Credit Suisse - Is it going to go bust, if so what happens?
Discussion
Cheib said:
I’d disagree with Swiss Banks having the same KYC/AML issues as banks in other jurisdictions. The Swiss banking system had to be forcibly dragged into the modern world where disclosure of client accounts to tax authorities was required. The reason Switzerland has such large financial institutions is because of the secrecy they provided for their clients…..their coffers were brim full of of money being hidden from tax authorities in local jurisdictions. 25 years ago you allowed to open a bank account under a psuedonym…UBS had a “branch” in Geneva airport which was airside enabling people to visit Geneva airport and do whatever banking business that needed to be done without entering Switzerland and getting their passport stamped.
None of this is new news
https://www.bbc.co.uk/news/business-27478532
The fall of Credit Suisse has been like the death of a 1000 cuts….its really been a 15 year deterioration.
The sooner CS is finally cut up, the better.None of this is new news
https://www.bbc.co.uk/news/business-27478532
The fall of Credit Suisse has been like the death of a 1000 cuts….its really been a 15 year deterioration.
For those who want a tiny glimpse into how the Swiss help out their customers:
https://www.reuters.com/article/usa-taxevasion-idU...
boxedin said:
The sooner CS is finally cut up, the better.
For those who want a tiny glimpse into how the Swiss help out their customers:
https://www.reuters.com/article/usa-taxevasion-idU...
*15 years ago* that was.For those who want a tiny glimpse into how the Swiss help out their customers:
https://www.reuters.com/article/usa-taxevasion-idU...
The rules are very different these days as the Swiss and other similar banks will repeatedly tell you in their letters talking about tax disclosure & whatever.
Scootersp said:
your detail explanation doesn't seem to go as far as your final sentence above, if the money doesn't come back SNB take the collateral, so you imply they have no risk, they get the money or collateral where does that leave CS?
It leaves them with customers knowing they can effectively manage their business and liquidity so there is no panic and depositors withdrawing their cash. That buys CS time to get their house in order, sell off IB and surviveCheib said:
I’d disagree with Swiss Banks having the same KYC/AML issues as banks in other jurisdictions. The Swiss banking system had to be forcibly dragged into the modern world where disclosure of client accounts to tax authorities was required. The reason Switzerland has such large financial institutions is because of the secrecy they provided for their clients…..their coffers were brim full of of money being hidden from tax authorities in local jurisdictions. 25 years ago you allowed to open a bank account under a psuedonym…UBS had a “branch” in Geneva airport which was airside enabling people to visit Geneva airport and do whatever banking business that needed to be done without entering Switzerland and getting their passport stamped.
None of this is new news
https://www.bbc.co.uk/news/business-27478532
The fall of Credit Suisse has been like the death of a 1000 cuts….its really been a 15 year deterioration.
Spot on.None of this is new news
https://www.bbc.co.uk/news/business-27478532
The fall of Credit Suisse has been like the death of a 1000 cuts….its really been a 15 year deterioration.
Their culture was to turn a blind eye to dictators, the 3rd reich etc and take the money and charge huge fees for the pleasure of a Swiss bank account.
Spent 20 years at a US wealth manager and it was clear standards were different
Edited by Adam. on Saturday 18th March 21:59
Looks like the deal is done
https://news.sky.com/story/swiss-government-to-hol...
But if UBS paid 1bn that's 1 7th of value Friday so are the Saudis who own 10% taking a 85% hair cut on their shares also 2 largest Swiss banks merging seems like a monopoly issues. Feels like 2008 again
https://news.sky.com/story/swiss-government-to-hol...
But if UBS paid 1bn that's 1 7th of value Friday so are the Saudis who own 10% taking a 85% hair cut on their shares also 2 largest Swiss banks merging seems like a monopoly issues. Feels like 2008 again
FT is reporting the price went up to $2bn. CS shareholders were to be disenfranchised, some comments in the FT article on shareholders pushing back and being threatened with nationalisation.
Part of me wishes I was back in a City office now. All the crises were fun to watch (for a particularly grim form of fun).
Part of me wishes I was back in a City office now. All the crises were fun to watch (for a particularly grim form of fun).
Adam. said:
Spot on.
Their culture was to turn a blind eye to dictators, the 3rd reich etc and take the money and charge huge fees for the pleasure of a Swiss bank account.
Spent 20 years at a US wealth manager and it was clear standards were different
You jest. The US yet to sign up to the OECD’s common reporting standard - CRS! Most of the rest of the world has, including Switzerland. Have a look at Delaware corporations too…. Their culture was to turn a blind eye to dictators, the 3rd reich etc and take the money and charge huge fees for the pleasure of a Swiss bank account.
Spent 20 years at a US wealth manager and it was clear standards were different
Edited by Adam. on Saturday 18th March 21:59
JPMorgan analysts were on the Bloomberg already on friday, but I guess it's happening now. And many argued it would never happen due to antitrust concerns!
SWoll said:
Carl_Manchester said:
it's end game stuff, the SNB have also included a $100bn liquidity option to UBS.
that's alot of money.
Got a decent link so I can read more? Since the FTX debacle I'm finding myself more and more fascinated by what is going on in the world of big finance.that's alot of money.
https://www.reuters.com/business/crunch-time-credi...
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