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Credit Suisse has been convicted of a felony. It has pleaded guilty to “conspiring to aid tax evasion” and been fined $2.6bn. The punishment meted out to Credit Suisse seems strangely inappropriate. Firstly, the fine levied is tiny for a bank the size of Credit Suisse, so why is the fine so small? Consider for a moment what would happen if the US revoked Credit Suisse’s banking license.

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