Discover and read the best of Twitter Threads about #CREDITSUISSE
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Medienhalluzination, WTF?
Wie mein Zitat vom @Blickch verkürzt übersetzt, von der @faznet abgeschrieben, von @dpa in etwas komplett anderes umgedeutet und damit international als Fake-Nachricht gepusht wurde.
Ein Thread.
Wie mein Zitat vom @Blickch verkürzt übersetzt, von der @faznet abgeschrieben, von @dpa in etwas komplett anderes umgedeutet und damit international als Fake-Nachricht gepusht wurde.
Ein Thread.
1/5 Was ich im Nationalrat nach der Erklärung im Namen der @GrueneParlament zum #CreditSuisse Skandal auf Französisch gesagt hatte:
#AMC basher Credit Suisse reported Q1 financial results yesterday.
"CREDIT SUISSE REPORTED SIGNFICANT NET ASSET OUTFLOWS" of 61 Billion Swiss Francs (over 68.5B USD)
Reported a Pre-tax LOSS of 1.316 Billion! ($1,316,000,000) 👀
#BankingCrisis 🚀 #christalballexposures
"CREDIT SUISSE REPORTED SIGNFICANT NET ASSET OUTFLOWS" of 61 Billion Swiss Francs (over 68.5B USD)
Reported a Pre-tax LOSS of 1.316 Billion! ($1,316,000,000) 👀
#BankingCrisis 🚀 #christalballexposures
Breaking down this 2020 article for future use:
"Why is Deutsche Bank Spending so Much on Tech?"
disruptionbanking.com/2020/06/30/why…
According to the Frankfurter Zeitung, back in 1914 Deutsche Bank was the Biggest Bank in the World..
"Why is Deutsche Bank Spending so Much on Tech?"
disruptionbanking.com/2020/06/30/why…
According to the Frankfurter Zeitung, back in 1914 Deutsche Bank was the Biggest Bank in the World..
Many think that Deutsche Bank really started to show its’ strength when the Berlin Wall came down, opening up a much larger consumer market and helping it secure its’ base...
Following on from this, ..in 1994 Deutsche Bank (DB) faced a fresh challenge when Deutsche Telekom announced that Goldman Sachs were going to support their Public Offering... Buying Morgan Grenfell in the UK, Banco Madrid in Spain, and
After 1 decade in corporate sphere, the 4.2.2023 Asia/futures open marked a new quarter & beginning.
>TLDR: so thankful, for so many friends in ag, food, nutrition, healthcare, banking, & wealth; from interns up to exec. committees, BoDs, & shareholders in each continent<
1/x
>TLDR: so thankful, for so many friends in ag, food, nutrition, healthcare, banking, & wealth; from interns up to exec. committees, BoDs, & shareholders in each continent<
1/x
Now there is 1 city that sparked dreams and always brings clarity that brings consequences.
==
-‘98: a $25 Boston bus Times Square drop-off marks 1st visit ever; 1-day WTC-Statue of Liberty-Wall St. tour incepts a dream virus of a career idea = all markets : all the time
-‘00… twitter.com/i/web/status/1…
==
-‘98: a $25 Boston bus Times Square drop-off marks 1st visit ever; 1-day WTC-Statue of Liberty-Wall St. tour incepts a dream virus of a career idea = all markets : all the time
-‘00… twitter.com/i/web/status/1…
-Dec ’02-May ‘08: my Bloomberg at 800 Nicollet is a portal into HY + EM + IG + nascent CDS + endless high-vol trades, many vivid 20 years later…
+DAL & NWA go Ch.11, both, same day, in ’05; GM/F junk; Delphi/TXU/Univision (~13x) leveraged buyouts
+great idea-terrible trade… twitter.com/i/web/status/1…
+DAL & NWA go Ch.11, both, same day, in ’05; GM/F junk; Delphi/TXU/Univision (~13x) leveraged buyouts
+great idea-terrible trade… twitter.com/i/web/status/1…
1/ Il capo della supervisione bancaria europea non coglie alcuni aspetti che rendono l'approccio post 2008 fallace nel garantire stabilità sistema finanziario. Qui sintetizzo le motivazioni che ho espresso in questo video:
👉
bankingsupervision.europa.eu/press/speeches…
👉
bankingsupervision.europa.eu/press/speeches…
2/ L'impianto post-2008 si basa su corretta individuazione e misurazione rischi presenti nelle banche. Tuttavia in un sistema estremamente complesso come quello finanziario, queste due cose sono praticamente impossibili se non al prezzo di rendere l'attività bancaria impossibile.
