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The Council of States has praised its own efforts following the Parliamentary Investigation Committee's report on Credit Suisse's downfall, yet little action is expected for years. The report attributes the crisis solely to Credit Suisse, avoiding accountability for regulatory failures, while UBS's stability remains uncertain. Politicians must now prepare for potential future banking crises and clarify the state's role in such scenarios.
The Left Party has criticized the early extension of Bafin President Mark Branson's contract until 2029, which was approved by the German government just before a Swiss report on Credit Suisse's collapse was released. Janine Wissler, a Bundestag Finance Committee member, expressed concerns over the lack of objective reasoning for the swift decision made shortly after the new finance minister took office.
Michel Huissoud critiques the auditors at Credit Suisse, highlighting the stark contrast between the high fees earned by auditors and the low pay of mountain guides who bear significant risks. Despite serious issues like tax fraud and major financial losses, auditors certified the bank's internal control systems as effective until a scandal revealed their failures. Questions arise about whether the auditors were incompetent or complicit in the bank's troubles, as regulatory oversight proved inadequate.
Hans Peter Brunner, a former banker embroiled in the 1MDB scandal, details his dramatic arrest and subsequent ordeal in his new book, "The Art of Greed," which explores the fraud from the perspective of mastermind Jho Low. Despite being cleared in 2021, Brunner's reputation suffered irreparably, leading to his ban from the banking industry and the downfall of BSI Bank, which faced severe penalties for money laundering violations. Brunner, who has a long history in banking, continues to reside in Singapore with his family.
The Parliamentary Commission of Inquiry into the Credit Suisse disaster exposes a catastrophic failure by financial authorities, including FINMA and the national government, in managing the bank's significant losses and excessive bonus payouts. The handling of the crisis, culminating in the forced write-down of AT1 bonds, reflects gross negligence and leaves taxpayers vulnerable. As UBS emerges as the winner in this debacle, concerns mount over the inevitability of another banking crisis.
The investigation into Credit Suisse reveals significant failures by former executives and regulatory bodies, particularly Mark Branson of FINMA, who allowed the bank to misrepresent its financial health. The report highlights a toxic culture and lobbying efforts that may have exacerbated the crisis, with political contributions from UBS and Credit Suisse raising concerns about regulatory influence.
Swiss lawmakers have criticized the years of mismanagement at Credit Suisse, attributing its collapse to inadequate oversight by financial regulator Finma, which granted the bank capital relief that obscured its true financial condition. The Parliamentary Commission of Inquiry's report highlights the failures of both the bank's leadership and regulatory bodies, calling for stronger supervisory measures to prevent future crises.
The PUK report reveals significant failings among Swiss authorities in managing the Credit Suisse crisis, highlighting a lack of coordination, mistrust, and delayed action that contributed to the bank's downfall. Despite portraying a successful rescue, the report exposes the inadequacies of FINMA, the SNB, and the Federal Council in crisis management and regulatory oversight. The findings underscore the need for accountability and reform to prevent future banking failures.
The PUK report reveals that high-ranking managers at Credit Suisse disregarded the damage their actions caused, aided by weak institutional oversight. This failure, highlighted by the decision to reduce the bank's capital cushion in 2017, set the stage for its eventual collapse. In light of the crisis, calls for stronger capital requirements for UBS are met with resistance, emphasizing the need for enhanced regulatory powers to prevent future financial disasters.
The Swiss parliament's inquiry into Credit Suisse's collapse criticized the financial regulator Finma for granting inappropriate capital relief, which masked the bank's true financial state. The report highlighted years of mismanagement at Credit Suisse and called for enhanced regulatory powers for Finma, including the ability to impose fines on banks and their executives. It also urged the government to reform the bonus system and improve crisis response measures, paving the way for new financial legislation in Switzerland.
Mark Branson
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