Which was nice of her, in the event the bank is running low on funds and needs to move some assets around/pay a visit to the neighborhood pawn shop/etc. Every day the payment is late, though, interest rates start kicking in and Brady Dougan is paid a visit by a guy named Bunky. Read more »
Money Manager Holding Credit Suisse’s Funds Hostage Elevates The Whole “I’m 5 Minutes Away!” Text When You Haven’t Yet Left Your Apartment To A New LevelBy Bess Levin
Over at Dealbook today, you will find the story of Joseph B. Galbraith, whose Galbraith Capital Investment Management was mistakenly wired $1.5 million from Credit Suisse back in January. Currently, Galbraith is said to be living in Monacco and, presumably, the money is with him, because Credit Suisse, despite realizing its error many months back and asking nicely for Galbraith to return the money, has not seen a dime. But not for lack of trying! In fact, the bank asked Galbraith and his associates (one of whom appears to be his nephew) to give the money back many, many times. Unfortunately, the Swiss apparently had no idea who they were dealing with, i.e. a master of the old “Your check’s in the mail/I just got in a cab/I’m around the corner/I’m just looking for a parking spot.” Read more »
Royal Bank Of Scotland’s Involvement In Rate Rigging Cartel Sends Powerful Message To Would-Be CopycatsBy Bess Levin
If you’re going to team up with other banks to manipulate interest rates and engage in other shady behavior, just make sure to be the first one to go to regulators and let them know what you’ve all been up to. Read more »
1. Is it standard practice at Credit Suisse to tell traders at other banks, “Hey, we might buy this stock”? Because Zoe Henderson has worked in a lot of offices and people do that all the time.
Credit Suisse has accused the trader, Zoe Henderson, of improperly sharing client communications with her husband, a London-based trader at a rival bank, via electronic chat rooms, the people said…At Credit Suisse, the examination of chat-room records revealed that Ms. Henderson, who has been at the bank since 2004, on multiple occasions during the past several years shared Credit Suisse communications with her husband, Toby Henderson, a London-based equities trader at Royal Bank of Canada, according to the people familiar with the probe. Some of the communications described Credit Suisse clients’ interest in buying or selling stocks, price ranges of upcoming public offerings, or updates on corporate mergers or other deals, the people said…Ms. Henderson has told Credit Suisse lawyers that it was normal practice for traders other than her to send messages indicating interest in certain stocks to traders at rival banks, and that the practice didn’t hurt clients, according to a person familiar with the probe.
2. Why were Credit Suisse traders (allegedly!) making viewings of adult videos a group activity?
2a. …in the office? Read more »
When Brady Dougan & co. pleaded guilty to being a Swiss bank earlier this year, it doomed the firm to its worst quarter since the financial crisis. On the other hand, if it weren’t for helping non-Swiss people avoid taxes, there probably wouldn’t even be a Credit Suisse in the first place. So, you know, totally worth it. Read more »
Earlier this week, Credit Suisse pleaded guilty to engaging in massive tax fraud and paid the U.S. government $2.6 billion as part of its settlement agreement. While these things are never something a corporation hopes for, the good news actually abounds:
1. The restitution charge is not really that high in the grand scheme of things
2. Neither clients nor counterparties can be bothered to care
3. CEO Brady Dougan (and Chairman Urs Rohner) get to keep their jobs
And although it was surely welcome news to hear he didn’t have to box up his things and leave, Brady Dougan’s employment status comes with an asterisk. Although the board “has backed the American chief executive,” the people of Switzerland have not. Indeed, the only reason they’re banging down his office door right now is that, truth be told, they like his style. Read more »