Timeline of Credit Suisse, $CS, Collapse:
https://twitter.com/kobeissiletter/status/1636034355179945986?s=46&t=6ONV85wYZa7vLFkNUkeCRA - 2009: Fined $536 million for bypassing US sanctions - 2014: Fined $2.6 billion for evading US taxes - 2021: Lost $5.5 billion due to risky exposure to Archegos fund failure - 2021: Froze $10 billon in funds due to Greensill collapse - 2022: Pleads guilty to defrauding investors over $850 million loan, fined $475 million - 2023: Delays annual report to address accounting concerns from the SEC - 2023: Saudi National Bank said they won't provide further financial support - 2023: US Treasury and ECB announce they are monitoring CS situation Now, Credit Suisse is asking the Swiss Central Bank for support. Their Credit Default Swap premiums are trading above 2008 levels. At this point, they have dug their own grave.
2023 Saudi National Bank statement was exactly what started everything. They said they won't increase their stake by more than 10% because they'll have new regulatory requirements to fulfill beyond that mark. But rest of the world interpreted like what you mentioned because of social media. That wasn't their exact statement. Anyways, SNB lost big time because they din't choose their words carefully and Bloomberg showed what they wanted because world believes what they write, like you did. It was never about financial support. CS also did not ask Swiss National Bank for support, but they accepted the offer. And SNB brokered the entire deal.
And chairman’s a Lehmann, it’s cursed.