Senators scold prosecutors, Swiss bank in tax spat

Senators lashed out at federal prosecutors on Wednesday for a lack of zeal in going after Swiss banks that helped Americans dodge taxes, blaming them for billions of dollars in missed revenues. The Senate Permanent Subcommittee on Investigations this week alleged new misdeeds by Switzerland's Credit Suisse, citing secret meetings in luxury hotels and hidden elevators one senator said belonged in a spy novel. "Taxes owed on billions of dollars in hidden offshore assets remain uncollected," subcommittee Chairman Carl Levin, one of Capitol Hill's toughest questioners, said in a public hearing where bankers testified before the panel. The Justice Department is probing 14 Swiss banks over taxes, five years after UBS, Switzerland's largest bank, admitted to helping U.S. clients hide money from the tax man, and agreed to give their names to U.S. authorities.

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