5 ms·

Credit Suisse was involved in loads and loads of scandals. Joe Blogs summarized loads of them in a video: https://youtu.be/tAJRqpDqjLU?t=325 https://youtu.be/tA

by bkor 4y ago

Credit Suisse was involved in loads and loads of scandals. Joe Blogs summarized loads of them in a video: https://youtu.be/tAJRqpDqjLU?t=325 https://youtu.be/tAJRqpDqjLU?t=325 It's insane that this questionable bank which continuously says "problems have been addressed" scandal after scandal is now being saved. Public losses, private profit.

abc03 4y ago
Unfortunately other banks, too. Not something to mention specifically in this case. We must admit that banks have gone too big and need to be split up in the future.
swarnie 4y ago
I'd struggle to mention a bank which hasn't done some seriously questionable stuff just in the last 15 years, this is nothing unique.
- VWWHFSfQ 4y ago
  does that change anything with regard to this particular bank
  - swarnie 4y ago
    Only in the context of OPs comment. If we withhold help purely based on evidence of shady dealings then JPM, HSBC, DB, Well Fargo, Goldman and a whole butch of others should be liquidated by Monday lunch time in solidarity. Personally i hate the barter system so i suggest we find a different judgement metric.
- BaseballPhysics 4y ago
  Honestly, the only way you could say that with a straight face is if you haven't been paying attention to CS over the past year. Archegos and Greensill alone are astounding, and those blew up in just the past 6-9 months!
  - quickthrowman 4y ago
    There were 4-5 banks that sold equity swaps to Archegos. CS and Nomura lost the race to the exits to GS and MS who exited first, and ended up holding the bag.
    - deleted 4y ago
      [deleted]
reaperducer 4y ago
You can also read about the controversies in Wikipedia, if you don't want to watch some rando vlogger re-hashing a Wikipedia article: https://en.wikipedia.org/wiki/Credit_Suisse#Controversies https://en.wikipedia.org/wiki/Credit_Suisse#Controversies
belter 4y ago
$BankName was involved in loads and loads of scandals. Its a way of life for Banks. Gets boring after a while. If you are around a bank, make sure your wallet is tightly secured to your body... JP Morgan Chase: "Scandals and scandals...agreed to pay the government $13 billion in penalties. Entered into “deferred prosecution agreements”, manipulated US Market...Paid $2.5 billion fine for failing for two decades to report activity by client Bernie Madoff, etc...etc.." - https://www.theguardian.com/business/2020/sep/29/jpmorgan-chase-admits-spoofing-us-market-manipulation-pay-920m https://www.theguardian.com/business/2020/sep/29/jpmorgan-ch... Deutsche Bank: "...Role in financial crisis of 2008, Espionage scandal, Libor scandal, Tax evasion, Russian money-laundering operations..." - https://www.dw.com/en/deutsche-banks-biggest-scandals/a-54979535 https://www.dw.com/en/deutsche-banks-biggest-scandals/a-5497... BNP Paribas: "...Laundered US$100 billion, plead guilty in a New York state court to falsifying business records.." - https://en.wikipedia.org/wiki/BNP_Paribas#:~:text=BNP%20Paribas%20was%20said%20to,in%20connection%20to%20those%20falsifications https://en.wikipedia.org/wiki/BNP_Paribas#:~:text=BNP%20Pari.... Goldman Sachs: "The primordial Octopus..." - https://en.wikipedia.org/wiki/Goldman_Sachs_controversies https://en.wikipedia.org/wiki/Goldman_Sachs_controversies Wells Fargo: "...Created fake accounts in the names of its customers without their knowledge or consent...." - https://www.thestreet.com/banking/zelle-scam-wells-fargo https://www.thestreet.com/banking/zelle-scam-wells-fargo Citigroup: "Paid $2 Billion in Enron Scandal...Was the largest U.S. lender to the apartheid government of South Africa...etc..." - https://www.nytimes.com/2005/06/11/business/citigroup-agrees-to-pay-2-billion-in-enron-scandal.html#:~:text=Citigroup%20and%20J.P.%20Morgan%20Chase,financial%20condition%20before%20its%20collapse https://www.nytimes.com/2005/06/11/business/citigroup-agrees.... https://www.corp-research.org/citigroup https://www.corp-research.org/citigroup https://www.theguardian.com/business/2005/jun/11/corporatefraud.enron https://www.theguardian.com/business/2005/jun/11/corporatefr...
- eternalban 4y ago
