Credit Suisse Saga Reveals Ever-Present Bank Surveillance State

Credit Suisse Saga Reveals Ever-Present Bank Surveillance State
Credit Suisse headquarters on December 14, 2011 in New York City. Spencer Platt/Getty Images
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The scene: a street in Zurich. The mark: a wealthy Swiss banker. His pursuers: hired goons looking for intel. It sounds like something ripped from John Le Carre. In fact, it’s real-life—and not all that unusual in the world of high finance.

News that Credit Suisse Group AG had hired private investigators to tail a star banker who’d defected to a rival has captivated the hush-hush world of Swiss banking. The ensuing scandal has reached the very top of the firm and, in all likelihood, heads will roll.