March 22, 2023

WORLD: Credit Suisse Chairman Blames Social Media Storm For Collapse. Top Exec's Wife Flashed Butt At The Art Production Fund Gala in NYC To Gesture Kiss My Ass To The Plebs After Receiving Bailout.

Globalawareness101 published March 22, 2023: Godfrey Bloom Exposes The Banking System. I typed a transcript for you below:

Godfrey Bloom said: All the banks are broke. They're broke because we have a system called fractional reserve banking. Which means banks can lend money they don't actually have. It's a criminal scandal and it's been going on for too long. We have counterfeiting sometimes called quantitative easing. The artificial printing of money. Which if any ordinary person did they'd go to prison for a very long time. And yet governments and central banks do it all the time. Central banks repress the amount of interest rate are so we don't have the real cost of money. It's central banks that manipulate interest rates commissioner. And plus underneath all this we talk loosely about deposit guarantees. So when banks go broke through their own incompetence and chicanery the taxpayer picks up the tab. It's theft from the taxpayer and until we start sending bankers and I include central bankers and politicians to prison for this outrage it will continue.
Globalawareness101 published March 22, 2023: The Federal Reserve Conspiracy. I typed a transcript for you below.

Book TV at FreedomFest in Las Vegas July 11-14, 2012 said: In your book Creature from Jekyll Island what is the Federal Reserve and what is your answer.

G. Edward Griffin replied: Well, what it is it's a cartel. It's not a government agency. It has the appearance of it being a government agency and they went to great lengths to give it that facade. It does have the power of government because congress voted to give the power of enforcement to it. But in its essence underneath it's a cartel. It's nothing different than a banana cartel or an oil cartel or sugar cartel. It happens to be a banking cartel. They got together, they drew up the rules and regulations for their own industry to self regulate their own industry is what cartels do and then they send it to congress and they took of the label at the top that said banking cartel. They erased that and said Federal Reserve Act. Congress passed it into law and that's why we think it's a government agency. Is because if you don't obey the rules they set down for their own industry you go to prison and so it looks like a government agency. 

Book TV at FreedomFest: What should be done in your view with the Fed?

G. Edward Griffin replied: The Fed needs to be abolished. There's no other way around it. You cannot take the power to create money out of nothing and give it to men and expect that power not to corrupt those men. I don't care whether they're bankers or politicians. You give that power to anybody eventually they will be corrupted by it. It's not politically possible now because the average person doesn't understand it.
Redacted published March 21, 2023: Here we go! Credit unions and small banks COLLAPSING, and FED won't stop it. Big banks are struggling to pull another small bank out of the depths. This time it is JPMorgan Chase trying to rally its banking peers to stabilize First Republic Bank. Meanwhile, the Federal Reserve is meeting this week to discuss a possible interest rate hike and other regulatory responses to the banking crisis. Will this continue to send the dollar into a tailspin?
PageSix
written by Oli Coleman
Friday March 17, 2023

An insider sniped to Page Six Friday that while Credit Suisse put out its begging bowl for a $54 billion bailout on Thursday, the wife of top CS exec Daniel Ezra was “going wild” at the Art Production Fund Gala in NYC that very evening.

Philanthropist Lizzie da Trindade-Asher was snapped by fashion industry bible Women’s Wear Daily cheekily flashing her butt for the camera.

Our banking insider interpreted the gesture for those of us who didn’t go to Wharton: Looming global financial catastrophe threatening to upend the lives of ordinary people everywhere?

Kiss my ass.

Ezra is a managing director at the Zurich-based bank, which has a US base on Madison Avenue. He didn’t attend Thursday’s party.

The bash, which was held at The Pool in Midtown East, was also attended by Huma Abedin and Nicky Rothschild Hilton, among the usual slew of socialites.

It had a summer camp theme, according to Uptown chronicle Guest of a Guest with “freshly blended slushies, dancers in tennis whites, counselor-clad waiters sporting Hunter-green visors.” Apparently there was even ear-piercing in the bathroom.

Troubled bank Credit Suisse took the loan from the Swiss Central Bank on Thursday amid a panic about a global banking crisis after the collapse of two US banks, Silicon Valley Bank and Signature Bank.

Reuters reported that the infusion made it “the first major global bank to be given an emergency lifeline since the 2008 financial crisis.”

The agency said it took the money “to shore up [its] liquidity and investor confidence after a slump in its shares intensified fears about a global financial crisis.”

The gala reportedly raised $760,000 for public arts projects.

Asher didn’t immediately respond to our request for comment.
Reuters News
reporting by Michael Shields in Zurich, Scott Murdoch in Hong Kong, David Clarke and Niket Nishant Editing by Jane Merriman and Matthew Lewis October 3, 2022

Credit Suisse (CSGN.S) is in the throes of one of the biggest challenges in its history, hurt by a slump in stock price and the worsening of a key gauge of its credit risk ahead of a planned revamp.

The bank is battling market skepticism about its financial health after a string of scandals, months after it was 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.

Here are the main crises the bank has faced in recent years:

CREDIT DEFAULT SWAP SPIKE

Already wobbling under pressure from a declining stock price, the bank in October saw its credit default swaps - which measure the cost of insuring a firm's bond against the risk of default - surge to the highest level in two decades.