3/ la riprova di questo viene dalle stesse parole di #BCE ed #EBA, i cui vertici sono venuti in parlamento la scorsa settimana a dirci che gli #stresstests 2023 saranno ancora più stringenti, ammettendo loro fallimento nel monitorare alcuni rischi (es. rischio tassi).
Starting 2-weeks ago #SVB, #CreditSuisse & a few other smaller US banks failed. Whilst this is yet to become a #FinancialCrisis on the scale of ’08, it is also not certain that such a crisis hasn’t already begun. Join us for a thread of the best analysis so far!
First up, let’s acknowledge last year's release of @stefeich's – The Currency of Politics, and this interview in @thenation prior to the SVB collapse. His work provides important background understanding on the nature of money, banking and monetary policy.
thenation.com/article/econom…
thenation.com/article/econom…
Geldwäscherei, Drogengeschäfte und faule Kredite: etliche Skandale stellten das Vertrauen in die #CreditSuisse in den vergangenen Jahren auf die Probe. Top-Manager erhielten trotzdem saftige Boni, die Bankenaufsicht sah zu. Ein🧵zur Historie der CS-Skandale: /1
Es liest sich wie ein Kriminalroman. Die CS ließ ihren ehemaligen Vermögensverwalter Khan nach seinem Wechsel zur #UBS und weitere Mitarbeitende über Jahre hinweg beschatten. Nachdem dies 2020 ans Licht kommt, muss der damalige Präsident Tidjane Thiam gehen. /2
März 2021: Das Vertrauen in die CS wird weiter erschüttert. Der Zusammenbruch der Greensill-Fonds und des Hedgefonds Archegos kostete die Bank Milliarden. CS hatte die Greensill-Fonds zuvor noch als voll versichert beworben - und hat bis heute nicht alles zurückgezahlt. /3
1/ Fassen wir zusammen: Eine "too big to fail"-Grossbank, die nach der globalen Finanzkrise 2008 zu wenig reguliert wurde, implodiert nach Jahren des Missmanagements. Der Staat greift ein. Wie? Er macht eine *andere* systemrelevante Bank *noch grösser*.
2/ Die implodierte Bank wird, unter Einsatz von Notrecht, zu einem Spottpreis an eine andere Grossbank verscherbelt. Ohne Auflagen für diese andere Grossbank. Diese kriegt zusätzlich noch über 200 *Milliarden* Garantie an öffentlichem Geld.
3/ Das Ergebnis: Eine neue Mega-Bank mit potenziell noch grösserem Risiko. Das systemische Risiko einer Grossbank wird "gelöst", indem man eine noch grössere Bank baut und ihr, ohne Auflagen, Hunderte Milliarden zusichert. Vollkommen bekloppt.
🔴 #Blackrock et le drame du #CreditSuisse
un article de Ernst Wolff
Credit Suisse, la deuxième banque suisse, était au bord de l'insolvabilité la semaine dernière. Après que des fonds de clients d'une valeur de 100 milliards de francs suisses aient déjà été retirés au 🔽
un article de Ernst Wolff
Credit Suisse, la deuxième banque suisse, était au bord de l'insolvabilité la semaine dernière. Après que des fonds de clients d'une valeur de 100 milliards de francs suisses aient déjà été retirés au 🔽
2.
quatrième trimestre 2022, de nombreux autres investisseurs ont perdu confiance au premier trimestre 2023. En raison de l'augmentation des sorties de fonds, le coût de la couverture du risque de défaillance des obligations du Credit Suisse a fortement augmenté. Cette 🔽
quatrième trimestre 2022, de nombreux autres investisseurs ont perdu confiance au premier trimestre 2023. En raison de l'augmentation des sorties de fonds, le coût de la couverture du risque de défaillance des obligations du Credit Suisse a fortement augmenté. Cette 🔽
3.
situation a entraîné l'effondrement du cours de l'action, qui a chuté de 31 % au cours de la seule journée du 15 mars.
