Opening Bell 1.7.19

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Whomst fraudulent MD? [The Water Coolest]

Three former Credit Suisse bankers have been charged in a multi-billion-dollar fraudulent loan scheme in Mozambique and face extradition to the US. *Looks at globe in hopes of locating Mozambique*

Former MDs Andrew Pearse and Surjan Singh, and former VP Detelina Subeva were indicted in NY for arranging over $2B in loans guaranteed by the Mozambique government for an alleged maritime project (ironically enough, "stopping pirates"). It turns out that at least $200M was earmarked for bribes and kickbacks for the bankers, politicians, and contractors. Can you say "1MDB Jr.?"

The bank, doing its best Goldman Sachs impression, still approved the loan, despite red flags. For what it's worth, the bank might've been working with cooked books as the "rogue bankers" failed to report critical information to the compliance staff and removed specific loan details without any approval.

Thus far, CS has not been named as a culprit.

A game of "chicken"

Arguably the best parts of the entire debacle are the comically incriminating emails straight out of a rejected sub-plot for 'Homeland.' One co-conspirator referred to bribes as chickens ... as in "Fine brother. I have consulted and please put 50 million chickens." You can't make this sh*t up.

U.S. Seeks Extradition of Ex-Credit Suisse Bankers Charged in $2 Billion Loan Fraud [Yahoo Finance]

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