That has made investors jittery about the Swiss financial giant's liquidity and capital, and prompted Chief Executive Officer Ulrich Koerner to reassure shareholders.

Later this month, the bank is set to release its blueprint for a structural overhaul, which is expected to shed more light on its plans to scale back the investment bank into a "capital-light, advisory-led" business and strategic options for the Securitized Products unit.

Swiss regulator FINMA and the Bank of England in London, where the lender has a major hub, were monitoring the situation and working closely together, a source familiar with the situation told Reuters.

COCAINE-RELATED MONEY LAUNDERING

In June, the bank was convicted of failing to prevent money laundering by a Bulgarian cocaine trafficking gang.

The court found deficiencies within Credit Suisse regarding both its management of client relations with the criminal organisation and its monitoring of the implementation of anti-money laundering rules.

Both Credit Suisse and the convicted former employee had denied wrongdoing. Credit Suisse said it would appeal the conviction.

BERMUDA TRIAL

A Bermuda court ruled in March that former Georgian Prime Minister Bidzina Ivanishvili and his family are due damages of more than half a billion dollars from Credit Suisse's local life insurance arm.

The court said Ivanishvili and his family were due the damages as a result of a long-running fraud committed by a former Credit Suisse adviser, Pascale Lescaudron.

Lescaudron was convicted by a Swiss court in 2018 of having forged the signatures of former clients, including Ivanishvili, over an eight-year period.

Credit Suisse expects the case, which it is appealing, to cost it around $600 million.

'SUISSE SECRETS'

Credit Suisse denied allegations of wrongdoing after dozens of media outlets in February published results of coordinated, Panama Papers-style investigations into a leak of data on thousands of customer accounts in previous decades.

The allegations in the "Suisse Secrets" media articles included that the bank had human rights abusers and businessmen under sanctions among its clients.

CHAIRMAN EXIT

Chairman Antonio Horta-Osorio resigned in January after flouting COVID-19 quarantine rules.

The abrupt move came less than a year after Horta-Osorio was brought in to clean up the bank's corporate culture marred by its involvement with collapsed investment firm Archegos and insolvent supply-chain finance firm Greensill Capital.

Board member Axel Lehmann took over as chairman.

TUNA BOND FRAUD

Credit Suisse pleaded guilty to defrauding investors over an $850 million loan to Mozambique meant to pay for a tuna fishing fleet and is paying U.S. and British regulators $475 million to settle the case under a deal announced in October.

About $200 million of the loan went in kickbacks to Credit Suisse bankers and Mozambican government officials. The bank was aware of a huge shortfall between the funds raised and the value of boats bought but failed to disclose this to investors when the loan was restructured in 2016, the regulators said.

Credit Suisse also arranged a loan that was kept secret from the International Monetary Fund (IMF). When Mozambique admitted to $1.4 billion in undisclosed loans the IMF pulled its support, sending the southern African country's economy into a tailspin.

ARCHEGOS DEFAULT

Credit Suisse lost $5.5 billion when U.S. family office Archegos Capital Management defaulted in March 2021.

The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted.

An independent report into the incident criticised the bank's conduct, saying its losses were the result of a fundamental failure of management and control at its investment bank, and its prime brokerage division in particular.

The report said the bank was focused on maximising short-term profits and failed to rein in voracious risk-taking by Archegos, despite numerous warning signals, calling into question the competence of its risk personnel.

GREENSILL FUNDS COLLAPSE

Credit Suisse was forced to freeze $10 billion of supply chain finance funds in March 2021 when British financier Greensill Capital collapsed after losing insurance cover for debt issued against its loans to companies.

The Swiss bank had sold billions of dollars of Greensill's debt to investors, assuring them in marketing material that the high-yield notes were low risk because the underlying credit exposure was fully insured.

A number of investors have sued the Swiss bank over the Greensill-linked funds. The bank has returned about $6.8 billion to investors so far.

SHAREHOLDER ANGER

Credit Suisse shareholders rejected a proposal from the bank's board to discharge management from other liabilities for 2020, highlighting shareholder anger of the bank's costly missteps.

The vote garnered only 35.88% approval at the bank's AGM in April, as proxy advisers pointed to risk and control deficiencies leading up to the Greensill and Archegos meltdowns.

That leaves room for shareholders to hold directors responsible for wilful or grossly negligent violations of their duties under Swiss rules.

SPYING SCANDAL

Credit Suisse Chief Executive Tidjane Thiam was forced to quit in March 2020 after an investigation found the bank hired private detectives to spy on its former head of wealth management Iqbal Kahn after he left for arch rival UBS (UBSG.S).

Credit Suisse repeatedly played down the episode as an isolated incident.

However, Switzerland's financial regulator said Credit Suisse had misled it about the scale of the spying. The regulator said the bank planned seven different spying operations between 2016 and 2019 and carried out most of them.

In a rare rebuke, the regulator said there were serious organisational shortcomings at Credit Suisse and that the bank had even tried to cover its tracks by doctoring an invoice for surveillance.

In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.

🚨👇 CREDIT SUISSE RELATED NEWS 👇🚨

Posted by Princess Mononoke at 2:32 AM

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