The answer is yes, just as the US tax authority, the IRS, is after every other bank that might have taken money from American tax evaders, and the list is undoubtedly very long. Le Temps today carries a story suggesting that the IRS is about to pounce on Credit Suisse and HSBC, among others, but if you read closely, the main source is the not very reliable New York Times. I say not reliable because although the Grande Dame of US journalism is one of the best newspapers around, its reporting on UBS and Swiss banks in general has tended to be lopsided to the point where I remain suspicious about its editorial motives.

The New York Times in this case carried the same story several US publications ran at the end of April following a 27 April presentation in Miami Beach, Florida by Daniel Reeves at the Financial Due Diligence Conference organized by “Offshore Alert,” a financial newsletter.

Reeves has gained celebrity status as the IRS agent whose lengthy document, presented to a US Senate committee, led to the US Treasury Department demanding names of clients of Swiss bank UBS. Reeves in his presentation did not provide the names of any banks the IRS will be going after, but he was reported by Reuters 28 April to have said that the IRS is organizing more John Doe summonses – what some, including the Swiss government, refer to as “fishing expeditions” because the IRS is looking for lawbreakers whose names it does not have.

One of the reporters presumably at the conference is a freelance self-described investigative journalist, Lucy Komisar, who wrote of Reeve’s speech that “He declined to name the new targets, but one might imagine that UBS’s giant Swiss competitor, Credit Suisse, is among them. Swiss banks will provide information about drug traffickers and other criminals, but not tax evaders, because the Swiss don’t consider tax evasion a crime.”

The Miami Herald was also at the conference and it quotes Reeves the same way, calling his comment an “extraordinary disclosure” but also noting that he declined to name any banks. No countries appear to have been mentioned by Reeves, either.

The New York Times story is not their own, but the Reuters story, picked up from the wire service. Yahoo picked up a longer version of the Reuters story, where there is no mention of Credit Suisse or any other banks by name.

Komisar’s story is carried by IPS, Inter Press Service, a news agency. Komisar writes from the US, so might be forgiven for not realizing that tax evasion is indeeed a crime in Switzerland, but punishable by a fine, rather than the prison term that goes with tax fraud. The difference is somewhat like that between a venial or a mortal sin in the Catholic church, and a misdemeanor or a felony in the US, although the crime of tax evasion in Switzerland probably sits somewhere between the latter two.

Meanwhile, her story, spinning out across the Internet, is being picked up by a small number of other publications.

And in translation, from English to French in Switzerland, Credit Suisse has become a clear suspect, although there does not appear to be any foundation for this. In the nature of journalism, foreign journalists could well translate it back into English as an article run in the generally reliable newspaper Le Temps. Let’s see if that happens next.

Kids call this game Telephone or Post Office.

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