors:

Journalist Contacts:

Clark Gascoigne
+1 202 293 0740 x222 (Office)
+1 202 815 4029 (Mobile)


Global Financial Integrity (GFI) is a Washington, DC-based research and advocacy organization, which promotes transparency in the international financial system as a means to global development.

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