Fraud, Spying and a Mysterious Death - Credit Suisse
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- Опубликовано: 2 май 2023
- In this episode we'll take a look at the rise and fall of Credit Suisse. From secret spies to money laundering, fraud and a mysterious death. The firm could be considered one of the worst banks in the world.
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Producer: Dagogo Altraide 
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"A banker is a fellow who lends his umbrella when the sun is shining and wants it back the minute it begins to rain." - Mark Twain
I love your documentaries! keep up the good work!
banking 101. now if he was a capitalist he would have an umbrella factory ready for when it rain
here in India , i would choose to have an umbrella in the sun as its majorly sunny through the year. lol :)
excellent
THIS QUOTE ATEEE
Hey ColdFusion viewers, my latest video is about the rise and fall of Credit Suisse, one of the most popular banks in the world.
I uploaded the video yesterday but unfortunately the file had a bit of an audio glitch, which a lot of you rightly pointed out. So I have decided to re-upload the video again - properly this time!
I greatly value your feedback, so thank you for raising these issues. I want to make ColdFusion better and ensure quality with each new upload.
Oh and just in case it wasn't clear in the previous upload...you are watching ColdFusion TV.
Thanks, Dagogo.
Was wondering why this popped up again, thanks for clearing that up. Great video btw.
Thanks
Thanks for fixing the audio glitch and also the missing text at 11:59
ColdFusion TV ColdFusion TV thx for the reupload even if it hits views its better for ur name and long term.
That pun at the end🤣🤣🤣 Freaking love this channel!
I mean, I thought the general reputation of Swiss banks has always been "the less we know about where you got your money from, the better", so hearing that they actually got fined and are losing customers because of dealings with shady businesses is a new one for me 🤣🤣🤣
That's pretty how the Swiss banking system operates. Don't ask, don't tell for financial crimes.
the US has enforced tax legislation on the Swiss (and pretty much globally) which forces disclosure by tax havens of US citizens details. FATCA, which stands for the Foreign Account Tax Compliance Act, was enacted by the US Congress in 2010. This is just part of the US dollar fall from grace and undoing of the global banking system so reliant as it is on the dollar.
If that’s all they did wrong they’d be fine right now. They just blew all their money on shockingly bad investments basically
That’s no longer how it works with Swiss Banks. It’s been at least 10 years since this change took place (I forget the exact timeframe) think there was an excuse being used regarding hiding Nazi $’s and gold. The days of getting a Swiss Banking # and staying completely anonymous are over.
If those fking politicians in our Government have their way we’ll be moving to an all electronic banking system. One where they can track every single transaction and move you make.
Stop listening to CNN and MSNBC and other Lib/Dem propaganda networks. You’ll never know what’s actually going on in our country and the world. You’ll still think that 15 Saudis/Middle Easterners hijacked and crashed the planes in 911, think Hunter Biden’s laptop was Russian disinformation and just recently be hearing about it, that Joe Biden isn’t the real Manchurian Candidate…that he and Hunter didn’t take 10% of a $150M fund setup by the Chinese, take $3M from the Mayor of Moscow, Russia’s Wife or not have over 100 SARS reports generated for suspicious wire transactions.
If I were a betting man, and I am, I'd put a good bet on Crypto making people check their banks again and again...
Credit Suisse is an anagram of "credit issues" and "I see it's crud".
Nice
Mind = Blown 🤯
Also "cries, it's sued".
Smart.
Direct issues actually🤔
As someone who worked at CS, I can confirm that the "culture" was insanely toxic there, which is mentioned several times during the video.
Extreme pressure on employees and complete lack of work-life balance. The worst job I have ever had.
Also given complete lack of automation and proper financial controls that I witnessed, CS going down came as no suprise to me.
not all banks, I've worked for a bank, and it was the best job I've ever had, it all depends on the upper management
it's no different at UBS
@@nonchablunt right, I have not heard positive things about working there either
I thought suisse peoples had reputation for great work ethic, honesty, management skill and therefore this kind of mess couldnot happen in Switzerland. I guess I was naive probably.
