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Stephen Morris Profile picture
Stephen Morris
@sjhmorris
@FinancialTimes Banking Editor. Ex-@Business. RT ≠ endorsement; all views my own. Also #Arsenal 🔴
Mar 22, 2023 • 5 tweets • 2 min read
Distressed debt maven David Tepper is one of the $17bn of AT1 bondholders wiped out after the Swiss govt changed the law to smooth the UBS-Credit Suisse takeover. And he is not happy... Story w/ @BondHack ft.com/content/e02925… Image key thing that Tepper & co are angry with is two govt ordinances on Weds Mar 16 and Sun Mar 19. The second included "art. 5a" which retrospectively changed the rules to allow Finma to wipe out all AT1. That usually doesn't happen if a bank is "bought", which CS was for $3.25bn Image
Apr 23, 2021 • 9 tweets • 5 min read
Back in 2017 when I was @business I dug into Standard Chartered's trust unit in #Guernsey, which I found out had been doing some suspect tax-dodging deals with billions of Indonesian clients' money. Today regulators fined them £140,000. Paltry I know, but the report is damning Some of the details don't look great. Here's how @StanChart initially onboarded clients in Guernsey and what was found when they finally examined them - 97% in breach of rules!