Lorsque l'actionnaire majoritaire, la Saudi National Bank, a annoncé qu'elle n'investirait plus d'argent dans la banque en chute libre, une ruée sur les 🔽
situation a entraîné l'effondrement du cours de l'action, qui a chuté de 31 % au cours de la seule journée du 15 mars.
Lorsque l'actionnaire majoritaire, la Saudi National Bank, a annoncé qu'elle n'investirait plus d'argent dans la banque en chute libre, une ruée sur les 🔽
Two striking resemblances btw #SVB & former @CreditSuisse.
Both banks did not pay attention to the top 8–20 risks, which every board must.
Either these banks kept their risk desks understaffed or didn't hire key managerial position holders at all.
Why?
Need introspection now.
Both banks did not pay attention to the top 8–20 risks, which every board must.
Either these banks kept their risk desks understaffed or didn't hire key managerial position holders at all.
Why?
Need introspection now.
@CreditSuisse It was reported on this forum that #SVB did not have a CRO for some 8 months during the VC Market spiralling.
Also, I read just now that former @CreditSuisse was sacking key MDs in their across their risk desks.
This trend continued since the #Archegos fiasco surfaced after 2019
Also, I read just now that former @CreditSuisse was sacking key MDs in their across their risk desks.
This trend continued since the #Archegos fiasco surfaced after 2019
CRO Chief Risk Officer or Head of Risk Management is a key managerial decision-making position and C Suite Level role which every financial institution can afford to keep empty these days.
The Front, Middle, and Back Office roles form key lines of defence against top risks.
The Front, Middle, and Back Office roles form key lines of defence against top risks.
A thread 🧵 on #CentralBanks for your awareness.
Gold has been considered hard money for 5000 years. 20% of all the gold ever mined is owned by central banks of the world. Why do central banks buy gold?
- Balancing foreign exchange reserves
- Hedging against fiat currencies
-… twitter.com/i/web/status/1…
Gold has been considered hard money for 5000 years. 20% of all the gold ever mined is owned by central banks of the world. Why do central banks buy gold?
- Balancing foreign exchange reserves
- Hedging against fiat currencies
-… twitter.com/i/web/status/1…
How much gold do we have in the entire world?
A cube (22m x 22m x 22m) is all the gold ever mined.
- 201,296 tons of gold (above ground, extracted)
- 53,000 tons of gold (below ground, unextracted)
46% used for jewelry
17% held by central banks
22% held by private investors… twitter.com/i/web/status/1…
A cube (22m x 22m x 22m) is all the gold ever mined.
- 201,296 tons of gold (above ground, extracted)
- 53,000 tons of gold (below ground, unextracted)
46% used for jewelry
17% held by central banks
22% held by private investors… twitter.com/i/web/status/1…
Here’s a prev 🧵 on #FederalReserve the largest central bank in the world
1/ Stell dir vor, die Mitarbeitenden einer Regulierungsbehörde nehmen regelmässig lukrative Jobs in den Unternehmen an, die sie regulieren sollten.
Klingt absurd? Bei der Eidgenössischen Finanzmarktaufsicht #FINMA Alltag, nicht nur im Fall #CreditSuisse.
Ein paar Beispiele. 🧵
Klingt absurd? Bei der Eidgenössischen Finanzmarktaufsicht #FINMA Alltag, nicht nur im Fall #CreditSuisse.
Ein paar Beispiele. 🧵
2/ Patrick Raaflaub, ehemaliger FINMA-Direktor, kam vom Rückversicherer Swiss Re zur FINMA und wechselte 2014 zu Swiss Re zurück. Heute ist er bei der CSS-Versicherung.
