Bermuda Post

Monday, Apr 15, 2024

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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.
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