@@anteeko well, worth to mention it's an international company now. Swiss are minority of the employees and management, so the Swiss work ethic is long gone. I personally barely worked with any Swiss people there apart from traders.
My father served as a government agent from the 1950s until the early 2000s. As part of his duties, he arranged documents and financial transactions with Credit Suisse for agents who worked overseas. The bank's reputation for not asking any questions, let alone verifying identities, made the process far easier back then than it is today. It is ironic, however, that this very practice has led to the bank's demise, as it is now well known for such activities.
"Don't ask, don't tell" motto right there.
Might as well i put my money in crypto
@@bryanleong5939then you're guaranteed to lose it lol
As a Swiss I've asked myself, how much longer. Worked for both of the big two 20 years ago. They were then already questionable. And all the fines all the time, such sickos.
Bankers are some of the worst people you will ever meet.
@@phoenixzappa7366 totally agree, some are the greediest people out there.
High turnover at these banks hid the problem. It was not the same employees committing the crimes every time
@@phoenixzappa7366 investment bankers, yeah. Commercial bankers are just really boring.
@@phoenixzappa7366 Sorry but what do you mean by "bankers"? Could you be more specific please?
I bet that 80% of bank's employees have no clue what's happening on the "upper" levels of hierarchy and in some very specific areas of (any) bank
i am swiss and the thing that annoyed the public most was the fund from the national bank because essentially the taxpayer paid for the mismanagement of the ceos while they still got huge bonuses (even when the bank made losses) and most swiss people demanded that they have to give back some money
That’s the thing for most banks, Lehman brothers, Silicon Valley bank and many others, the state give them a bailout and they can continue to fail. As a ceo you can only facial upwards
This is never really a big deal though - the public always overreact about people who make more money than them. This happened in the US and UK during the financial crisis and all the tax payers money was paid back years ago with interest, so people shouldn't really worry about it.
Banking by it's very nature is just too strong of a temptation to control other's money without customer's knowledge and consent because if they were to ask us they know we would surely say no.
Yup, I agree, but don't call me Shirley. (Airplane pun)
Corruption knows no bounds.
to simplify, "human greed" knows no bounds
All True!
@@kaitokid9308 Corruption is sin
This channel is pure gold, everything from the animations of the intro to the narrative and the content is simply amazing. Hope youtube is not messing up all the good work, you deserve each view
I am a Mozambican living in Mozambique and I can confirm what was said.
When the scandal blew our currency lost 2/3 of its value.
We used to buy a dolar for 30MZM and it got to, at it's peak, with the sanctions and bans from the west, 90MZM, it has since settled at 62MZM. It was a shit deal by the creditors and some greedy Mozambicans.
Just another case of the nuts running the nuthouse.
I’m from the U.S. Sanctions should be considered a war crime . The U.S. has used them for decades to suppress smaller countries at the cost of millions of innocent lives, but now it is backfiring and causing other nations to swiftly drop the dollar. So now the U.S. wants to start WW3 to try and maintain global economic hegemony.
I’m sorry.
I hope you’re finding a way to come through.
I see government as nothing more than a locust consuming all in its path. We in America are absolutely beginning to feel the results of many decisions made on behalf of our government not having the future well being of its people. I think if you look there is an evident pattern throughout history
And of course it's always the citizens who suffer the most. Banks like that have zero concern for the people who suffer.
@@sushimamba4281 found another shoplifter
Fixed all the audio issues…respect 👍
the irony that this bank was in the top banks list mentioned by fortune, forbes and so many other agencies. The fact that financial times was the only news channel which made a report on this bank a year ago, and the serious irregularities in the bank.
Forbes is Chinese owned so no surprise there
Yeah, FT made an in-depth video about the various scandals that plagued CS last year.
Those newspapers also reported about SBF and Elizabeth Holmes so not so surprising
Those newspapers also reported about SBF and Elizabeth Holmes so not so surprising
It was a top bank in terms of size. Did Fortune or Forbes ever mention how they were ranking "top", because I doubt it included culture or dodvgy dealings - they probably just meant the amount of money they controlled.