3/ Yann Wermeille, Leiter des Geschäftsbereichs Märkte, verliess 2014 die FINMA, um im Bankenbereich zu arbeiten. Heute ist er u.a. Verwaltungsrat bei der Privatbank NBK Suisse.
Así estará la situación de fea en el @CreditSuisse, que el día 17/03/2023 su valor bursátil era de $8.500 millones y un día después fue vendido por $3250 millones
al @UBS bank. Para aceptar comprarlo, el UBS pidió una línea de crédito directa con el...
[Hilo] 🧶
1/11
al @UBS bank. Para aceptar comprarlo, el UBS pidió una línea de crédito directa con el...
[Hilo] 🧶
1/11
Banco Central de Suiza @SNB_BNS por +$100 mil millones, de los cuales $54 mil millones ya fueron inyectados para cumplir con la demanda de sus clientes, el UBS también le pidió una garantía de $9000 millones al SNB para cubrir posibles pérdidas después de la compra.
2/11
2/11
Lo que ocurrió fue prácticamente una venta forzada o expropiación del banco.
¿Por qué?
El @CreditSuisse era considerado hasta hace poco el 2do banco más grande de Suiza, en el 2007 su capital de mercado era de $300 mil millones, pero fue vendido al 1% de ese valor.
3/11
¿Por qué?
El @CreditSuisse era considerado hasta hace poco el 2do banco más grande de Suiza, en el 2007 su capital de mercado era de $300 mil millones, pero fue vendido al 1% de ese valor.
3/11
#CreditSuisse
As reported, "support of up to 50 billion Swiss francs by the Swiss National Bank" was announced, but the share price fluctuated "from $2.1 to $2.2." Now we are starting to see a downtrend again.
Given the current situation, I am skeptical of the argument that
As reported, "support of up to 50 billion Swiss francs by the Swiss National Bank" was announced, but the share price fluctuated "from $2.1 to $2.2." Now we are starting to see a downtrend again.
Given the current situation, I am skeptical of the argument that
"there are too many assets, so that's okay".
In my opinion, there is a further sharp decline in the share price, and the possibility of "bankruptcy" will increase.
In my opinion, there is a further sharp decline in the share price, and the possibility of "bankruptcy" will increase.
The reason for this is the following three factors.
1) Credit Suisse has seen a “rapid influx of deposits” since fall 2022 (ongoing)
2) In the past, "Lehman shock", the "share price fall" in a short period of the factors that cause bankruptcy.
1) Credit Suisse has seen a “rapid influx of deposits” since fall 2022 (ongoing)
2) In the past, "Lehman shock", the "share price fall" in a short period of the factors that cause bankruptcy.
🧵/ You can choose whether to look at the moon or at the pointing finger instead
With #CreditSuisse #SVBank at al. getting pumped back to life by the State, we should start asking whether the state-bank alliance makes much sense anymore
BANKING IS BROKEN, HALLELUJAH 👇
With #CreditSuisse #SVBank at al. getting pumped back to life by the State, we should start asking whether the state-bank alliance makes much sense anymore
BANKING IS BROKEN, HALLELUJAH 👇
1/ The fact that #SVBank failure was a shock for markets tells a lot about the quality of markets (and regulators)
Below, an extract from SVB's regulatory disclosures. What was the regulator doing instead of observing the most classic of bank’s maturity mismatches?
Below, an extract from SVB's regulatory disclosures. What was the regulator doing instead of observing the most classic of bank’s maturity mismatches?
2/ I don't want to go all the way to conspiracy theory, but who was extracting the most value from #SVBank, or in other words who had more (short-term) incentives for SVB to keep operating as it was?
Below, another extract. Hint: not only tech benefited from low IR...
Below, another extract. Hint: not only tech benefited from low IR...
THREAD:
Switzerland is a strange country. On the surface it is a polished Disneyland. “Swissneyland”, a friend of mine likes to call it. At a closer look, it is the well-oiled PR machine of a corporation. This is a thread between a rant & trying to grasp the #CreditSuisse issue.