  JP Morgan: Sex Trafficking: https://www.law360.com/articles/1587042/vi-gov-t-says-jpm-s-dimon-knew-of-epstein-s-sex-trafficking https://www.law360.com/articles/1587042/vi-gov-t-says-jpm-s-... https://www.bloomberg.com/news/articles/2023-03-17/former-jpmorgan-executive-staley-to-face-deposition-on-epstein https://www.bloomberg.com/news/articles/2023-03-17/former-jp...
gtsnexp 4y ago
It is not a crazy idea. This bank is significant to the G7, and if the Swiss government does decide to intervene and take control, it doesn't necessarily mean the bank is being rescued. The situation is much more complex than simply equating public losses with private gains. If Switzerland takes over the bank, it will be an unprecedented event in history, and I would bet that it would be beneficial for customers in the medium to long term.
- throw101010 4y ago
  How does a bank owned by the state ensure the constitutional right given to Swiss citizens to banking secrecy? If you can answer this question in a way in which the government doesn't get banking information it by law shouldn't have, I could maybe see it as good news for customers... otherwise they will just provide a systematically inferior service than other, privately owned, banks in Switzerland.
  - deleted 4y ago
    [deleted]
  - lazide 4y ago
    They’ll just close their eyes of course. They pinky swear!
  - outside1234 4y ago
    The whole banking secrecy thing is just another way to hide all of the money laundering, drug money, and tinpot African dictator money these banks have been holding all of these years. The good news is folks in government are probably pretty implicated in this, so they will probably try to make sure there is a pretty strong partition.
    - germandiago 4y ago
      I wish money laundering was impossible... by removing the rest of slavery that is the taxing system. People would trade many things without being treated like criminals just for doing voluntary exchanges. States are extremely greedy. I am of the opinion that they should know the less the better abt ur money or whatever. On top of that look at what the current central banking policies are provoking... come on, it looks designed to empoverish us...
mupuff1234 4y ago
You would think that with all those scandals they would at least be profitable.
lazide 4y ago
They also have their tendrils into so many things, it’s likely ‘too big to fail’ for Switzerland. Potentially other countries too. It’s an effective, albeit evil play I guess. A bit like a tumor metastasizing into an organ that is too dangerous to operate on, so it can’t be removed.
- born2discover 4y ago
  Credit Suisse is indeed one of several globally systemically important banks. The list is annually established by the Financial Stability Board [1]. [1]: https://www.fsb.org/2022/11/2022-list-of-global-systemically-important-banks-g-sibs/ https://www.fsb.org/2022/11/2022-list-of-global-systemically...
_trampeltier 4y ago
Credit Suisse : Penalty total since 2000: $11,427,400,126 JPMorgan Chase : Penalty total since 2000: $36,129,286,132 Bank of America : Penalty total since 2000: $83,354,221,356 https://violationtracker.goodjobsfirst.org/summary?parent=credit-suisse https://violationtracker.goodjobsfirst.org/summary?parent=cr... https://violationtracker.goodjobsfirst.org/parent/jpmorgan-chase https://violationtracker.goodjobsfirst.org/parent/jpmorgan-c... https://violationtracker.goodjobsfirst.org/parent/bank-of-america https://violationtracker.goodjobsfirst.org/parent/bank-of-am...
- huntertwo 4y ago
  JPMC also has a $400B market cap. The fact that Credit Suisse has half their fines is impressive.
  - tester756 4y ago
    barely third :P
penguin_booze 4y ago
One from FT: https://next-media-api.ft.com/renditions/16577943424950/1280x720.mp4 https://next-media-api.ft.com/renditions/16577943424950/1280....
dermesser 4y ago
As criminal as the CS bank(st)ers are, these losses are made up by what is essentially play money (central bank guarantees etc.)... Again, depositors are saved and stock owners essentially lose all (given the low purchase price). So, whatever, I guess

by bkor 4y ago

abc03 4y ago

Unfortunately other banks, too. Not something to mention specifically in this case. We must admit that banks have gone too big and need to be split up in the future.

