Credit Suisse asks hedge funds to destroy documents linking oligarch's loans for yachts, jets & real estate.
CS would loan people like Oleg Deripaska the money for luxury vehicles. Then bundle the loans & sell them to hedge funds.
ft.com/content/bfea00…
CS would loan people like Oleg Deripaska the money for luxury vehicles. Then bundle the loans & sell them to hedge funds.
ft.com/content/bfea00…
These properties & toys are held as collateral on the loans but when the oligarchs get sanctioned, they default on the loan & give up the property sticking the hedge funds... 
With the increased sanctions in response to the Russian invasion of Ukraine, these loans just became very risky.
The deal was finalized at the end of 2021 & their $80M investment could be completely wiped out as the hedge funds will have to absorb the first 4% of losses on the $2B deal.
And no Switzerland is joining in the sanctions against Russia making the defaults on these loans even more likely.
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