Would be nice if they actually pull down the corporate veil and go after the individuals orchestrating all this. Most of the time the only punishment these CEOs and other executives get is to resign with fat paychecks instead of being arrested and fined.
Pierce that corporate veil!
It's extraordinarily difficult to prove an individual's involvement in a company's crimes, so the company is punished and not any person. Also, what crime exactly would the CEO get arrested for - poor risk management? That's not a crime. Not complying properly with anti-money laundering and know your customer laws? I'm not even sure if a individual can be charged with those crimes.
I am Swiss, it is a shame what this criminal bank has done. They ripped off people while paid eachother large bonuses. Absolutely vile and disgusting. Their managers should be lined up and sent to jail for 15 years each.
I thought you were gonna say lined up and ...... (that would have been ok too but nvm)
ONLY 15 years???
If this bank is criminal than Switzerland by definition is a nation of criminality of the highest order.....
Don't be disingenuous,u think by condemning one of ur own u can make urself look clean?we all know swiss are the best bankers in the world and we admire u for that.
It is every countrys dream to be a tax Haven and money parking destination like swissland.even Hitler knew swissland was the bank of Europe that's why he didn't invade it.
you mean life imprisonment? Seems like no one ever realize why Finanical criminals often get off so lightly is because the law makers are also in cahoot with those criminals too.
@@jont2576 cause of criminal working with the government. I am a Singaporean. We are openly corrupted. The government money launder "investors" under the name of family office and these criminals each get a cut and pretend the whole process is legal.
I have worked at CS for a couple of years after studies. It's been hilarious - absolutely mismanaged and IT from another century. But the internal management letters were always super positive - until everyone else said things weren't that good. It's what greed does - manager gain a lot from telling good stories. Until it all folds. CS would have survived if someone had been honest and say: we are in trouble.
This. The reason why they went down wasn't bcz they committed crimes, only bcz they were bad at it.
@@oikkuoek "There are three ways to make a living in this business: be first, be smarter, or cheat". I believe that CS didn't have the systems that could bring the management information in time. We published the full year report mid March. Imagine this! it took CS 10 weeks to scramble the info how the past year went....
@@marcr7583 Well 10 weeks is a reasonable time to close the accounting of the last year. Its pretty much an accounting standard... I mean, it has to close several subsidiaries accross the world
@@marcr7583 There are banks who don't bother with data collection even for internal use, so only bad management or infra can't explain the exposure attack on CS. The bank was taken down deliberately. Basic competition can't explain the attack either, so what exactly the management did wrong to make the takedown happen? Who did they manage to piss off, and how? Money laundering, arms deals and iffy funding are the basis of why global banks even exist, so why CS? What did they do?
No one will say "we are in trouble" because they are ALL in trouble. Every single one of these big banks is in deep, deep,deep corrupt shit.
So if one said it, the domino effect would be catastrophic.
I only respected Credit Suisse for making a video about the danger of sugar (probably because diabetes makes them lose profits), but they still did it.
I was a bit involved with their longevity derivatives trading. That might give you a clue.
yeah they were familiar with the effects booger sugar
Distraction
Or maybe a competitor invested or them shorting some papers betting on Diabetes/sugar-producers.
Thanks for these videos - they are really helpful for those of us to whom the intricacies of the finance and business worlds are obscure and alien terrain.
Another great episode. Your videos are top notch! The quality is so much better than the current mainstream media. Great job!
You didn't mention the credit suisse bondholders getting burned and ending up with nothing out of the UBS takeover deal, unprecedented.
The AT-1 Bonds in question were made as a response to the 2008 crisis to shift risk away from taxpayers to bondholders.
As high-risk high-reward bonds, they are meant to be wiped out if companies do not comply with Basel 3 norms as a loss-absorbing mechanism.
CS's AT-1 saved 16 billions of potential tax payer money and this did what they were meant to do.
