Fraud, Spying and a Mysterious Death - Credit Suisse

In this episode we'll take a look at the rise and fall of Credit Suisse. From secret spies to money laundering, fraud and a mysterious death. The firm could be considered one of the worst banks in the world.

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Producer: Dagogo Altraide

[notthegoodgirl]

"A banker is a fellow who lends his umbrella when the sun is shining and wants it back the minute it begins to rain." - Mark Twain

[ColdFusion]

Hey ColdFusion viewers, my latest video is about the rise and fall of Credit Suisse, one of the most popular banks in the world.

I uploaded the video yesterday but unfortunately the file had a bit of an audio glitch, which a lot of you rightly pointed out. So I have decided to re-upload the video again - properly this time!

I greatly value your feedback, so thank you for raising these issues. I want to make ColdFusion better and ensure quality with each new upload.

Oh and just in case it wasn't clear in the previous upload...you are watching ColdFusion TV.

Thanks, Dagogo.

[Vulporium]

Credit Suisse is an anagram of "credit issues" and "I see it's crud".

[thefidgetspinnerofdoom]

I mean, I thought the general reputation of Swiss banks has always been "the less we know about where you got your money from, the better", so hearing that they actually got fined and are losing customers because of dealings with shady businesses is a new one for me 🤣🤣🤣

[xtreme]

i am swiss and the thing that annoyed the public most was the fund from the national bank because essentially the taxpayer paid for the mismanagement of the ceos while they still got huge bonuses (even when the bank made losses) and most swiss people demanded that they have to give back some money

[rjung_ch]

As a Swiss I've asked myself, how much longer. Worked for both of the big two 20 years ago. They were then already questionable. And all the fines all the time, such sickos.

[tyszq]

As someone who worked at CS, I can confirm that the "culture" was insanely toxic there, which is mentioned several times during the video.
Extreme pressure on employees and complete lack of work-life balance. The worst job I have ever had.
Also given complete lack of automation and proper financial controls that I witnessed, CS going down came as no suprise to me.

[TheRealSpeedWolf]

My father served as a government agent from the 1950s until the early 2000s. As part of his duties, he arranged documents and financial transactions with Credit Suisse for agents who worked overseas. The bank's reputation for not asking any questions, let alone verifying identities, made the process far easier back then than it is today. It is ironic, however, that this very practice has led to the bank's demise, as it is now well known for such activities.

[diegoninski]

This channel is pure gold, everything from the animations of the intro to the narrative and the content is simply amazing. Hope youtube is not messing up all the good work, you deserve each view

[pradeepraghuraman]

Would be nice if they actually pull down the corporate veil and go after the individuals orchestrating all this. Most of the time the only punishment these CEOs and other executives get is to resign with fat paychecks instead of being arrested and fined.

[WaniMedia]

I only respected Credit Suisse for making a video about the danger of sugar (probably because diabetes makes them lose profits), but they still did it.

[Bthdk]

Another great episode. Your videos are top notch! The quality is so much better than the current mainstream media. Great job!

[marcr]

I have worked at CS for a couple of years after studies. It's been hilarious - absolutely mismanaged and IT from another century. But the internal management letters were always super positive - until everyone else said things weren't that good. It's what greed does - manager gain a lot from telling good stories. Until it all folds. CS would have survived if someone had been honest and say: we are in trouble.

[alanmott-smith]

Banking by it's very nature is just too strong of a temptation to control other's money without customer's knowledge and consent because if they were to ask us they know we would surely say no.

[krishnaSagar]

the irony that this bank was in the top banks list mentioned by fortune, forbes and so many other agencies. The fact that financial times was the only news channel which made a report on this bank a year ago, and the serious irregularities in the bank.

[nunochaquice]

I am a Mozambican living in Mozambique and I can confirm what was said.
When the scandal blew our currency lost 2/3 of its value.
We used to buy a dolar for 30MZM and it got to, at it's peak, with the sanctions and bans from the west, 90MZM, it has since settled at 62MZM. It was a shit deal by the creditors and some greedy Mozambicans.

[sigh]

I work in a service based IT company as a front-end developer. A few months back, i just released myself from a project and looking for a different opportunity.

I remember Credit Suisse had a massive demand for ReactJS developer. Every alternate day, i see atleast one job vacancy for Credit Suisse. Thank god I was not fit for their profile (?), they wanted a more experienced (5-10years) resource.

[alvinxunjieang]

Purely based on what I heard from my friend a few years back. He used to work in Credit Suisse where he reviews AML and KYC of new clients. They are constantly pressured by RMs and Wealth Mag team to approve the clients quickly, including those of high risks. Now seeing this video everything kind of makes sense now - Indeed expanding at all cost, short term profits over long term sustainability

[elcidleon]

It's also hard to imagine that more than 50 percent of US banks right now are insolvent, the credit crunch is going to be big!

[bellaggio]

I am Swiss, it is a shame what this criminal bank has done. They ripped off people while paid eachother large bonuses. Absolutely vile and disgusting. Their managers should be lined up and sent to jail for 15 years each.