A German prosecutor said Wednesday that he had widened an investigation into suspected tax evasion by employees of Credit Suisse by raiding offices and homes of four employees of the bank. Swiss banks may have thought they had put costly legal battles over tax evasion claims behind them, but the authorities in Germany and the United States seem to disagree.
Already the target of an FBI probe for abusing a travel and entertainment account with the city, Southaven Mayor Greg Davis also was charging large sums to the Southaven Chamber of Commerce, according to an investigation by The Commercial Appeal. The newspaper found the chamber reimbursed Davis for as much as $48,000 in one year alone for expenses incurred while promoting the city to prospective businesses.
The Swiss bank said it would cooperate with the U.S. authorities in an inquiry into the role played by the banking industry in helping U.S. citizens to dodge taxes. Credit Suisse said Friday that the U.S. Department of Justice was investigating its private-banking unit as part of "a broader industry inquiry," raising the possibility that the Swiss lender would face proceedings similar to those that led its cross-town rival UBS to pay a costly settlement and open its books to tax officials.
EDITOR'S NOTE: This story has been updated throughout. WASHINGTON (Reuters) - Congressional investigators have launched an inquiry into the work of credit rating firms that examined's risky bets on European government bonds and whether they overlooked crucial information in their evaluations.
Biddeford and state officials are investigating to determine whether the former president of the La Kermesse Franco-American festival misused the organization's line of credit, the vice president of the group said Wednesday. Raymond Gagne said the investigation centers around a line of credit from PeoplesChoice Credit Union, formerly St. Joseph's Credit Union, that was supposed to have been paid off and closed in 2004.
HOULTON - After a four-month-long stalemate in their dealings with a former superintendent who resigned after admitting to using a district credit card to make intermittent personal purchases, the SAD 29 school board on Tuesday evening finally took action. At their March meeting, former Superintendent Susan Johnson told the board that to "the best of my knowledge" she had disclosed all of her personal purchases and reimbursed SAD 29 for all charges that were not legitimate district expenditures. As further assurance, Johnson requested a professional audit of the use of the card, offering the district security in the form of a mortgage on her home if she had not repaid all expenditures that "should not have been appropriately charged to the district." The audit was conducted in March.
The town of Montgomery has decided to destroy its city-issued credit cards following an inquiry into the spending habits of Mayor James Higgins. Not long after he took office for his current term in 2008, Higgins obtained a city-issued Visa credit card. Only one other official held a city-issued credit card. All other employees authorized to make purchases held state-issued purchase cards.
DES MOINES (AP) - The Iowa attorney general is examining a Citibank credit card program that offers college students free food in return for filling out an application. To promote the Citibank program, fliers have reportedly been posted throughout the University of Iowa campus, offering free food at a restaurant. But when students show up for their meal, they're told they must fill out an application for a Citibank credit card.
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