Credit Suisse, management and control
It thundered so much that it rained. The Swiss credit, Switzerland’s second largest bank, is on the decline. The problem is only one: management. The long series of “trallazzi” that have ancient origins have taught nothing to Swiss supervisory authorities. Just go back only 50 years and we find: the Chiasso scandal (1977), the Junk Bonds (1988), the Russian financial crisis (1998), the dot-com bubble (2002), the subprime crisis, CDOs, CDS, etc. . (2008), without counting the money laundering and all the fines imposed (see also SEC) for having ignored the regulations of the stock market and not only, then the espionage and many other “small” shortcomings that have cost billions of Swiss francs in many.
Dulcis in fundo the Arabs, 9.88% shareholders with the Saudi National Bankwith 5.03% of the Qatar Holding and 4.93% of the Olayan Group have declared that they do not want to participate in a further capital increase to which they already took part in December 2022 for a total amount of 4 billion fs On losses of 7 billion fs For years we have been trying to ask for a policy on everyone bank administrators (who may be incompetent or unfaithful) who generally suffer from omnipotence and financial foresight, and then embark on adventurous waters such as the Panama papers or money laundering and much more. Religiously observing the principle: “let’s make money and fast”.
However, the Swiss are not alone in this field. Can we still be surprised by requests for “help” because by now they find themselves in a cul de sac? Is it possible to be surprised by the internal bodies, bank audit and all the supervisory authorities? And then, of course, without forgetting the management and the boards of directors not only of the parent company, but of all the satellite companies with their lassez-faire, are they to be considered good administrators for customers? Perhaps the bank will be absorbed by the UBS or perhaps some other institution could make a better offer, what matters is that the bank’s customers are protected and, in this regard, I would like to remind you that fortunately in Switzerland there is no BAL-IN, so dear to Europe. Now I close with the motto of Swiss credit: IT’S TIME FOR AN EXPERT – IT’S TIME FOR AN EXPERT, the question is: were they referring to customers or to them?
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