If investors invest in very risky bonds by a bank with notoriously bad risk management they need to expect losses or question their own risk management.
It's not Credit Suisse bond holders in general. Only those with AT1 bonds - and the risks of these were known, they are designed for exactly that situation to be not ballast (either by converting in equity or even write off.)
So someone is indeed managing things then... And not worked as a company just like any other but using a different technique for the same purpose but anchors the sectors down. No.... I didn't think that it was possible to do that legally. No... Globally all countries and laws ought to be the same.
I love your videos. Thank you for the great content. This bank should be called Credit “Issues” after rearranging the letters
Haha This is a damn lowkey good comment man and find...didn't even notice that!
It's also hard to imagine that more than 50 percent of US banks right now are insolvent, the credit crunch is going to be big!
Almost as if they learned nothing from 08
@@dkupke But they did learn quite a lot. The key lesson was that the state will bail you out no matter what, so after keeping it down low for 2-3 seasons? Banks just went back to what they're good at: making the rich even richer, and making sure the poor stay dirt poor with complete disregard to risks involved. Oh, and the bonus of each and every financial crisis is that it evaporates the savings accumulated by the middle class, so that they too know their place in line and don't get any funny ideas.
So yeah. Champagne is still being drank by the real bankers, rest of us can eat dirt for all they care. That's a good lesson right there...
@@dkupkegreed is good at blinding even the largest corporations
@@dkupkeNothing to do with MBS this time, though.
1 trillion in credit card debt in the US. someone is going to be holding a giant bag.
Purely based on what I heard from my friend a few years back. He used to work in Credit Suisse where he reviews AML and KYC of new clients. They are constantly pressured by RMs and Wealth Mag team to approve the clients quickly, including those of high risks. Now seeing this video everything kind of makes sense now - Indeed expanding at all cost, short term profits over long term sustainability
It's obvious that quite some people will have to go - maybe the compliance team should choose whom to keep...
In any organization, AML and KYC are really not taken seriously. The upper echelon just want profit, doesn't matter where is it from.
But, sooner or later, those things will catch up and they will say didn't know, even though, their policies pushed for "accept anyone, doesn't matter who"
And I know that, I work in the Risk and Compliance department, but not for a bank.
@@bananaempijama "And I know that, I work in the Risk and Compliance department, but not for a bank." so you have a sample size of one and draw conclusions for any organization?
The other big problem with the Credit Suisse "bailout" is how they made bondholders with the right to convert their bonds to shares lose everything but NOT shareholders. That's going to have a permanent chilling effect and lasting damage on the bond market, and WILL increase borrowing costs for all the surviving businesses when bondholders know that they might get wiped out while the shareholders aren't fully wiped out.
The AT-1 Bonds in question were made as a response to the 2008 crisis to shift risk away from taxpayers to bondholders.
As high-risk high-reward bonds, they are meant to be wiped out if companies do not comply with Basel 3 norms as a loss-absorbing mechanism.
CS's AT-1 saved 16 billions of potential tax payer money and this did what they were meant to do.
If investors invest in very risky bonds by a bank with notoriously bad risk management they need to expect losses or question their own risk management.
Don't forget, it's not just any bond. It's AT1 bonds also known as contingent convertibles (CoCo), which are designed like that. If the bank's capital falls below a threshold they can be converted to equitiy or written off. If all goes well they earn you good, so it's still the old rule "high gain -> high risk, low risk -> low gain"
Judging how volatile the works is... And how individuals now use credit cards like water and doesn't even do basic price recommendation based on proper costings. Don't people realises what is going on ? The rest of the world just want remittances of foreign currencies and wish to be nomads...
Video so good and educational ColdFusion felt compelled to reupload this fine piece yet again
I work in a service based IT company as a front-end developer. A few months back, i just released myself from a project and looking for a different opportunity.
I remember Credit Suisse had a massive demand for ReactJS developer. Every alternate day, i see atleast one job vacancy for Credit Suisse. Thank god I was not fit for their profile (?), they wanted a more experienced (5-10years) resource.
