"It’s not just that power shifts from one country to another, from one political party to another, from one business model to another, it’s this: Power is decaying"
- Moises Naim [The End of Power] The book basically says, it is becoming easier to get power, harder to use it to control others and harder to keep it once you have it.
Credit Suisse scandal shakes Zurich’s elite
11–20 of 96 posts
Re: Credit Suisse scandal shakes Zurich’s elite
#12Credit Suisse's website should display a counter with the heading: "Days since last Credit Suisse scandal".
Re: Credit Suisse scandal shakes Zurich’s elite
#13Matt Levine had written about it before in his excellent Money Stuff column on Bloomberg:
> > [Thiam] was hosting a new year’s drinks party.
> > Among his 60 or so guests were many locals from the Zurich suburb of Herrliberg, along with a clutch of top Credit Suisse executives and his new neighbors -- Iqbal Khan, the bank’s wealth-management chief, and his wife.
> > Before long, it all went wrong. A remark by Khan to Thiam’s partner set off a bitter feud between the two alpha males. The guest had insulted the state of the garden, according to a person who was there. Later, Thiam tapped Khan on the shoulder and asked for a word. The two went downstairs and argued before later resurfacing.
> “A bitter feud between the two alpha males” over the state of Thiam’s garden, I love it, investment banking is the best. For a while, some people thought that this scandal might even take down Thiam, and I can’t imagine a better reason for losing the high-profile and lucrative top job at a global bank than “I had to defend the honor of my garden.”
https://www.bloomberg.com/opinion/newsletters/2019-09-23/mon...
https://www.bloomberg.com/opinion/articles/2019-10-02/the-tr...
Re: Credit Suisse scandal shakes Zurich’s elite
#14Skimming though the article did not explain what the scandal is about.
Re: Credit Suisse scandal shakes Zurich’s elite
#15> the contractor who acted as a middle man between Credit Suisse and a private investigation firm took his own life. Damn. I wonder whether there was any foul play involved, or just too much pressure to handle.
Common sense says there is usually a LOT of foul play among high ranking banking officials.
Re: Credit Suisse scandal shakes Zurich’s elite
#16Earlier quoted context omitted.
No, this is about an ex-employee credit suisse spied on.
This behavior does not seem like something I would put beneath any large financial institution. The large sums of money at stake for them make the collateral/fallout of these types of scandals small in comparison.
Except in the context of Switzerland, and the Swiss banking / Zurich bubble specifically, this is absolutely a major scandal. What was once a 'pristine' banking organisation that upheld the highest standards and ideals (at least, in the private banking sector) is now significantly tarnished.
This isn't going to make mainstream press headlines, but I don't think this is going to go away anytime soon.
Re: Credit Suisse scandal shakes Zurich’s elite
#17"It’s not just that power shifts from one country to another, from one political party to another, from one business model to another, it’s this: Power is decaying" - Moises Naim [The End of Power] The book basically says, it is becoming easier to get power, harder to use it to control others and harder to keep it once you have it.
Well when America vacuums up power if you are a European nation without any ammo you better watch out.
Re: Credit Suisse scandal shakes Zurich’s elite
#18Skimming though the article did not explain what the scandal is about.
The CEO of Credit Suisse was accused of hiring an investigator to follow around a former executive who went to rival UBS. The "scandal" is that Swiss bankers are supposed to be too Swiss to do such things. The irony is that neither the CEO nor the executive are actually Swiss because high finance these days knows no nation.
Re: Credit Suisse scandal shakes Zurich’s elite
#19Skimming though the article did not explain what the scandal is about.
The CEO of Credit Suisse was accused of hiring an investigator to follow around a former executive who went to rival UBS. The "scandal" is that Swiss bankers are supposed to be too Swiss to do such things. The irony is that neither the CEO nor the executive are actually Swiss because high finance these days knows no nation.
The COO got fired as well.
Re: Credit Suisse scandal shakes Zurich’s elite
#20Additionally, this article has a lot more background on the scandal:
https://www.bloomberg.com/news/articles/2019-10-01/thiam-and...