# Prof. Roy Smith reacts to Credit Suisse's guilty plea for tax evasion

1 Faculty News May 20, 2014 ![Bloomberg logo](/sites/default/files/styles/246w/public/assets/images/bloomberg192x144.jpg?itok=yV529lwz)>

Excerpt from [Bloomberg](http://www.bloomberg.com/news/2014-05-20/credit-suisse-plea-sends-warning-to-banks-under-scrutiny.html) -- "'The value of a criminal admission only has symbolic value to let the public know the Justice Department is out there doing its job.' said [Roy Smith](http://www.stern.nyu.edu/faculty/bio/roy-smith), a finance professor at New York University’s Stern School of Business and a former Goldman Sachs Group Inc. partner. 'I don’t think it extracts anything other than an opportunity to register a symbolic victory.'"
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Read more](http://www.bloomberg.com/news/2014-05-20/credit-suisse-plea-sends-warning-to-banks-under-scrutiny.html)

Additional coverage appeared on [Bloomberg Businessweek](http://www.businessweek.com/news/2014-05-19/credit-suisse-conviction-sends-warning-to-banks-under-scrutiny).