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The documentary "Game Over" explores the downfall of Credit Suisse, revealing how internal greed and a lack of accountability led to its collapse. Despite significant losses and legal violations, decision-makers showed little remorse, highlighting a systemic failure within the bank. The film aims to provoke political reactions and shed light on the consequences of unchecked corporate behavior.
Richard Chandler, the longest-serving employee at Credit Suisse, reflects on his 53 years with the bank, expressing anger at former executives for their negligence and the culture shift towards profit over loyalty. He highlights the detrimental impact of investment banking on the bank's values and calls for accountability as Credit Suisse faces its decline. Chandler's career, marked by scandals and crises, culminated in his retirement as he could no longer witness the bank's downfall.
The documentary "Game Over: the fall of Credit Suisse," directed by Simon Helbling, explores the bank's decline leading to its takeover by UBS in 2023. Investigative journalist Arthur Rutishauser reveals how Credit Suisse lost its business model, took excessive risks, and faced legal threats during the investigation, ultimately highlighting the impunity of its executives amid significant financial losses. The project, financed partly by the "Lex Netflix" law, showcases firsthand accounts from key figures involved in the bank's downfall.
Credit Suisse faced over 22 billion francs in losses due to inadequate internal controls and compliance failures, leading to high-profile scandals involving money laundering and dubious partnerships. Despite numerous warnings and investigations, the bank's leadership failed to implement necessary reforms, resulting in severe reputational damage and regulatory scrutiny from FINMA. The culture of negligence persisted, with key executives, including Lara Warner, held accountable for their roles in these failures.
"Game Over" premiered in Zurich, detailing the downfall of Credit Suisse, starting from the Chiasso scandal in the 1970s. The film critiques a series of greedy managers, highlighting their role in the bank's collapse while also showcasing the victims of its corrupt practices, including the Mozambique Tuna bonds scandal. Richard J. Chandler, a long-time employee, defended the bank's Swiss operations, suggesting not all was negative.
"Game Over," a film about the collapse of Credit Suisse, premiered in Zurich, showcasing the dramatic downfall of the bank and its executives. While the movie highlights the greed and mismanagement of CS leaders, it leaves unanswered questions about the lack of accountability and the role of Swiss authorities during the crisis. The film, financed by Netflix, combines thrilling historical insights with a critique of the banking sector, yet rushes through key events leading to CS's demise.
Socialist Roger Nordmann and Finance Minister Karin Keller-Sutter emphasize the need for political unity against UBS's influence, advocating for increased equity capital for the bank. While parliament supports this move, concerns arise about potential cost implications for customers, with regional banks poised to benefit if UBS raises prices. The Federal Council backs the capital requirement, asserting it won't necessarily lead to higher costs for Swiss credit operations.
Between 2010 and 2022, Credit Suisse faced around CHF 15 billion in fines while paying out CHF 39.8 billion in bonuses and incurring losses of CHF 33.7 billion. The bank's management, under Chairman Urs Rohner and CEO Tidjane Thiam, repeatedly apologized for scandals but failed to address systemic issues, leading to a culture of paranoia and a lack of accountability. Despite efforts to stabilize, insiders noted a disconnect between management and the bank's dire situation, culminating in a poor report from the Parliamentary Investigation Committee.
Lara Warner, former Chief Compliance Officer at Credit Suisse, has been fined CHF 100,000 for failing to report suspicious transactions linked to a €7.9 million payment in the Mozambique scandal. The Federal Department of Finance criticized her for acting with "willful intent" and showing "no remorse," highlighting her direct involvement and responsibility in the case. Additionally, the Office of the Attorney General of Switzerland is investigating her for potential money laundering offenses related to the same transactions.
Lara Warner, former Chief Compliance Officer at Credit Suisse, was fined CHF 100,000 by the Swiss Federal Department of Finance for failing to report a suspicion of money laundering linked to a $7.9 million transfer related to the Mozambique scandal. Despite being informed of the transaction's dubious nature, she did not act promptly, leading to accusations of a conflict of interest and negligence. The case highlights significant compliance failures within the bank during a period marked by financial misconduct and corruption.
Urs Rohner
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the downfall of credit suisse a documentary on internal collapse
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12:18 27.03.2025
longest serving credit suisse employee reflects on scandals and leadership failures
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FIFAX Abp
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documentary explores downfall of credit suisse and its internal corruption
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credit suisse faces 22 billion loss amid widespread compliance failures
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documentary exposes downfall of credit suisse and its greedy management
Mozambican Metical
Swiss Franc
United States Dollar
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the rise and fall of credit suisse a cinematic exploration
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Tidjane Thiam
Arthur Rutishauser
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politicians resist UBS influence while pushing for increased bank capital requirements
PostFinance Fonds 3
Credit Suisse Strategic Income I
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scandals and mismanagement lead to downfall of credit suisse executives
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GLAXOSMITHKLINE CAPITAL PLC 4.0
Kering S.A. (ADRs)
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Lara Warner fined for failing to report money laundering suspicions at Credit Suisse
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MOZ
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05:27 19.03.2025
credit suisse executive faces scrutiny over money laundering reporting failures
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