Human greed knows no bounds
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
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.
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.
It is a shame what this criminal bank has done. They ripped off people while paying each other large bonuses. Absolutely vile and disgusting. Their managers should be lined up and sent to jail for 15 years each.
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.
But let’s be frank the world is and will continue to be a corrupt place. The reason why they went down wasn’t because they committed crimes, No it was only because they were bad at it, too many bread crumbs to follow. So they needed to be sacrificed before they ruined the overall plans of the powers that be.
A banker is a fellow who lends his umbrella when the sun is shining and wants it back the minute it begins to rain
