<story><title>Credit Suisse sheds nearly 25%, key backer says no more money</title><url>https://www.reuters.com/business/finance/credit-suisse-shares-drop-fresh-record-low-cds-widen-2023-03-15/</url></story><parent_chain><item><author>mtlmtlmtlmtl</author><text>Yep. I went and quickly looked them up on Wikipedia. They have a list of controversies so long that the outline of the &amp;quot;controversies&amp;quot; subheading won&amp;#x27;t even fit on my phone screen.&lt;p&gt;Drug cartel money, strong ties to the Russian oligarchy, forex manipulation, corrupt dealings with African governments, destruction of records, tax fraud.&lt;p&gt;The list is extensive to say the least.</text></item><item><author>yalogin</author><text>Isn&amp;#x27;t Credit Suisse the bank that laundered and legitimized all the money from the drug cartels? They kept getting slaps on the wrist for a bunch of atrocities and bad choices and now finally they are seeing some repercussions of those choices?</text></item></parent_chain><comment><author>simplotek</author><text>&amp;gt; The list is extensive to say the least.&lt;p&gt;Sometimes I wonder if the Swiss newfound love for a weirdly biased neutrality, which goes to the extent of destroying their own military gear instead of selling it to Ukraine, is rooted in appeasing certain Russians who stashed their fortunes in financial institutions such as Credit Suisse.</text></comment>
<story><title>Credit Suisse sheds nearly 25%, key backer says no more money</title><url>https://www.reuters.com/business/finance/credit-suisse-shares-drop-fresh-record-low-cds-widen-2023-03-15/</url></story><parent_chain><item><author>mtlmtlmtlmtl</author><text>Yep. I went and quickly looked them up on Wikipedia. They have a list of controversies so long that the outline of the &amp;quot;controversies&amp;quot; subheading won&amp;#x27;t even fit on my phone screen.&lt;p&gt;Drug cartel money, strong ties to the Russian oligarchy, forex manipulation, corrupt dealings with African governments, destruction of records, tax fraud.&lt;p&gt;The list is extensive to say the least.</text></item><item><author>yalogin</author><text>Isn&amp;#x27;t Credit Suisse the bank that laundered and legitimized all the money from the drug cartels? They kept getting slaps on the wrist for a bunch of atrocities and bad choices and now finally they are seeing some repercussions of those choices?</text></item></parent_chain><comment><author>saiya-jin</author><text>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.&lt;p&gt;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&amp;#x27;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)</text></comment>