Fraud, Spying and a Mysterious Death - Credit Suisse

"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

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.

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 🤣🤣🤣

Credit Suisse is an anagram of "credit issues" and "I see it's crud".

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.

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 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

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.

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.

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.

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 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.

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.

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.

Another great episode. Your videos are top notch! The quality is so much better than the current mainstream media. Great job!

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

I love your videos. Thank you for the great content. This bank should be called Credit “Issues” after rearranging the letters

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.

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!

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.