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Accounting News Roundup: Credit Suisse Back to Business; Corporate Inversions Not Going Anywhere; How to Pull an All-Nighter | 05.20.14

Denied Milder Penalty, Credit Suisse Feels the Force of the Law [DealBook]
Bankers begging? That's a change from the norm: "Romeo Cerutti, a Swiss and Italian citizen who once practiced law at a corporate firm in California, arrived just weeks after prosecutors warned that Credit Suisse would need to plead guilty for helping American account holders hide their wealth and evade taxes. In a fourth-floor Justice Department conference room overlooking the National Museum of Natural History, Mr. Cerutti mounted a defense, assuring a group of high-ranking prosecutors that the wrongdoing was contained to a few low-level bankers.  With a quiver in his voice, the lawyer urged prosecutors to settle for a so-called deferred prosecution agreement that would spare the bank criminal charges in exchange for various concessions, according to people briefed on the meeting. Criminal charges, he warned, could have serious consequences for Credit Suisse, and for the broader financial system. 'Please don’t do this,' Mr. Cerutti asked the prosecutors, the people briefed on the meeting said. 'Please give us a D.P.A.' "

Credit Suisse Chief Sees Little Impact From Tax Evasion Plea [DealBook]
Biz as ushe: "We have found no instances where clients cannot do business with us,” Credit Suisse CEO Brady Dougan said. “Our discussions with clients have been very reassuring and we haven’t seen very many issues at all.”

Lobbyists scoff at Wyden’s tax threat [The Hill]
Senator Ron Wyden believes that Congress needs to do something about corporate inversions. Lobbyists are all, like, "Good luck with that."

What's the Best Way to Pull an All-Nighter? [WSJ]
Probably could've used this a month or two ago.

Man Wearing "It's All Fun & Games Until The Cops Show Up" T-Shirt Is Arrested When The Cops Show Up [TSG]
Surprisingly, NOT Florida: "The 35-year-old bank robbery suspect was wearing a t-shirt declaring “It’s all fun & games until the cops show up” when police showed up yesterday morning and arrested him as he exited an Idaho motel."

Posted in ANR