Saudi Press

Saudi Arabia and the world
Saturday, Feb 22, 2025

0:00
0:00

Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.

Regulators cannot claim to serve the public or protect depositors when they turn a blind eye to a bank's fraudulent behavior. It's time to hold regulators accountable for cooperating with fraudulent activities of banks, by turning a blind eye and allowing them to cheat their customers.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.

Regulators cannot claim to serve the public or protect depositors when they turn a blind eye to a bank's fraudulent behavior.

It's time to hold regulators accountable for cooperating with fraudulent activities of banks, by turning a blind eye and allowing them to cheat their customers.

The Credit Suisse crisis is a result of a series of financial issues and scandals that have plagued the Swiss bank in recent years.

Here is a brief overview of some of the major events that have led to the crisis:

Losses from Archegos Capital:

In early 2021, Credit Suisse announced that it had suffered significant losses due to the collapse of Archegos Capital, a US-based hedge fund.

Credit Suisse was one of several banks that had provided financing to Archegos, which had taken on large positions in a number of companies.

When those positions went sour, Archegos was unable to meet its margin calls, and several banks, including Credit Suisse, were left with significant losses.

Fraud at its supply chain finance funds:.

In mid-2020, Credit Suisse was hit by a scandal involving its supply chain finance funds, which are designed to help small businesses get access to financing.

It was discovered that a Credit Suisse employee had been falsifying documents related to the funds, leading to losses of hundreds of millions of dollars.

US fines for helping Americans evade taxes:

In 2014, Credit Suisse pleaded guilty to charges of helping US citizens evade taxes, and agreed to pay a 2.6 billion dollar fine.

The bank was found to have helped Americans hide assets in Swiss bank accounts, which they could then use to avoid paying US taxes. While is common practice that makes money for banks worldwide, doing so with American citizens is a risk that no bank should take.

Spy scandal:

In 2019, it was revealed that Credit Suisse had hired private investigators to spy on its former head of wealth management, Iqbal Khan, who had defected to rival bank UBS.

The scandal led to the resignation of Credit Suisse's COO, and damaged the little left of the bank's reputation.

All of these events have led to an obvious collapse that, in fact, was welcomed by regulators who did nothing to protect the public or prevent the collapse..

And if you mistakenly think that this article is a complaint about what happened with Credit Suisse or the Silicon Valley Bank, you are wrong. This is a wake-up call for what could and should obviously happen to Deutsche Bank and HSBC.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Saudi Arabia and the United States Strengthen Ties Amid Global Developments
Saudi Arabia Hosts Global Conference to Promote Islamic Unity
The Impact of Artificial Intelligence on Education and Child Development
Saudi Arabia Announces Competition for Best Founding Day Outfits
Saudi-EU Food Security Officials Hold Talks to Strengthen Collaboration
Putin Expresses Gratitude to Saudi Crown Prince for Hosting US-Russia Talks
UK and Saudi Arabia Enhance Collaboration in Innovation and Technology
Denmark's Embassy in Riyadh Showcases Danish Cuisine with Saudi Influence
Saudi Artist Salman Al-Amir Unveils 'Tafawut' Exhibition in Riyadh
Saudi Arabia Offers Condolences to Kuwait Following Military Exercise Fatalities
Saudi Ministry of Islamic Affairs Completes Ramadan Preparations in Madinah
Etidal Secretary-General Hosts UN Counter-Terrorism Director in Riyadh
ADNOC Drilling Targets Over $1 Billion in Investments for 2025 Amid Gulf Expansion Plans
Derayah Financial Achieves Remarkable Growth in Saudi Brokerage and Asset Management
Saudi Arabia Shortlists 30 Firms for Mining Licenses in Eastern Province and Tabuk
Saudi Foreign Minister Engages Counterparts at G20 Meeting in Johannesburg
Oil Prices Decline Amid Rising US Inventories
Saudi Arabia's NDMC Plans Green Bond Issuance by 2025
Moody’s Affirms Egypt’s Caa1 Rating Amid Positive Economic Outlook
Oman and Saudi Arabia Strengthen Economic Ties with New Agreements
Saudi Arabia Investments Propel Expansion of Qurayyah Power Plant
Saudi Capital Market Authority Advances SPACs and Direct Listings
Global Energy Leaders Gather in Riyadh for Symposium on Energy Outlooks
Al-Ahsa Region Sees 500% Growth in Tourism as Saudi Arabia Prioritizes Development
Saudi Arabia Advances Entrepreneurial Ecosystem in Al-Ahsa with New Agreement
King Salman Approves Official Saudi Riyal Symbol
Saudi Credit Card Lending Reaches $8.4 Billion Amid Digital Payment Expansion
King Salman Approves Official Symbol for Saudi Riyal
Putin Thanks Saudi Crown Prince for Facilitating U.S.-Russia Discussions
Saudi Foreign Minister Attends G20 Meeting in Johannesburg
Saudi Arabia Prepares for Nationwide Founding Day Celebrations
Inauguration of Hira Park and Walkway Enhances Jeddah's Urban Landscape
Crown Prince Hosts Leaders for Informal Meeting in Riyadh Amid Gaza Rebuilding Plans
Saudi Official Highlights Achievements and Media's Role in National Transformation
Three Expatriate Women Arrested for Prostitution in Riyadh
Saudi Arabia's Diplomatic Evolution Highlighted at Saudi Media Forum
Healthy Eating and Preparation Essential for Ramadan Fasting
Saudi Arabia and Japan Forge Sustainable Textile Partnership
Advanced Limb Surgery Restores Mobility in Pediatric Cancer Patient
Jeddah Event Explores AI's Role in Boosting Saudi Arabia's SME Sector
UN Representative Highlights AI's Role in Perpetuating Gender Stereotypes
Saudi and Jordanian Leaders Discuss Enhanced Security Cooperation in Amman
Saudi British Society Honors Cultural Bridge-Builders at London Gala
Saudi Media Forum 2025 Explores AI's Role in Modern Journalism
Saudi Arabia's Saqer Al-Moqbel Appointed as WTO General Council President for 2025–2026
Saudi Deputy Ministers Engage in Diplomatic Discussions with U.S. and Dutch Officials in Riyadh
Saudi Arabia to Launch Iftar Program in 61 Countries During Ramadan
Saudi Visitors Expected to Spend £942 Million in UK During 2025
Saudi Arabia Gifts Kaaba's Kiswah to Uzbekistan's Center of Islamic Civilization
Digital Cooperation Organization Concludes Fourth General Assembly with Multiple Agreements
×