Keyword: creditsuisse
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Credit Suisse and Deutsche Bank are reportedly on the verge of collapse. They have 2.7 trillion in assets under management between them. It’s three times the assets of Lehman at the time of the collapse. On 15 September 2008, Lehman Brothers, a bank considered ‘too big to fail,’ filed for insolvency. It was the single largest bankruptcy filing in the history of the US. At the time, the bank had $639 billion in assets and $619 billion in debt. Credit Suisse and Deutsche Bank are too big to fail. Some say Deutsche Bank will be okay, but Credit Suisse is...
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Credit Suisse and a former employee have been found guilty by Switzerland's Federal Criminal Court of failing to prevent money-laundering. The criminal trial is the country's first of one of its major banks. Credit Suisse faces a fine of 2 million Swiss francs ($2.1 million). Credit Suisse and a former employee have been found guilty by Switzerland's Federal Criminal Court of failing to prevent money-laundering in the country's first criminal trial of one of its major banks. The trial — which included testimony on murders and cash stuffed into suitcases — is seen as a test case for prosecutors taking...
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US bishops’ conference denies any wrongdoing in ongoing Peter’s Pence lawsuit, blames parishionersWASHINGTON, April 28, 2021 (LifeSiteNews) — In an ongoing case regarding the use of Peter’s Pence donations, lawyers for the U.S. bishops have asserted that parishioners were aware (or at least ought to have been) that their money could be used by the Holy See for any purpose, despite their own advertisement to the contrary.The Peter’s Pence lawsuit was originally filed in January 2020 against the United States Conference of Catholic Bishops (USCCB) by the Stanley Law Group based in Dallas, Texas, representing a Class Action brought by...
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...."Credit Suisse analyst Zoltan Pozsar recently summed up the situation in a report, saying: “The banking system is running out of balance sheet. Soon there will be too much cash.”
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BILLINGS, Mont. – Bankruptcy Court documents show Montana's exclusive Yellowstone Club resort for the ultra-rich owes more than $343 million to creditors ranging from banks to local contractors. The residential club, which includes a members-only ski hill on 13,400 acres in the Gallatin Mountains, filed for federal Chapter 11 bankruptcy protection on Monday, along with three related companies. The move followed what critics described as a spending spree in recent years by the club's founders, Tim and Edra Blixseth, even as the luxury real estate market stagnated. That included the purchase of at least four foreign estates and fleets of...
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Gelinas is an information technology and security specialist who has worked for both Citigroup and Credit Suisse in prominent roles, according to Logically's investigation. He is reportedly in his 40s. Newsweek reached Credit Suisse for comment. CitiGroup were unable to be reached before publication. This story will be updated with any response.
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Eric Holder's resignation, just 40 days before the midterm elections, shows how jittery Obama is about losing control of the Senate this November. While Holder likely is getting out of Dodge before federal judges weigh in and order the release of documents showing he covered up the Fast and Furious and IRS email scandals, the timing of his resignation suggests that Obama wants to be sure that he has time for a Democratic lame duck Senate to confirm a replacement. With so much dirty laundry stacked up in the closets of the Justice Department, Obama didn't dare let in an...
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Top chief executives in Davos are heaping praise on changes to the United States tax code pushed through by President Trump. The consensus at the World Economic Forum, which kicked off on Tuesday, is that the tax overhaul will boost U.S. growth and increase investment. "There are companies all around the world who are looking at the U.S. now and saying, 'This is the place to be in the developed world,' " said Blackstone (BX) co-founder Stephen Schwarzman, who chaired Trump's economic advisory panel until it was dissolved in August after a series of resignations. "There are going to be...
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CBS’ and Fox’s projected earnings will suffer a hit, according to two separate reports by Credit Suisse, and falling NFL ratings will continue to impact network earnings so long as they are on a downward trend. Why are earnings suffering? CBS’ crashing NFL ratings will directly impact company earnings, Omar Sheikh, Credit Suisse analyst, said. Special: 3 foods to avoid in 2017 “We expect third-quarter network advertising to decline 3 percent (previously +1 percent), driven by soft ratings for both the summer schedule and for the start of the NFL season,” Sheikh said, according to CNBC. “With only one of...
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To indict someone, the criteria is supposed to be “intent.” Comey has used that to pretend there is no evidence that Hillary “intentionally” erased anything. Comey also stated that Hillary’s lawyers erased her emails using a keyword search program and they did not “read” the emails. He added that he would not recommend charges against Hillary or her aides. “Although we did not find clear evidence that Secretary Clinton or her colleagues intended to violate laws governing the handling of classified information, there is evidence that they were extremely careless in their handling of very sensitive, highly classified information,” Comey...
