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Credit Suisse: Difference between revisions
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It may now wish it had been given the rubber glove treatment while the going was good. For its peers seem — and look, its ''always'' to early to say this sort of thing, but for now, they ''seem'' — the better for it: they look to have learned lessons about how banks should behave that Credit Suisse, apparently, did not. | It may now wish it had been given the rubber glove treatment while the going was good. For its peers seem — and look, its ''always'' to early to say this sort of thing, but for now, they ''seem'' — the better for it: they look to have learned lessons about how banks should behave that Credit Suisse, apparently, did not. | ||
===A gradual, but insistent, descent into the abyss=== | ===A gradual, but insistent, descent into the abyss=== | ||
So here we now are: after a period of seven or more years in which Credit Suisse seemingly was drawn, like a moth to a candle, to every financial catastrophe going — its spying on its own executives, Malachite, [[Archegos]], Greensill, Evergrande, [[Covid-19]], 1MDB, [[tax]] evasion, lockdown breaches, serial [[KYC]] and [[money laundering]] breaches, Bulgarian drug trafficking, a $500 million insurance fraud on the Georgian prime minister, $850m Mozambique tuna bonds fraud, and diverse sanction breaches — things looked like they were reaching an end-game in 2023 following the failure of the [[Silicon Valley Bank]] and a sudden market-wide loss of confidence in the Swiss lender. | So here we now are: after a period of seven or more years in which Credit Suisse seemingly was drawn, like a moth to a candle, to every financial catastrophe going — its spying on its own executives, Malachite, [[Archegos]], Greensill, Evergrande, [[Covid-19]], 1MDB, [[tax]] evasion, lockdown breaches, serial [[KYC]] and [[money laundering]] breaches, Bulgarian drug trafficking, a $500 million insurance fraud on the Georgian prime minister, $850m [[Mozambique tuna bonds]] fraud, and diverse sanction breaches — things looked like they were reaching an end-game in 2023 following the failure of the [[Silicon Valley Bank]] and a sudden market-wide loss of confidence in the Swiss lender. | ||
===Ironic endgame=== | ===Ironic endgame=== | ||
The irony in all of this? The [[SVB]] collapse was perhaps the first major financial scandal in a decade that old “Lucky” the one-eyed dog had nothing to to with whatsoever. | The irony in all of this? The [[SVB]] collapse was perhaps the first major financial scandal in a decade that old “Lucky” the one-eyed dog had nothing to to with whatsoever. | ||