Switzerland is a strange country. On the surface it is a polished Disneyland. “Swissneyland”, a friend of mine likes to call it. At a closer look, it is the well-oiled PR machine of a corporation. This is a thread between a rant & trying to grasp the #CreditSuisse issue.
15y ago I was a journo newbie at a fin news agency in Zurich. My colleagues & I watched the shares of another bank plummet by the second – the UBS, the too-big-to-fail, the bailout, where the state saved a private company in order to save the economy. swissinfo.ch/eng/business/2…
Once again we have a bailout, but this time we don't call it this. It looks like a private takeover of CS by UBS, but with a deficit guarantee by state structures. It also creates a new monster at the heart of the Swiss banking system.
Die #CreditSuisse hat übrigens eine interessante Geschichte. Sie wurde 1856 vom liberalen Schweizer Politiker Alfred Escher gemeinsam mit der Allgemeinen Deutschen Kreditanstalt als Schweizerische Kreditanstalt (SKA) aus der Taufe gehoben und residierte seit (Foto: Wikipedia) 1/3
1873 am Zürcher Paradeplatz. Der Vater von Escher hatte eine Kaffeeplantage mit Sklaven auf Kuba. Die haben das Start-Kapital mit ihren geschundenen Rücken erwirtschaftet. 2/3
Die SKA machte mit dem „Fall Chiasso“ Schlagzeilen. Es wurden „Gelder aus Italien“ mit Unterstützung von Politikern & Anwälten nach Liechtenstein verschoben. spiegel.de/wirtschaft/fia… 3/3
Monday Top Crypto News.
Everything you need to know in one short thread…
Everything you need to know in one short thread…
The new episode of our newsletter was released last night, which includes our take on the current #macro environment.
Read it and sign up here
londoncryptoclub.substack.com/p/connecting-t…
Read it and sign up here
londoncryptoclub.substack.com/p/connecting-t…
Eine Woche, in der sich die #Bankenkrise immer weiter aufgebaut hat und Banken global eine 1/2 Trillion $ an Wert verloren haben, gipfelt im Notkauf der #CreditSuisse durch die UBS. Ermöglicht durch 100 Mrd $ an öffentlichen Geldern. Ein Thread 🧵zur Einordnung.
Der Beginn: Am Freitag vor 1 Woche kollabiert die Silicon Valley Bank - der größte Bank-Kollaps seit der Fnanzkrise 2008. 97% der Kunden sind Unternehmen. Durch ein Abgehen von der Regel werden über die Einlagensicherung hinaus alle Guthaben gesichert. newstatesman.com/quickfire/2023…
Im Gegensatz zur letzten Bankenkrise sind die Ursache nicht Subprime-Kredite, sondern der Umstand, dass die Bank stark auf langfristige Staatsanleihen gesetzt hat. Durch die umfassende Erhöhung des Leitzinses durch die Zentralbanken haben die Anleihen massiv an Wert verloren.
FINMA: GOV'T SUPPORT WILL TRIGGER A COMPLETE WRITE-DOWN OF THE NOMINAL VALUE OF ALL AT1 SHARES OF CREDIT SUISSE IN THE AMOUNT OF AROUND CHF 16 BILLION. ON THIS BASIS, IT WILL BE POSSIBLE TO CONTINUE ALL THE BUSINESS ACTIVITIES OF BOTH BANKS WITH NO RESTRICTIONS OR INTERRUPTIONS.
FINMA: SNB MOVE WILL PROVIDE SUFFICIENT LIQUIDITY TO CARRY OUT THE TAKEOVER. WILL ALSO COORDINATE WITH NATIONAL AND INTERNATIONAL AUTHORITIES , NAMELY THE US FEDERAL RESERVE AND THE BRITISH PRUDENTIAL REGULATORY AUTHORITY.
#CreditSuisse #UBS #BankingCrisis
#CreditSuisse #UBS #BankingCrisis
SNB: UBS TODAY ANNOUNCED THE TAKEOVER OF CREDIT SUISSE. BOTH BANKS HAVE UNRESTRICTED ACCESS TO THE SNB’S EXISTING FACILITIES.
