Credit Suisse - Is it going to go bust, if so what happens?
Discussion
Oops (subscription required).
"Credit Suisse finds ‘material weaknesses’ in financial reporting controls"
https://www.ft.com/content/3605c3fb-973d-440d-88e3...
Carl_Manchester said:
Oops (subscription required).
"Credit Suisse finds ‘material weaknesses’ in financial reporting controls"
https://www.ft.com/content/3605c3fb-973d-440d-88e3...
It feels like you are willing it to fail and I am not convinced it will. The material weakness comment has also been. Made about a number of banks over the years that are still here. (I know this having seen feed back from regulator when working on projects to enhance those controls)"Credit Suisse finds ‘material weaknesses’ in financial reporting controls"
https://www.ft.com/content/3605c3fb-973d-440d-88e3...
Gecko1978 said:
pquinn said:
Bluequay said:
Gecko1978 said:
Not credit Suisse but Silicon Valley Bank share price fell 61% yesterday a fall in mkt cap of 81bn in 1 day. Makes the bank bailouts in the UK seem tiny. An SVB have not asked for any FED support.
A banks share price and it's solvency are not necessarily related.I might add I also have worked at CS and it was different
https://amp.theguardian.com/business/2023/mar/11/s...
https://www.foxnews.com/politics/head-risk-assessm...
86 said:
Gecko1978 said:
pquinn said:
Bluequay said:
Gecko1978 said:
Not credit Suisse but Silicon Valley Bank share price fell 61% yesterday a fall in mkt cap of 81bn in 1 day. Makes the bank bailouts in the UK seem tiny. An SVB have not asked for any FED support.
A banks share price and it's solvency are not necessarily related.I might add I also have worked at CS and it was different
https://amp.theguardian.com/business/2023/mar/11/s...
https://www.foxnews.com/politics/head-risk-assessm...
Four Litre said:
Just goes to show how some of these big companies lose their way and forget the basic principles. Well I guess a lot of them can sit at home now and congratulate themselves on how diverse and inclusive they were. Its a shame as I guarantee a lot of the clowns that brought this problem around will be re-hired to repeat the same behaviour elsewhere, whereas others further down the tree without any say in what went on will be the ones who suffer.
Essentially C suite took cash an ran everyone else is back to work in short term either for the state in the US or HSBC in the UK. Life simply goes on PeteinSQ said:
My friend works at CS in the US and I know that a lot of people got a big fat zero for a bonus this year. I hope for his sake that they don't go under.
I don't think the swiss govt will allow them to go under, they are designated an SIB, so will get rescued in some way or other.https://en.wikipedia.org/wiki/List_of_systemically...
I think the shareholders would be SOL though.
"Credit Suisse Top Holder Rules Out Investing More After Drop"
https://www.bloomberg.com/news/articles/2023-03-15...
"How Switzerland’s once-feted banking industry became a national embarrassment"
https://www.telegraph.co.uk/business/2023/03/14/cr...
Subs. required.
CNBC are saying that trading has been halted after a 21% price drop on the CS shares.
https://www.cnbc.com/2023/03/15/credit-suisse-shar...
and here goes the CDS (to 'da moon!)
Swiss regulator statement incoming in 3....2.....1.......
https://www.cnbc.com/2023/03/15/credit-suisse-shar...
and here goes the CDS (to 'da moon!)
Swiss regulator statement incoming in 3....2.....1.......
Edited by Carl_Manchester on Wednesday 15th March 11:10
It does not feel that way to me unless you are talking about other zombie banks like Unicredit.
But in these situations (the emperor has no clothes type situations), usually a huge fraud is uncovered somewhere in the financial system.
Madoff escaped being found out when he should have been found out as he got lucky and got bailed out but I do wonder if/where we will see one amongst the incoming carnage. e.g. Jérôme Kerviel
Carl_Manchester said:
CNBC are saying that trading has been halted after a 21% price drop on the CS shares.
https://www.cnbc.com/2023/03/15/credit-suisse-shar...
and here goes the CDS (to 'da moon!)
Swiss regulator statement incoming in 3....2.....1.......
Surely only a matter of time now. Apart from a bailout they are toast.https://www.cnbc.com/2023/03/15/credit-suisse-shar...
and here goes the CDS (to 'da moon!)
Swiss regulator statement incoming in 3....2.....1.......
Edited by Carl_Manchester on Wednesday 15th March 11:10
Four Litre said:
Carl_Manchester said:
CNBC are saying that trading has been halted after a 21% price drop on the CS shares.
https://www.cnbc.com/2023/03/15/credit-suisse-shar...
and here goes the CDS (to 'da moon!)
Swiss regulator statement incoming in 3....2.....1.......
Surely only a matter of time now. Apart from a bailout they are toast.https://www.cnbc.com/2023/03/15/credit-suisse-shar...
and here goes the CDS (to 'da moon!)
Swiss regulator statement incoming in 3....2.....1.......
Edited by Carl_Manchester on Wednesday 15th March 11:10
pquinn said:
Bluequay said:
Gecko1978 said:
Not credit Suisse but Silicon Valley Bank share price fell 61% yesterday a fall in mkt cap of 81bn in 1 day. Makes the bank bailouts in the UK seem tiny. An SVB have not asked for any FED support.
A banks share price and it's solvency are not necessarily related.Carl_Manchester said:
Four Litre said:
Surely only a matter of time now. Apart from a bailout they are toast.
A few people on twitter have done the CDS maths and the implied risk Credit Suisse going bust is now 38% or, just over 1 in 3 chance.Source is 'Holger Zschaepitz'.
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