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Two whistleblowers from Credit Suisse are set to receive up to $153 million after revealing the bank's continued misconduct in helping US clients evade taxes, despite a previous settlement in 2014. UBS has agreed to pay a $511 million fine, a significant portion of which will reward the whistleblowers for their courage in exposing the truth. The case highlights ongoing issues within the Swiss financial sector, with many former managers no longer in banking roles.
The Federal Administrative Court ruled that the Federal Department of Finance's cuts to bonuses for former Credit Suisse managers were unlawful, citing a lack of legal basis and no proven individual misconduct. Despite claims of responsibility for the bank's failure, the court found no evidence against the twelve managers involved. The ruling, which can be appealed, highlights the excessive bonuses that contributed to Credit Suisse's financial downfall, with CHF 32 billion paid out over ten years despite significant losses.
Credit Suisse faced severe repercussions for its handling of U.S. black money accounts, culminating in a $2.8 billion settlement and a criminal conviction. Despite efforts like "Operation Valentina" to disclose U.S. accounts, the bank failed to address numerous violations, leading to further financial penalties after its acquisition by UBS. Key executives, including Urs Rohner and Romeo Cerutti, are implicated in the systematic failures that allowed these issues to persist.
Credit Suisse's management, under Urs Rohner and Tidjane Thiam, faced scrutiny for pledging valuable domestic mortgages to hedge funds through a special purpose entity, jeopardizing the stability of CS Switzerland. Despite the risks, key figures like Chief Risk Officer Serena Fioravanti have continued to advance in their careers, raising questions about accountability as the bank neared collapse in March 2023.
UBS executives Sergio Ermotti and Colm Kelleher were notably absent from Zurich's Sechseläuten festival, missing a key opportunity for lobbying against regulation. While other prominent figures, including federal councillors and business leaders, participated, only Patrick O. Müller represented UBS, walking with the Zurich Women's Guild. This absence highlights a significant oversight in the bank's lobbying strategy.
Tidjane Thiam, former CEO of Credit Suisse, is officially running for the presidency of Côte d'Ivoire as the candidate for the Democratic Party of Côte d'Ivoire (PDCI). Despite his elite background and family ties to the country's first president, his long absence from the nation has left him relatively unknown among the populace, posing a significant challenge for his campaign ahead of the October elections. Thiam's controversial tenure at Credit Suisse, marked by substantial financial losses and a high-profile scandal, has further complicated his political aspirations.
The documentary "Game Over" explores the downfall of Credit Suisse, revealing how internal greed and a lack of accountability led to its collapse. Despite significant losses and legal violations, decision-makers showed little remorse, highlighting a systemic failure within the bank. The film aims to provoke political reactions and shed light on the consequences of unchecked corporate behavior.
Richard Chandler, the longest-serving employee at Credit Suisse, reflects on his 53 years with the bank, expressing anger at former executives for their negligence and the culture shift towards profit over loyalty. He highlights the detrimental impact of investment banking on the bank's values and calls for accountability as Credit Suisse faces its decline. Chandler's career, marked by scandals and crises, culminated in his retirement as he could no longer witness the bank's downfall.
The documentary "Game Over: the fall of Credit Suisse," directed by Simon Helbling, explores the bank's decline leading to its takeover by UBS in 2023. Investigative journalist Arthur Rutishauser reveals how Credit Suisse lost its business model, took excessive risks, and faced legal threats during the investigation, ultimately highlighting the impunity of its executives amid significant financial losses. The project, financed partly by the "Lex Netflix" law, showcases firsthand accounts from key figures involved in the bank's downfall.
Credit Suisse faced over 22 billion francs in losses due to inadequate internal controls and compliance failures, leading to high-profile scandals involving money laundering and dubious partnerships. Despite numerous warnings and investigations, the bank's leadership failed to implement necessary reforms, resulting in severe reputational damage and regulatory scrutiny from FINMA. The culture of negligence persisted, with key executives, including Lara Warner, held accountable for their roles in these failures.
Urs Rohner
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whistleblowers set to earn millions from credit suisse tax misconduct case
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