Credit Suisse sheds nearly 25%, key backer says no more money

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by saiya-jin on Wednesday March 15, 2023 @03:42PM (#35173672)

As you write, you have no real clue about banking. Let me tell you, all that you wrote, and more, much more, can be said about every single big bank out there, anywhere.

How do I know this - I work for one of those, not (and never) CS. Since I started ours is rather spot clean from what I can see (but IT is very far from those who make similar decisions), what I see is regulatory downfall from their fuckups 15-30 years ago. Some of it was outright amoral criminal behavior, but most was due to bad processes and way too much incompetence in ie KYC checks. Too much focus on current cash flow, way too few questions about where the money came from. That's thing of the past in regulated markets (but then you have the whole universe of tax havens, some also in US or conveniently around)

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Re:Credit Suisse sheds nearly 25%, key backer says no more m... by mtlmtlmtlmtl on Wednesday March 15, 2023 @04:04PM (#35173986)

Thanks for the inside perspective, very helpful. There's no doubt that corruption in banking was a complete free for all in the past during times of intense financial deregulation, and that regulated markets have improved their vigilance markedly since then. It makes sense that for banks such as yours, there might be a sort of echo of the past in scandals being outed presently. And a lot of those cases are more wilful ignorance and poor due diligence as you say

Of course CS is in a tax haven, and their dirty laundry generally seems much fresher and much more deliberate than negligent. E.g attempting to help cover up assets of Russian oligarchs under sanctions after the Russian invasion of Ukraine.

And the Credit Suisse leaks last year revealed just how much dirty money flows through the bank still to this day.

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