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Can someone explain like I'm 5? I am uncertain I understand it. Did credit Suisse actually ask to delete financial documentation to hide from the public that t

Can someone explain like I'm 5? I am uncertain I understand it. Did credit Suisse actually ask to delete financial documentation to hide from the public that they have financially backed oligarchs?

kingcharles 5y ago
That's what the headline seems to imply. The article isn't that clear. My guess is that what they are doing isn't illegal. Basically Credit Suisse has papers that its customers supplied in confidence to secure loans, and those documents are probably no longer strictly needed, and so it is getting rid of them in case there is another leak of their internal files, like there was recently.
- actionfromafar 5y ago
  It is'nt clear. For instance, to me it's not clear if that can be obstruction of justice in a forth-coming investigation.
  - cm2187 5y ago
    You should keep in mind it is in the context of a securitisation, i.e. selling public securities. It's unikely that highly confidential information was shared with the investors not the least because it's may not be relevant to their investment. My guess, not knowing anything about the transaction, but from what the articles says, is that they may have shared some financials from the persons the planes were leased to, under NDA. And given data leaks, they probably went to all the investors they shared confidential information with in the past and ask them to delete it unless they still need it.
    - actionfromafar 5y ago
      So? Aren't we talking about hiding evidence that something may have connection to sanctioned individuals? If so, I agree with everything you said but it could still be obstruction of justice.
- _nalply 5y ago
  Maybe. It's Swiss law that records must be kept at least for 10 years. Two months ago I threw away the bookkeeping and the tax declaration of my sole proprietorship of the year 2011.
Dr_Birdbrain 5y ago
progre 5y ago
What I get from the article: Some scumbags loaned money from Credit Suisse. As security, they used their big boats and airplanes. Credit Suisse then themselves loaned money from hedge funds offering a very good return and using the scumbags loans as security. To prove that they had security for those loans they sent pictures of the boats and planes to the hedgefund. Then someone told a newspaper that Credit Suisse was loaning money to scumbags. To make this less embarrasing Credit Suisse is now asking the hedgefund to throw away the picures of the boats.
- belter 5y ago
  This is the correct explanation. Their request comes out of trying to limit the damage of this leak: "Credit Suisse leak unmasks criminals, fraudsters and corrupt politicians" https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians https://www.theguardian.com/news/2022/feb/20/credit-suisse-s... Even the Vatican is on it: "...One Vatican-owned account in the data was used to spend €350m (£290m) in an allegedly fraudulent investment in London property that is at the centre of an ongoing criminal trial of several defendants, including a cardinal..."
  - smorgusofborg 5y ago
    I wonder if this will reawaken Vatican banker death investigations.
    - blitzar 5y ago
      I am curious as to why the vatican needed to borrow the 350mil... they could have found that down the back of the sofa easily enough.
      - kelnos 5y ago
        Because when you have a lot of money, you can loan money at really low interest rates. Rates that are lower than the rate of return on the investments you'd have to sell to avoid the loan in the first place. If banks are willing to give you really cheap money, you take it.

Can someone explain like I'm 5? I am uncertain I understand it. Did credit Suisse actually ask to delete financial documentation to hide from the public that they have financially backed oligarchs?

kingcharles 5y ago

That's what the headline seems to imply. The article isn't that clear. My guess is that what they are doing isn't illegal. Basically Credit Suisse has papers that its customers supplied in confidence to secure loans, and those documents are probably no longer strictly needed, and so it is getting rid of them in case there is another leak of their internal files, like there was recently.

actionfromafar 5y ago
It is'nt clear. For instance, to me it's not clear if that can be obstruction of justice in a forth-coming investigation.
- cm2187 5y ago
  You should keep in mind it is in the context of a securitisation, i.e. selling public securities. It's unikely that highly confidential information was shared with the investors not the least because it's may not be relevant to their investment. My guess, not knowing anything about the transaction, but from what the articles says, is that they may have shared some financials from the persons the planes were leased to, under NDA. And given data leaks, they probably went to all the investors they shared confidential information with in the past and ask them to delete it unless they still need it.
  - actionfromafar 5y ago
    So? Aren't we talking about hiding evidence that something may have connection to sanctioned individuals? If so, I agree with everything you said but it could still be obstruction of justice.
_nalply 5y ago
Maybe. It's Swiss law that records must be kept at least for 10 years. Two months ago I threw away the bookkeeping and the tax declaration of my sole proprietorship of the year 2011.

Dr_Birdbrain 5y ago

progre 5y ago

What I get from the article: Some scumbags loaned money from Credit Suisse. As security, they used their big boats and airplanes. Credit Suisse then themselves loaned money from hedge funds offering a very good return and using the scumbags loans as security. To prove that they had security for those loans they sent pictures of the boats and planes to the hedgefund. Then someone told a newspaper that Credit Suisse was loaning money to scumbags. To make this less embarrasing Credit Suisse is now asking the hedgefund to throw away the picures of the boats.

belter 5y ago
This is the correct explanation. Their request comes out of trying to limit the damage of this leak: "Credit Suisse leak unmasks criminals, fraudsters and corrupt politicians" https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians https://www.theguardian.com/news/2022/feb/20/credit-suisse-s... Even the Vatican is on it: "...One Vatican-owned account in the data was used to spend €350m (£290m) in an allegedly fraudulent investment in London property that is at the centre of an ongoing criminal trial of several defendants, including a cardinal..."
- smorgusofborg 5y ago
  I wonder if this will reawaken Vatican banker death investigations.
  - blitzar 5y ago
    I am curious as to why the vatican needed to borrow the 350mil... they could have found that down the back of the sofa easily enough.
    - kelnos 5y ago
      Because when you have a lot of money, you can loan money at really low interest rates. Rates that are lower than the rate of return on the investments you'd have to sell to avoid the loan in the first place. If banks are willing to give you really cheap money, you take it.