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Five major banks and four traders were sued on Wednesday in a private U.S. lawsuit claiming they conspired to rig prices worldwide in a more than $9 trillion market for bonds issued by government-linked organizations and agencies. Bank of America Corp (BAC.N), Credit Agricole SA (CAGR.PA), Credit Suisse Group AG (CSGN.S), Deutsche Bank AG (DBKGn.DE) and Nomura Holdings Inc (8604.T) were accused of secretly agreeing to widen the "bid-ask" spreads they quoted customers of supranational, sub-sovereign and agency (SSA) bonds. The lawsuit filed in Manhattan federal court by the Boston Retirement System said the collusion dates to at least 2005,...
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Only weeks after the White House made headlines with a directive urging prosecutors to get tougher on corporate crime, the Obama administration has moved to protect a convicted financial firm from punishment. The bank, Credit Suisse, has donated hundreds of thousands of dollars to President Barack Obama’s political campaigns. It also employs the Podesta Group, a lobbying firm with family connections to the Obama administration and Hillary Clinton’s 2016 campaign. In 2014, Credit Suisse pleaded guilty to criminal charges for operating “an illegal cross-border banking business that knowingly and willfully aided and assisted thousands of U.S. clients in opening and...
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It is a rare occurrence for conversations about contemporary art to happen outside of the insular circles of the art world. Contemporary art, by and large, exists as a bubble. So it should come as no great surprise that other “bubbles” are the only thing that may collide with contemporary art. Like, for instance, the elite insider world of high finance that purchases much contemporary art at auction. Last week, one such collision came to light when Credit Suisse was criminally convicted for assisting tax evasion and further revealed what more and more people realize: art can be quite the...
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After a decade or more of shale development in the US, the country remains "in the early innings" of that growth with tens of billions more dollars expected for infrastructure and development, according to an analysis by investment bank Credit Suisse unveiled Tuesday. Overall, strong drilling activity and continued technological progress should lead to "significant oil production growth still to come in the key regions such as the Permian [Basin] ... as well as the Eagle Ford, Bakken and Niobrara (Wattenberg)" shales, the report, "The Shale Revolution II," said, referring to the West Texas, South Texas, North Dakota/Montana and Colorado...
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The private-equity tycoon Stephen A. Schwarzman, backed by an array of mostly western blue-chip companies with interests in China, is creating a $300 million scholarship for study in China that he hopes will rival the Rhodes scholarship in prestige and influence. The programme, whose endowment represents one of the largest single gifts to education in the world and one of the largest philanthropic gifts ever in China, was announced by Mr. Schwarzman in Beijing on Sunday. The Schwarzman Scholars programme will pay all expenses for 200 students each year from around the world for a one-year master’s programme at Tsinghua...
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Economists from the Swiss bank Credit Suisse wrote on Monday that “it seems that we’ve entered the last days of the euro as we know it” and that “extraordinary things must happen for the currency and the European Union to survive.” In a statement they released in light of the financial problems in Europe, the economists added that “in the short term, the ECB cannot handle the crisis and the new governments in Greece, Italy and Spain cannot do so either.”
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UBS is set to cut around 5,000 jobs to save 1 billion Swiss francs ($1.20 billion) while rival Credit Suisse is planning to axe about 1,000 staff, Swiss newspapers reported on Thursday. Citing an unnamed UBS insider, the Tages-Anzeiger daily said the precise details of the cost-cutting program still had to be agreed and approved by the board, but should be announced in conjunction with the bank's second-quarter results on July 26. The newspaper had already reported on Tuesday that thousands of jobs were threatened at UBS and rival Credit Suisse, without giving precise figures. UBS declined to comment but...
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It’s nice to see some mainstream economists making logical arguments with regards to America’s financial position. In a recent research piece Credit Suisse shows that America is far from being broke. Of course, anyone who understands MMT and the actual workings of a modern fiat monetary system knows this is a preposterous notion to begin with, but CS is using a traditional framework and their evidence counters much of what we so often hear from fear mongerers and politicians: “Some of our senior politicians and market pundits say it every day: “America is broke.”We wonder if this is meant...
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A Swiss bank that used its Cayman Islands’ branch to engage in what a US federal judge has branded “predatory lending practices” is being investigated by the US authorities. Senior officials of Credit Suisse, Switzerland’s second largest bank, are facing claims that they pocketed millions of dollars by dishing out loans that were impossible to repay. On Tuesday, 15 September, 31 of the bank’s officials received subpoenas demanding that they hand over internal documents that explain why they loaned $375 million to the now bankrupt Yellowstone Club in 2005. The Yellowstone Club, founded by American tycoon Tim Blixseth, was once...
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<p>FRANK Quattrone's defenders claim that the obstruction of justice charges against the former star investment banker are pretty thin.</p>
<p>Until a court decides the matter, Quattrone is innocent.</p>
<p>But when Quattrone's defenders claim there was nothing wrong during the Internet bubble at Credit Suisse First Boston's technology group, which Quattrone ran like a personal fiefdom, they ignore reality.</p>
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