Focus on the BIG picture.

0:00
0:00

Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.

Regulators cannot claim to serve the public or protect depositors when they turn a blind eye to a bank's fraudulent behavior. It's time to hold regulators accountable for cooperating with fraudulent activities of banks, by turning a blind eye and allowing them to cheat their customers.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.

Regulators cannot claim to serve the public or protect depositors when they turn a blind eye to a bank's fraudulent behavior.

It's time to hold regulators accountable for cooperating with fraudulent activities of banks, by turning a blind eye and allowing them to cheat their customers.

The Credit Suisse crisis is a result of a series of financial issues and scandals that have plagued the Swiss bank in recent years.

Here is a brief overview of some of the major events that have led to the crisis:

Losses from Archegos Capital:

In early 2021, Credit Suisse announced that it had suffered significant losses due to the collapse of Archegos Capital, a US-based hedge fund.

Credit Suisse was one of several banks that had provided financing to Archegos, which had taken on large positions in a number of companies.

When those positions went sour, Archegos was unable to meet its margin calls, and several banks, including Credit Suisse, were left with significant losses.

Fraud at its supply chain finance funds:.

In mid-2020, Credit Suisse was hit by a scandal involving its supply chain finance funds, which are designed to help small businesses get access to financing.

It was discovered that a Credit Suisse employee had been falsifying documents related to the funds, leading to losses of hundreds of millions of dollars.

US fines for helping Americans evade taxes:

In 2014, Credit Suisse pleaded guilty to charges of helping US citizens evade taxes, and agreed to pay a 2.6 billion dollar fine.

The bank was found to have helped Americans hide assets in Swiss bank accounts, which they could then use to avoid paying US taxes. While is common practice that makes money for banks worldwide, doing so with American citizens is a risk that no bank should take.

Spy scandal:

In 2019, it was revealed that Credit Suisse had hired private investigators to spy on its former head of wealth management, Iqbal Khan, who had defected to rival bank UBS.

The scandal led to the resignation of Credit Suisse's COO, and damaged the little left of the bank's reputation.

All of these events have led to an obvious collapse that, in fact, was welcomed by regulators who did nothing to protect the public or prevent the collapse..

And if you mistakenly think that this article is a complaint about what happened with Credit Suisse or the Silicon Valley Bank, you are wrong. This is a wake-up call for what could and should obviously happen to Deutsche Bank and HSBC.
Newsletter

Related Articles

0:00
0:00
Close
US Sanctions Target Chinese Individuals for COVID Fraud and Bomb Threats
US Responds to Rafah Casualties Amidst Israeli Strike
Prosecutors Urge Conviction of Donald Trump in Historic Hush Money Trial
Melinda French Gates Donates One Billion Dollars to Women's Issues
Public Uptake of AI Tools Remains Limited
Trump's Lawyer Calls for Quick Acquittal in Hush Money Trial
Georgians Protest Against 'Foreign Influence' Law
New Tax Rules on Second Homes in the UK to Address Housing Crisis
Can Europe Transition to a War Economy?
France Implements Stricter Airbnb Regulations
Upcoming Pandemic Inevitable, Warns Former UK Chief Scientific Advisor
United Airlines Engine Fire Halts Takeoff at O'Hare Airport
British Tourists Assaulted by Bouncers in Pattaya, Thailand
Global Crisis of Online Child Sexual Abuse
Facebook Delays Removal of Fake Account Exploiting TikTok Star
Billionaire Non-Domicile Flees UK Amid Tax Law Changes
Nicki Minaj's Manchester Concert Canceled After Amsterdam Arrest
UK Conservative Party Proposes Mandatory National Service at 18
12 Injured After Turbulence Hits Qatar Airways' Doha-Dublin Flight
Taiwan's President Expresses Willingness to Collaborate with China Amid Tensions
US Defense Secretary to Visit Cambodia after Regional Talks
China's Introduction of 19 New Professions
Taiwan's President Expresses Willingness to Collaborate with China Amid Tensions
Kate Middleton's Public Absence Throughout 2024
Maldives Urgently Seeks Global Aid to Counter Sea Level Threat
Asylum Seekers Arriving In UK by Sea Exceed 10,000 This Year
UK Criticizes ICJ Order on Israel's Rafah Assault
NASA Launches Mini Satellite for Climate Study
US Expresses Concern Over China's Military Drills Around Taiwan
Elon Musk's AI Startup xAI Plans Supercomputer
Sean Baker Wins Palme d'Or at Cannes for 'Anora'
Nicki Minaj Detained in Amsterdam Over Drug Allegations
Ukraine's Fight Against Corruption Gains Ground Amid War
Czech President Petr Pavel Injured in Motorcycle Accident
Paul McCartney Honours Bruce Springsteen at Ivor Novello Awards
US and UK to Reject ICJ Ruling on Israel's Rafah Offensive
Singapore Airlines Faces Potential Multi-Million Dollar Payouts After Severe Turbulence
UK PM Rishi Sunak's Anti-Smoking Plan Delayed by Snap Election
Potential Consequences if Donald Trump is Convicted in Hush Money Trial
World Court Orders Immediate Halt to Israeli Offensive in Gaza
Understanding FLiRT COVID Variants and Their Impact
Baltic NATO Members to Construct 'Drone Wall'
Global Life Expectancy Dropped By 2 Years Due To COVID-19
Macron Halts New Caledonia Voting Reform After Riots
China Conducts Military Drills Around Taiwan
US Refuses World Court Jurisdiction
Putin Allows Confiscation of US Property in Russia
AI Seoul Summit: Launch of Global Network of AI Safety Institutes
Nearly 40% of 2013 Web Pages No Longer Accessible, Study Finds
Kuala Lumpur Named Southeast Asia's Second-Best City by Oxford Economics
×