It's then plain that they didn't bother to understand what they were buying. From the article: Credit Suisse’s debt-issuance documents seem to allow for stockh

It's then plain that they didn't bother to understand what they were buying. From the article: Credit Suisse’s debt-issuance documents seem to allow for stockholders coming out on top. They note that at1 bond buyers have waived any right to reimbursement in a “write-down event”. Yet the idea that stockholders may be left with something and coco holders with nothing is contrary to the understanding many buyers had about what they were purchasing: namely, a hybrid security somewhere between stocks and debt in the stack of capital. That's a bad situation if retail investors were sold those contracts without careful explanation. Sophisticated investors can enjoy their cake.