Carl Levin

Would you say it should not be manipulated during a year?

You are operating in the United States.

I have indicated that we hope that treaty will get ratified, but it has its limits, and it does not apply to thousands of accounts of people who owe us money.

Thank you so much, Senator McCain.

But would you say it is a relevant factor for investors?

In the first quarter, the NNA, net new asset, for Client 5 was actually split 60/40 between Americas and Switzerland.

We need to take all possible measures to change this into a positive story.

And are you going to be looking into whether or not the bank's net new asset numbers on the books were accurately stated to the public?

Now, under our treaty, at Swiss insistence, obviously, the existing treaty, there is an exception to extradition which allows the Swiss to deny an extradition request for a person who is involved in a tax offense.

The bank has acknowledged that it has also worked with other intermediaries.

Now, why did Credit Suisse ignore its own policies and pay for Swiss bankers to do this, to transact business?

But in any event, you acknowledge that misconduct was not all in this one area of the bank.

Client 1 opened the account in 2005, not in 1990.

So SALN had about perhaps 10 percent of the Swiss accounts opened by U.S. customers, and about 90 percent were spread out across the rest of the bank.

Well, there were about 1,800 that had one or more client accounts.

Well, would you give us a list of the reports that we have asked for that you have not shared them with this Subcommittee and the reason that you have not shared?

The U.S. interest in criminal prosecutions outweighs the foreign jurisdiction's interest in secrecy.

Thank you very much, Senator Johnson.

Have you urged the Swiss Government to change the laws to allow disclosure of U.S. customers' names?

So do not tell us the treaty is going to get us what we want. It will not.

The billions of dollars that are uncollected in taxes, and there are a lot of reasons for that, but you folks have to look in the mirror if you want to help us identify one reason and go after the folks who have evaded paying taxes.

So how many relationship managers had one or more accounts?

You want to do business here? You must comply with our laws.

The trouble is that the Justice Department has been deterred by the Swiss Government's law.

They have not changed their laws, have they?