#CreditSuisse #UBS #BankingCrisis
#CreditSuisse #UBS #BankingCrisis
SNB: THIS TAKEOVER WAS MADE POSSIBLE WITH THE SUPPORT OF THE SWISS FEDERAL GOVERNMENT, THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY FINMA AND THE SWISS NATIONAL BANK.
#CreditSuisse #UBS #BankingCrisis
#CreditSuisse #UBS #BankingCrisis
SNB: SNB CAN GRANT CREDIT SUISSE A LIQUIDITY ASSISTANCE LOAN OF UP TO CHF 100 BILLION BACKED BY A FEDERAL DEFAULT GUARANTEE. SUBSTANTIAL PROVISION OF LIQUIDITY WILL ENSURE THAT BOTH BANKS HAVE ACCESS TO THE NECESSARY LIQUIDITY.
#CreditSuisse #UBS #BankingCrisis
#CreditSuisse #UBS #BankingCrisis
Stanno accadendo cose voi umani… '
(Si fa una fusione e gli azionisti non votano, nel frattempo la banca centrale svizzera ci ha messo altri 100 miliardi di franchi) #CreditSuisse
ft.com/content/b8488f…
(Si fa una fusione e gli azionisti non votano, nel frattempo la banca centrale svizzera ci ha messo altri 100 miliardi di franchi) #CreditSuisse
ft.com/content/b8488f…
“This is a messy, ugly transaction that nobody really wants. It also appears necessary. But whether it would halt European bank runs is unknowable. Reassurance is a dangerous game in a financial panic.”
In der Schweiz überschlagen sich die Ereignisse.
Nachdem #CreditSuisse eine Übernahme durch die UBS ablehnte, wird die Schweizer Regierung die Bank nun zum Teil, oder voll verstaatlichen.
bloomberg.com/news/articles/…
deutschlandfunk.de/medienberichte…
Nachdem #CreditSuisse eine Übernahme durch die UBS ablehnte, wird die Schweizer Regierung die Bank nun zum Teil, oder voll verstaatlichen.
bloomberg.com/news/articles/…
deutschlandfunk.de/medienberichte…
Auslöser war die Pleite der Silicon Valley Bank.
/PM
/PM
Nachdem Bloomberg über eine Verstaatlichubg der #CreditSuisse berichtete, kommt es jetzt doch zur Übernahme durch die #UBS.
Für 3 Mrd. Franken in UBS Aktien wird die angeschlagene Bank übernommen. Die Schweizer Nationalbank wird 100 Mrd. Franken zur Unterstützung beider Banken
Für 3 Mrd. Franken in UBS Aktien wird die angeschlagene Bank übernommen. Die Schweizer Nationalbank wird 100 Mrd. Franken zur Unterstützung beider Banken
@adam_tooze @LusManuelCalvo1 @AnjaCzer @_nflry @CasparShaller @christa_wirth @HansSuter @ch_esch @mullansp Perhaps some #econhist #bizhis context, also on Tobias Straumann's @eth_en insightful interview @NZZ on why & how #CreditSuisse turned towards investment banking in the 1970s/1980s: In contrast to Germany's #DeutscheBank, (1/24)
@adam_tooze @LusManuelCalvo1 @AnjaCzer @_nflry @CasparShaller @christa_wirth @HansSuter @ch_esch @mullansp @ETH_en @NZZ Credit Suisse decided in the 1970s to build strategic partnerships with US investment banks including cross-shareholdings to ensure mutual commitment in Zurich, London, and New York. Before the 1970s, Credit Suisse was in many respects similar to Deutsche. (2/24)
@adam_tooze @LusManuelCalvo1 @AnjaCzer @_nflry @CasparShaller @christa_wirth @HansSuter @ch_esch @mullansp @ETH_en @NZZ It shied away from setting up foreign branches because it feared losing control over non-domestic entities. In addition, the domestic business was deemed far more important. Yet by the late 1960s, internationalisation and an overseas presence looked inevitable, (3/24)
