The “Dächli” cap, featuring the old Credit Suisse logo and “Risk Management Dept. 2022,” has become a hit amid the bank’s turmoil, reflecting the panic that led to over CHF 100 billion in asset withdrawals in late 2022. This crisis stemmed from a series of scandals, including significant losses from the Archegos and Greensill cases, which eroded trust among wealthy clients, particularly in Asia. As the bank faces scrutiny from the Parliamentary Commission of Inquiry, the fallout from its risk management failures continues to resonate in Swiss economic history.
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Generated 0 posts last week UBS Chairman Criticizes Finma for Failing to Prevent Credit Suisse Collapse
UBS Chairman Colm Kelleher has criticized Swiss banking regulator Finma for its failure to act on warning signs regarding Credit Suisse’s impending collapse, stating that the regulator’s inaction allowed the bank to engage in reckless behavior. Kelleher emphasized that he recognized Credit Suisse’s unsustainable position as early as 2015 and questioned why it took so long for decisive action. He highlighted that while Finma merely issued letters, other regulators would have taken more stringent measures to prevent such a corporate downfall.
read moreTrump’s Crypto Ventures and Legislative Challenges in the Lame Duck Session
Amidst a potential lame-duck session, Rep. Patrick McHenry sees a chance for crypto legislation, including the FIT21 bill, to be attached to a spending bill. Meanwhile, Trump’s involvement in crypto, particularly with his WLF token, raises concerns about conflicts of interest and the Emoluments Clause, as Democrats may resist supporting crypto bills that could benefit the Trump family financially. Senate Majority Leader Chuck Schumer acknowledges the future of crypto but has not prioritized it in his legislative agenda.
read moreIndian Markets Surge as BJP Coalition Gains Majority in Lok Sabha
Indian benchmark indices surged on Wednesday, showing signs of recovery after the BJP emerged as the single largest party in the 2024 Lok Sabha elections. Sensex closed 3.20% higher at 74,382.24, with Nifty up 3.35% at 22,617.10. The market exhibited a spirited recovery driven by broad-based buying across various sectors, as political stability appears assured.
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