CREDIT SUISSE FINED FOR CORRUPT HIRING SCHEME – Credit Suisse have been slapped with a hefty fine of $77mn for a corrupt hiring scheme. The investment bank admitted that between the years of 2007 and 2013 Senior Managers within their APAC team were looking to hire and were basing their selections on friendships and family relatives of government officials. Within the bank these hires were known as “Relationship or Referral hires” and the candidates that were hired were often less qualified and would receive employee benefits through the course of their employment. Assistant Director in charge at the US department of Justice, @William Sweeney said in a statement, “In the banking industry, not every undertaking is fair game. Trading employment opportunities for less-than-qualified individuals in exchange for lucrative business deals is an example of nepotism at its finest. The criminal penalty imposed today provides explicit insight into the level of corruption that took place at the hands of Credit Suisse Group AG’s Hong Kong-based subsidiary.” #SpartanInternational