Entities with criminal convictions shouldn't be allowed to manage assets, senators tell DOL

In a letter to the DOL last week, Sens. Elizabeth Warren, D-Mass. and Tina Smith, D-Minn., also cited Credit Suisse's 2014 conviction.

By David Baumann | February 15, 2022 at 08:48 AM

Citing an impending criminal conviction, two Democratic senators are asking the Department of Labor to refuse to allow Credit Suisse to continue as a qualified professional asset manager.

In a letter last week, Sens. Elizabeth Warren, D-Mass. and Tina Smith, D-Minn., also cited the bank’s 2014 conviction as evidence that the bank should not receive a waiver from being disqualified as a QPAM.

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