5-10 year experience to work on old outdated systems… these companies are the same world wide
I respect the re-upload. I noticed the audio was off when I watched yesterday
This channel is great. Continue with the hard work!
2:22 Why is there no mention of the reason why Credit Suisse was in such a position? By that I mean the position of being the only European bank that had the assets (gold, really) to be considered stable enough to make loans.
Let's just say, for monetization purposes, they had almost all of the gold in European banks because they had as clients the government and the wealthy citizenry of a certain Germanic people. Oh, and this was in the mid-1930s, until the mid-1940s, in Europe. If I'm not mistaken, this would coincide with the growth of certain parties (not the fiesta type of party, btw) in the population of said Germanic people. I'm pretty sure that, as a direct result of such party growth, a big war was started. This war was so big that almost every single person in the world was affected by it for a few generations at least. And this was the second time in that century that such a war had started in Europe. At the end of such a war, Credit Suisse was the only bank in continental Europe that had any gold. That's why they survived that period of war. And, as a result, that is why they were able to provide loans after the war ended.
It's almost like a slow burn, karmic style.
In other words, it's no wonder there was a lack of morals and of ethical behavior in the highest levels of the bank. These were some of the people who had either personally dealt with the leaders of those warring Germanic people, or had learned directly from those who had dealt with those clients.
I'm not surprised that, at a time of loose money and looser morals, a corporation with the history possessed by Credit Suisse making the types of decisions they made, is not unforeseeable.
Who is the narrator of ur channel? His accent is so crisp.. Its too good to listen to. Not forgetting the content and information being shared is massive. 👂😅
That would be the one that says his name in de beginning, and also the one owning this channel.
@@Poepopdestoep And writing.
Dagogo does everything here.
He is Australian, from the accent, but don’t know the name.
If Suisse is closed money laundring would half in India 🤣
These days, the global banking system feels like it is managed by a bunch Instagram "influencers".
#7777777776544790986421677
The key is trust in the bank. Once people lose their trust and start withdrawing the their money, the bank is doomed to fail.
Another highly informative and imressive video thankyou.Its depressing that it takes youtube to fully explore why and how this once great bank to fail,👍
Imagine having a bank that is so critical for your country that your government have to step in and break the foundation of democracy to save it. Some scary shit
2:40 the reason that happened in Italy is because the government literally can’t go in or audit a bank’s records in Switzerland by law
The Mozambique connection is not spoken much about. Yet it destroyed countless lives there.
Credit Suisse assisted the Mozambique government with fraud... And they were mostly defrauding foreign investors.
Hello from the South West of Australia 🇦🇺 👋, keep up the amazing work.
youre one of my fav youtubers! keep em coming
Hey, did you re-upload? 🤔
Looks like it (confused)
I guess 1% he was made to delete this video or it was deleted by mistake.
Yes
@Wīllüar YoHoHo He uploaded the video yesterday but unfortunately the file had a bit of an audio glitch, which a lot of you rightly pointed out. So he have decided to re-upload the video again - properly this time!
I would really like you to cover robbery (in lack of better terms) of Balkan people through CHF credits during early 2010's. It was one of worst debt related crysis in Europe without anyone knowing or care about it. People commited suicides because they couldn't pay credits that would be considered as shark loans anywhere else in Europe.
I don't agree with the "shark loans" thing. At least, it's not how I remember the story. People were lured into CHF loans because of the quite low interest rates (so no shark loans), but failed to realize the risk coming with loans in foreign currency - and the CHF is particularly dangerous in that regards as it's a quite strong currency. Taking loans in stronger currency is really not a good idea.
CS vs Deutsche Bank would be a battle of the century
As someone who worked at UBS as an outside vendor for 8 years I can tell you that UBS is no better. Never seen such a toxic working environment.
I don’t keep up with news & struggle to commit to fully investigating current topics, so videos like this are gold.
