Credit Suisse finds ‘material weakness’ in reporting, scraps exec bonuses

This is the foreshock that occurs before the larger seismic event and they are washing their hands clean so they aren't criminally liable when the organization fails later this year. Look at the Credit Suisse 5 year CDS chart so see how the market is pricing their risk.

The thing is with the big Swiss banks like UBS, Credit Suisse etc is they regularly oscillate business models between &quot;We are a full service universal bank&quot; and &quot;We are a private bank with a bit of investment banking attached to keep our HNWI clients happy.&quot;<p>Where they are in that cycle typically depends on how much money investment banking&#x2F;trading made over the previous year or two.

I understand &#x27;material weakness&#x27; to mean falsified&#x2F;faked&#x2F;misleading&#x2F;corrupted. 1) what happened to basic language?, 2) do the legal&#x2F;PR people using these words honestly believe they are fooling anyone?

CS has had a range of challenges with its leadership and operational practices for years. This is just the latest in a string of events, some of them borderline just bizarre, calling into question the competency of the bank’s leadership its and long term direction.

Tangent: I guess the silver lining in proofreading mistakes is that the content wasn&#x27;t generated by ChatGPT.

I feel like this started with the US-accounts fishing expedition that was started by a disgruntled Manager in the Swiss banking side.<p>Banking in switzerland has not been the same since. And US citizens are effectively kryptonite for swiss banks too.

Credit Suisse shares are at an all-time-low today...

Contagion is spreading now. It’s interesting that we’re calling it “contagion” isn’t it? I think the real problems are deeper, like cancer, and it’s systematic. This isn’t just a light cough with some sniffles. We’re talking a body riddled with pus-filled tumors.

I assume this is the step you take before firing them as a shot across the bow to quit or otherwise go away?

&quot;We lied&quot;.<p>There, summarised their public relations spiel for you.

I&#x27;ve been watching this firm slowly die via a thousand self inflicted wounds since 2016. I wish someone had the courage to just close up shop instead of barely limping along.

ESG is such a money maker though, how could this happen. &#x2F;s

If there is any bank that should be dismantled it’s CSFB but it’s survived this long by getting big enough that regulators are afraid to break it up

On a side note I think I figured out part of Fed&#x27;s plan.<p>Basically the key is to stimulate inflation so that they get the chance to hike rates. By doing so many people choose to stop investing in stocks, funds and more on longer term saving accounts.<p>Essentially this heals the asset-liability structure of financial institutions. They now have liabilities of longer term so they can issue longer term loans. This eventually will stimulate real economy.