swarnie 4y ago

I'd struggle to mention a bank which hasn't done some seriously questionable stuff just in the last 15 years, this is nothing unique.

VWWHFSfQ 4y ago
does that change anything with regard to this particular bank
- swarnie 4y ago
  Only in the context of OPs comment. If we withhold help purely based on evidence of shady dealings then JPM, HSBC, DB, Well Fargo, Goldman and a whole butch of others should be liquidated by Monday lunch time in solidarity. Personally i hate the barter system so i suggest we find a different judgement metric.
BaseballPhysics 4y ago
Honestly, the only way you could say that with a straight face is if you haven't been paying attention to CS over the past year. Archegos and Greensill alone are astounding, and those blew up in just the past 6-9 months!
- quickthrowman 4y ago
  There were 4-5 banks that sold equity swaps to Archegos. CS and Nomura lost the race to the exits to GS and MS who exited first, and ended up holding the bag.
  - deleted 4y ago
    [deleted]

reaperducer 4y ago

You can also read about the controversies in Wikipedia, if you don't want to watch some rando vlogger re-hashing a Wikipedia article: https://en.wikipedia.org/wiki/Credit_Suisse#Controversies https://en.wikipedia.org/wiki/Credit_Suisse#Controversies

belter 4y ago

$BankName was involved in loads and loads of scandals. Its a way of life for Banks. Gets boring after a while. If you are around a bank, make sure your wallet is tightly secured to your body... JP Morgan Chase: "Scandals and scandals...agreed to pay the government $13 billion in penalties. Entered into “deferred prosecution agreements”, manipulated US Market...Paid $2.5 billion fine for failing for two decades to report activity by client Bernie Madoff, etc...etc.." - https://www.theguardian.com/business/2020/sep/29/jpmorgan-chase-admits-spoofing-us-market-manipulation-pay-920m https://www.theguardian.com/business/2020/sep/29/jpmorgan-ch... Deutsche Bank: "...Role in financial crisis of 2008, Espionage scandal, Libor scandal, Tax evasion, Russian money-laundering operations..." - https://www.dw.com/en/deutsche-banks-biggest-scandals/a-54979535 https://www.dw.com/en/deutsche-banks-biggest-scandals/a-5497... BNP Paribas: "...Laundered US$100 billion, plead guilty in a New York state court to falsifying business records.." - https://en.wikipedia.org/wiki/BNP_Paribas#:~:text=BNP%20Paribas%20was%20said%20to,in%20connection%20to%20those%20falsifications https://en.wikipedia.org/wiki/BNP_Paribas#:~:text=BNP%20Pari.... Goldman Sachs: "The primordial Octopus..." - https://en.wikipedia.org/wiki/Goldman_Sachs_controversies https://en.wikipedia.org/wiki/Goldman_Sachs_controversies Wells Fargo: "...Created fake accounts in the names of its customers without their knowledge or consent...." - https://www.thestreet.com/banking/zelle-scam-wells-fargo https://www.thestreet.com/banking/zelle-scam-wells-fargo Citigroup: "Paid $2 Billion in Enron Scandal...Was the largest U.S. lender to the apartheid government of South Africa...etc..." - https://www.nytimes.com/2005/06/11/business/citigroup-agrees-to-pay-2-billion-in-enron-scandal.html#:~:text=Citigroup%20and%20J.P.%20Morgan%20Chase,financial%20condition%20before%20its%20collapse https://www.nytimes.com/2005/06/11/business/citigroup-agrees.... https://www.corp-research.org/citigroup https://www.corp-research.org/citigroup https://www.theguardian.com/business/2005/jun/11/corporatefraud.enron https://www.theguardian.com/business/2005/jun/11/corporatefr...