Very appreciative of the content 🇦🇺
Credit Suisse cant be the worst because Deutsche Bank exists still
Good to see it again. Thank you for sharing it. ✌️
Please read outloud the titles between topics like when you said (quote) for your blind audience ❤
6:42 *The SPY was NOT hired by the CEO* _it was a decision by Pierre-Olivier Bouée to put the executive under surveillance_ a COO at the time.
Thnks Dagogo. Your channel rocks. Can you do a dive into "Greensills" please?
The ones responsible for your credit score are in trillions of dollars in dept the irony
Please delete this comment lol. Credit Suisse does not calculate your credit score 😂
this is what happens when companies tries to get infinite growth, like literally if they start to become a bit more humble without looking to just grow grow grow under every circumstance, they and the economy will become a lot more stable
That‘s the problem if you are a public company… shareholders want profits.
@@popcornsuite you can get profit without growing. For example, this year I sold 10 phone, each cost me $90 and sold for 100. My profit is then $100. Next year I sold the same amount at the same price and cost. I'm profitable, but not growing, either from revenue ($1000 a year) or profit($100 a year).
@@archiebellega956 The only thing in todays economy is that you need to grow a bit because inflation, or else u loose profit every year. Also if everyone would just stagnate we wouldnt have a lot innovation. But ofc the greed for growth is way to high and not good.
In business you're either growing or dying.
Masterfully explained, as always! Tnx Dagogo
"Trust and confidence" banks and credit rating agencies should stop using these words after 2008. Only recently credit suisse was giving risky rating to adani and look how the tables turned.
Im not an expert on finances
I'm trying to learn thus my question
Isn't the time to bring back Glass-Stegall Act kind of laws ?
Make commercial banking a tedious activity again ?
"You've heard of too big to fail, now get ready for too big to save."
Very good report.
Thanks for the share.
Take care of yourself.
You never disappoint.
Confidence or trust in swiss banks always meant "trust in them helping you break the law". This was a good thing for quite a long time in the eyes of many foreign banks and even administrations. Acting all surprised what a bunch of crooks they actually are is just silly. Same is true for the Deutsche Bank since the Ackermann period at minimum. Those banks need to be split not merged to alleviate the problems.
(From previous video before re-upload)
Thank you very much for making video about Credit Suisse. I read a lot of news about this corrupted, evil bank and I hope they will be fallen
I did the IT switchover to a company that took out a former CS-leased office - it was a complete debacle the CS networks functioned at all with out it was wired and the cheap ass equipment they used.
Seems to me like the logical thing would've been to let CS go bankrupt.
But we live in this different world now where it's about consolidation which is not a good economic sign nor a good sign for people and families in general.
Love your content
This video is so good, he uploaded it twice so you don’t miss it ❤
I think it's due to audio issue.
For about the past ten years any scandal I have heard of has had Credit Suise involved on some level.
So ironic. ColdFusion is 🔥🔥🔥🔥
that "you are watching cold fusion tv" is legit your sound signature.. u cannot miss that
I LOVE IT
"you're", it is "you're
I absolutely love your videos
Lets give respect to Dagogo for only putting one commercial through out this video.
Who the hell is dogogo?
@@justicedemocrat9357The person who makes all the ColdFusion videos.
Another great video Dagogo. 👏👏👏
Cold fusion trying to test their influence on the stock market
The Swiss government should have a deep look inside their prodigious bank before things hit the fan
Was there a re-upload? Anyway I am so glad that it's something not AI related as I think that subject had ran its course.
Excellent video ❤
I love this channel. : )
"How did it go from being a well respected institution to a complete mess"
I tell you how. My Grandfather was high up in the banking sector back then.
Greed, that's what happened, nothing"Suisse" was left in Credit Suisse.
That wasn't a Suisse bank anymore..
Encouraging money laundering and tax evasion sounds very swiss though
That goes for a lot of other companies and industries too. Pretty much every economic crisis and large scale collapse of an industry is due to money and greed,
The fact that world hunger is a thing and that a bank can lose 15 billion dollars in a single quarter causes the two hemispheres of my brain so separate and begin punching eachother.
