I'm not all that surprised. CS didn't make one mistake, not even one really big mistake; it was involved in scandal after misstep after scandal after embarrass

I'm not all that surprised. CS didn't make one mistake, not even one really big mistake; it was involved in scandal after misstep after scandal after embarrassment, for a decade. It takes a lot to bring down an institution this old and big, but the CS management (mostly former) had what it took. I think part of why the Swiss gov't wanted to do it this way, is that it was clear CS was going to continue to be a problem, if it was rescued in a way that kept it an independent bank. Not that the current top mgmt is really responsible for its current state, but there had to be a fair amount of institutional/cultural issues, for that many problems to hit the same bank, year after year.