💔🕯️ In Memory of Credit Suisse: Timeline of Tragedy 🕯️💔

● February 2020: CEO Tidjane Thiam resigned after discovering that Credit Suisse had spied on former executive Iqbal Kahn. The Swiss regulator identified multiple spying incidents and organizational failures.

● March 2021: Credit Suisse suffered losses when Greensill Capital collapsed, leading to the closure of four funds worth $10 billion. The regulator found serious supervisory breaches.

● March 2021: The bank lost $5.5 billion due to the default of Archegos Capital Management, exposing failures in risk management and controls.

● October 2021: Credit Suisse was fined $475 million for its involvement in a bribery scandal in Mozambique, where loans were misused for bribes, causing an economic crisis.

● January 2022: Chairman Antonio Horta-Osorio resigned after nine months due to breaches of Covid restrictions. He had been brought in to improve risk management.

● February 2022: A data leak revealed that Credit Suisse held accounts for individuals involved in serious crimes. The bank denied the allegations.

● March 2022: A Bermuda judge awarded $553 million in damages to former Georgian prime minister Bidzina Ivanishvili due to fraud by a Credit Suisse banker.

● June 2022: Credit Suisse was fined $2 million for failing to prevent money laundering by a Bulgarian drug trafficking ring.

● October 2022: New leadership announced a plan to cut 9,000 jobs, raise $4 billion, and spin off the investment banking unit. Saudi National Bank became the largest shareholder.

● February 2023: Credit Suisse reported significant customer outflows and its largest annual loss since the financial crisis, causing shares to drop 15%.

● March 2023: Credit Suisse delayed its annual report on March 8. On March 15, the Saudi National Bank refused more support, causing shares to drop 24%. Despite a $54 billion lifeline from the Swiss National Bank, client outflows continued. By March 19, UBS agreed to buy Credit Suisse for $3.23 billion, ending its 167-year history.

We are not done yet...

● November 2024: Credit Suisse, now part of UBS, lost its appeal against EU antitrust fine from 2021. The European Commission fined Credit Suisse €11.9 million for its role in a bond cartel affecting the European secondary trading market.

● November 2024: UBS raised its price target on Nvidia to $185 up from $150. Of course, it would. Those Credit Suisse bags are weighing heavy!

🌐 Links: http://mooninvestments.org/links
.
.
.
#mooninvestments #investing #trading #stockmarket #forex #cryptocurrency #passiveincome #financialfreedom