eternalban 4y ago
JP Morgan: Sex Trafficking: https://www.law360.com/articles/1587042/vi-gov-t-says-jpm-s-dimon-knew-of-epstein-s-sex-trafficking https://www.law360.com/articles/1587042/vi-gov-t-says-jpm-s-... https://www.bloomberg.com/news/articles/2023-03-17/former-jpmorgan-executive-staley-to-face-deposition-on-epstein https://www.bloomberg.com/news/articles/2023-03-17/former-jp...

gtsnexp 4y ago

It is not a crazy idea. This bank is significant to the G7, and if the Swiss government does decide to intervene and take control, it doesn't necessarily mean the bank is being rescued. The situation is much more complex than simply equating public losses with private gains. If Switzerland takes over the bank, it will be an unprecedented event in history, and I would bet that it would be beneficial for customers in the medium to long term.

throw101010 4y ago
How does a bank owned by the state ensure the constitutional right given to Swiss citizens to banking secrecy? If you can answer this question in a way in which the government doesn't get banking information it by law shouldn't have, I could maybe see it as good news for customers... otherwise they will just provide a systematically inferior service than other, privately owned, banks in Switzerland.
- deleted 4y ago
  [deleted]
- lazide 4y ago
  They’ll just close their eyes of course. They pinky swear!
- outside1234 4y ago
  The whole banking secrecy thing is just another way to hide all of the money laundering, drug money, and tinpot African dictator money these banks have been holding all of these years. The good news is folks in government are probably pretty implicated in this, so they will probably try to make sure there is a pretty strong partition.
  - germandiago 4y ago
    I wish money laundering was impossible... by removing the rest of slavery that is the taxing system. People would trade many things without being treated like criminals just for doing voluntary exchanges. States are extremely greedy. I am of the opinion that they should know the less the better abt ur money or whatever. On top of that look at what the current central banking policies are provoking... come on, it looks designed to empoverish us...

mupuff1234 4y ago

You would think that with all those scandals they would at least be profitable.

lazide 4y ago

They also have their tendrils into so many things, it’s likely ‘too big to fail’ for Switzerland. Potentially other countries too. It’s an effective, albeit evil play I guess. A bit like a tumor metastasizing into an organ that is too dangerous to operate on, so it can’t be removed.

born2discover 4y ago
Credit Suisse is indeed one of several globally systemically important banks. The list is annually established by the Financial Stability Board [1]. [1]: https://www.fsb.org/2022/11/2022-list-of-global-systemically-important-banks-g-sibs/ https://www.fsb.org/2022/11/2022-list-of-global-systemically...

_trampeltier 4y ago

Credit Suisse : Penalty total since 2000: $11,427,400,126 JPMorgan Chase : Penalty total since 2000: $36,129,286,132 Bank of America : Penalty total since 2000: $83,354,221,356 https://violationtracker.goodjobsfirst.org/summary?parent=credit-suisse https://violationtracker.goodjobsfirst.org/summary?parent=cr... https://violationtracker.goodjobsfirst.org/parent/jpmorgan-chase https://violationtracker.goodjobsfirst.org/parent/jpmorgan-c... https://violationtracker.goodjobsfirst.org/parent/bank-of-america https://violationtracker.goodjobsfirst.org/parent/bank-of-am...

huntertwo 4y ago
JPMC also has a $400B market cap. The fact that Credit Suisse has half their fines is impressive.
- tester756 4y ago
  barely third :P

penguin_booze 4y ago

One from FT: https://next-media-api.ft.com/renditions/16577943424950/1280x720.mp4 https://next-media-api.ft.com/renditions/16577943424950/1280....

dermesser 4y ago

As criminal as the CS bank(st)ers are, these losses are made up by what is essentially play money (central bank guarantees etc.)... Again, depositors are saved and stock owners essentially lose all (given the low purchase price). So, whatever, I guess