Ex-Credit Suisse Banker Pleads Guilty To Conspiracy

  • Playlist
  • Download
  • Embed
    Embed <iframe src="http://www.npr.org/player/embed/325396782/325396791" width="100%" height="290" frameborder="0" scrolling="no">
  • Transcript

David Higgs has been handed $950,000 in fines and penalties by a New York court for his part in hiding sub-prime mortgage bond losses back in 2012.

RENEE MONTAGNE, HOST:

NPR's Business News starts with more banking fines. The former Credit Suisse banker David Higgs has been handed $950,000 in fines and penalties by New York court. Higgs pled guilty to conspiracy for his part in hiding subprime mortgage bond losses, back in 2012, worth $100 million. Last year, his former boss was sentenced to two and a half years in prison in the same case. This is one of the few criminal prosecutions to come out of the 2008 financial crisis.

Copyright © 2014 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.