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Credit Suisse scandal shakes Zurich’s elite

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Re: Credit Suisse scandal shakes Zurich’s elite

#61

Post by dontbenebby »

bitL wrote: post #37

Does Switzerland have any future? It's no longer a bank haven for rich Europeans evading taxes nor 3rd world dictators, its banks don't show entrepreneurial spirit in finding and investing into high-potential startups, rather to well-connected wantrepreneurs, there are no easy money to be made in Eastern Europe/Russia any longer, and its conservatism is likely going to prevent them from making necessary changes until…

Switzerland has more than just banking IIRC. Much more.

For example, many tech companies put offices there, and choose to host servers to be both out of US and EU jurisdiction.

You will not be allowed to do illegal things, but there's less worry about things like FISA abuse

https://theintercept.com/2019/10/10/fbi-nsa-mass-surveillanc...

Re: Credit Suisse scandal shakes Zurich’s elite

#63

Post by microcolonel »

jjoonathan wrote: post #50
microcolonel wrote: post #33

Earlier quoted context omitted.

In what sense are Credit Suisse execs "our rulers"?

To the degree that they have money and that money is power.

Money may make you powerful in some context, but being powerful doesn't make you a ruler.

Re: Credit Suisse scandal shakes Zurich’s elite

#64

Post by playing_colours »

bitL wrote: post #59
deepsun wrote: post #43

Earlier quoted context omitted.

Well, if you have a very large capital, and you don't do anything risky with it, it's going to work for it's own growth. You don't need to be very smart or inventive.

Switzerland is not in the part of the world that is experiencing massive population and productivity increase. It might keep its current level, though its relative significance could be quickly overshadowed by Singapore/Shanghai/Mumbai with resulting long-term negative effects, like inability to attract clients from those parts of the world experiencing highest growth and highest ROI.

Quality over quantity. Switzerland is not famous for futuristic factory cities and impressive government projects. Their power is in decentralization, where the issues of a commune are efficiently resolved by local authorities who are the part of it.

Another thing, they have strong universities, with good connection between science and innovations. When I checked their startups, a large share of them focussed on advanced science or tech.

They also attract our (German) best specialists, particularly, doctors :)

Re: Credit Suisse scandal shakes Zurich’s elite

#65

Post by 0_gravitas »

microcolonel wrote: post #63
jjoonathan wrote: post #50

Earlier quoted context omitted.

To the degree that they have money and that money is power.

Money may make you powerful in some context, but being powerful doesn't make you a ruler.

power implies a degree of control over something, one doesnt need to have 'serfs' to be a ruler of some sort, i am the ruler of my raspberry pi, it will do what i say, and i am in control of it

Re: Credit Suisse scandal shakes Zurich’s elite

#66

Post by tobltobs »

bitL wrote: post #54
folli wrote: post #52

Earlier quoted context omitted.

I would agree with your sentiment if you change your first sentence to "Do swiss banks have any future?" Switzerland definitely does.

Isn't banking a backbone of the whole Switzerland, and like the main owner of rental properties as well? A friend in Zurich explained to me that people want to buy properties, but nobody is selling and owners prefer rentals. If banking declines, that could lead to a strong rentier economy choking economical progress. I am not talking about major changes within a decade, but beyond that, especially in comparison to Ch…

> Isn't banking a backbone of the whole Switzerland,

Banking and insurance is nowadays somewhere between 5% and 10% (depending which calculation method you use) of the gross value of Switzerland.

Switzerland is still the biggest wealth manager. Most of the wealth (aka black money) managed by swiss banks is nowadays just in offshore tax heavens, like the US.

The real backbone and the reason for stability are those thousands of small and medium sized manufacturing companies.

Re: Credit Suisse scandal shakes Zurich’s elite

#68

Post by rolltiide »

bitL wrote: post #37

Does Switzerland have any future? It's no longer a bank haven for rich Europeans evading taxes nor 3rd world dictators, its banks don't show entrepreneurial spirit in finding and investing into high-potential startups, rather to well-connected wantrepreneurs, there are no easy money to be made in Eastern Europe/Russia any longer, and its conservatism is likely going to prevent them from making necessary changes until…

Switzerland’s attractiveness was always more than its heavily advertised banking secrecy laws.

Before I answer you, did you know that neighboring Austria’s banking secrecy was just as strong and is still very strong for Austrian citizens? Does Austria have a future? Silly question you might conclude.

Switzerland’s attractiveness is in its confederate structure, the national government is still extremely small and the states (cantons) administer regulations on any entrepreneur’s behalf and itnis applicable law in all Swiss states barring any conflict. But the general lack of conflict comes from Switzerland being sparsely population, nothing is happening! So, the fintech sector in the state of Zug pays just as much as Silicon Valley except with the lowest state taxes and no federal income tax. All because a couple people asked the financial regulator in Zug (population 100,000) to accept some useful laws.

You get the whole brand of Switzerland and its sovereignty from a tiny state agreeing with you. Shop around!

Being an EFTA member but non-EU and non-Eurozone allows it to experiment more dramatically without pushback from Brussels.

The mixture of cultures in Switzerland smoothes out some of the quirks of the monocultures in its neighboring countries

Re: Credit Suisse scandal shakes Zurich’s elite

#69

Post by stabbles »

bitL wrote: post #53
jacquesm wrote: post #49

Earlier quoted context omitted.

And then there is pharma, high tech and companies like Logitech. Switzerland is doing just fine.

Just out of curiosity, which Swiss-grown high-tech is there? I know only of Sauber Group.

Another example is ABB

Re: Credit Suisse scandal shakes Zurich’s elite

#70

Post by m0zg »

emeidi wrote: post #31
yborg wrote: post #18

Earlier quoted context omitted.

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.

Iqbal Khan is Swiss

The op meant "culturally Swiss", which is clearly not the case based on his behavior. It's not enough to just be born in a country to be considered culturally similar.
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