Credit suisse really took "you cant do honest business, if you want to make money' to heart
they all do, it’s just Credit Suisse is not as good at hiding it
This sort of thing will continue until these folks are brought to justice; so far, very few have. This WILL continue even after GFC2 we are entering now.
You don't get justice , you get law😮
Oh boy, this video is gonna seals the fate of Deutsche Bank.
consider making an essay on HSBC, because these guys appear to be a class of its own in terms of fraudelent activities. There's a good and extensive docu on them available on yt.
I love the intro "you are watching cold fusion tv"
Hey could you try making videos regarding businesses? Like how they started and how they became big?
It's been done a few years ago. Showing on a streaming channel. Sorry, I don't remember with one at this moment.
The first season was quite good, but got popular, forced later seasons were just rehashed bit of earlier seasons.
That's one of the main kinds of videos you'll already find on his channel lol
Excellent Video. Could you please make a video on how much money is parked in Swiss banks illegally by the corrupt Indian politicians and businessmen and what happens to that money due to the demise of Credit Suisse? These corrupt people are above and beyond any legal system of the country and untraceable ever.
Fantastic channel, thank you!❤
Dagogo so what do you think is the solution to all these Banking Failures. Do you believe that there is a need to revise the company's policies on "Limited Liability" documentation?
The implementation of an "Unlimited Liability" policy could be a smart move in curbing the illicit activities that are currently taking place within banks. This policy would ensure that all individuals involved in any action taken by the bank would be held personally and financially accountable for their decisions. It would act as a tool for proper corporate governance, which would result in more transparency and accountability, ultimately leading to better banking decisions.
Everyone who allowed this bank to work should be punished....All the fines collected should be given to people who had legal deposits lost money...
No depositors lost money
#77777777778000995432256467
It's shocking to hear about the bank's history of unethical behavior, from helping clients evade taxes to engaging in risky investments that put the entire global economy at risk.
What's even more concerning is the fact that Credit Suisse, like many other banks, seems to prioritize profit over people. The fact that the bank was able to continue its shady business practices for so long is a testament to the power of money and influence in our society.
I saw this was up yesterday, but when I searched last night, it wasn't on the Cold Fusion channel?
I thought an irate banker had you struck down lol. I did think the ident was oddly placed in the original though, nice catch.
As a swiss, this hurts.. credit suisse was the bank that thrust banking to a central place in Switzerland and helped building and financing the amazing infrastructure we still have today.
Hurts to see it die like this, but ultemately i guess it was needed. Cs was the school bully that didnt care about rules, and it was time it stopped hurting this country's reputation..
Is this a glitch in the Matrix? 🤔 I swear I just watched this 20 mins ago.
Dagogo makes the best videos !
As someone who used to work at CS until a year ago, I remember taking tedious mandatory learning sessions on Anti-Money Laundering, Bribery, Sanctions and the due diligence which has to be taken while interacting with the sensitive parties every year. And it was mandatory for me despite me being a tech guy and having nothing to do with this scope of work.
I guess they really should have given these sessions to the top guys calling the shots afterall.
Top guys know all about those. They just think they are above those, but they are great at using them to make others scapegoats
@@Slla-th5vt Yeah, looks like it
Thank you for having the courage to re-upload this and fix the audio ♥️
I had to delete my previous comment because bots were replicating it.
But, as a Mozambican woman working in finance, I just wanted to thank you for covering the Mozambique hidden debt case. It is an incident that continues to have an impact on our lives today.
This channel is the purest definition of quality reporting Dagogo! kudos
Dodgy bankers, who would have thought...
‘Ethics in finance’ should be a mandatory subject in Swiss schools. The collusion between Credit Suisse and the state was terrible.
any chance of doing video on scientologys recent activities and what they own, also where the followers are encouraged to work and their goals
the thing that makes me chuckle is that everyday people watch these kind of videos feel informed but ultimately you are powerless unless you take up arms and have definite targets for your outrage
True too! but we have to wait for the Karma part sadly.