Credit Suisse and the Department of Justice are reportedly closing in on settlement as high as $1.6 billion to resolve criminal charges of tax evasion, double what UBS paid to settle similar matters five years ago. However, authorities are weighing up the effect a sizable penalty would have on the Swiss bank's ability to operate. Separately though, Attorney General Eric Holder reaffirmed his belief that no bank is above the law and that there is "no such thing as 'too big to jail'."

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