The first 100 people to use code MONEYMACRO at the link below will get 60% off of Incogni: incogni.com/moneymacro

I used to work at Credit Suisse in 2018. I worked for the US investment bank. Our technical infrastructure was in poor shape, so we couldn't run the business adequately. The prime brokerage business was run out of a series of Excel files on a shared drive, stitched together using VBA macros. There were technical problems every day that affected our ability to work. Risk management was almost impossible because our pricing server would crash at least twice a month. Because Tidjane Thiam was more interested in banking for criminals than running a Wall Street bank, we had no funding to improve the sorry state of our technology. The Swiss side of CS basically cut the funding of the US side investment bank and had them still try and compete with Goldman and JPM. I did not stay for long and am enjoying the collapse of this bank. Some of the most incompetent management in all of banking.

@philsburydoboy

Жыл бұрын

Dear God that's a horrifying concept.

@bocasdeltoro8670

Жыл бұрын

But why blame Todjane Thiam? Credit Suisse was banking criminals money long before he arrived at CS. He was just better at it. Blame Iqbah Kahn, the director of your division. He's the one that wanted to hang with the Looney Tunes on The Street. Figure out the funding and market before voting to establish an air pie restaurant/bakery.

@me0101001000

Жыл бұрын

Glad you got out of there. That must have been stressful.

@generalyoutubewatching5286

Жыл бұрын

Racist. Bet u wouldn't have said the same if tidjane was not black. He did great considering the circumstances

@ranjithpowell6791

Жыл бұрын

We need to get rid of a americants in Swiss banking

I deeply admire the clarity and precision with which you explain concepts that many economics textbooks go at great lengths to obfuscate through jargon and curious omissions. The Swiss banking secrecy laws have nothing on most of the economics profession. 😂

@eMeM_KE

Жыл бұрын

One might think the obfuscation is almost deliberate.

As a Swiss it makes me mad that these banks can continue to do their shady business and highly-leveraged risks and if it goes wrong, bailouts, even for the non-systemically-vital parts. "Too big to fail" did not stop the disaster in time, so I hope massive changes and restrictions will be enforced on this massive bank. If this one ever goes broke, there will not be a bigger bank to buy it up again...

@jigsaw2253

Жыл бұрын

Money laundering banks

@forbidden-cyrillic-handle

Жыл бұрын

Every bank in the world now is a failed bank. Paper currency has no value. That's a myth.

@RUHappyATM

Жыл бұрын

Marco, so you now know how the Swiss become rich without any natural resources. SMFH.

@pebblepod30

Жыл бұрын

So we all need to Vote accordingly

@forbidden-cyrillic-handle

Жыл бұрын

@@pebblepod30 There is no party that will promise they will get rid of paper currency and start using real money. Your vote doesn't mater. It will be more of the same, but different flavor.

you're the most underrated macroeconomics (& money) channel. SUPERBLY animated and the clearest explanation for all the strange things happening in the world economics nowadays

@MoneyMacro

Жыл бұрын

Thank you Nik. I appreciate your words of support!

Gonna get some popcorn for this video

It's funny. The more I learn about money the more I realize that it all works on just because we believe it works.

@dandare1001

Жыл бұрын

Which I suppose makes crypto-currencies all the more credible (potentially).

@rherydrevins

Жыл бұрын

@@dandare1001 The number of people who actually believe that cryptocurrencies "work" (in the sense of being a replacement for hard currency, as opposed to an instrument for speculation) is extremely small, though.

@dandare1001

Жыл бұрын

@@rherydrevins Yes, you're correct. My point was that all currencies are a matter of faith, crypto or FIAT. I can easily imagine the crypto side settling down to less speculators and more users in a few years. It's possible anyway, and with an almost worldwide, growing, mistrust in governments (and often a seemingly grudging use of the US dollar), a distinct possibility.

@gmw3083

Жыл бұрын

America's fall is also inevitable. People used to believe in that faith-based dream as well.

@pingu6028

Жыл бұрын

@@dandare1001 haha, you really think crypto works any different?

One missed addition - new CEO is not “just” another banker, it is the guy who was the CEO of the UBS after bailout. Suppose similar circumstances require similar kind of people.

@devilex121

Жыл бұрын

That's actually a really important catch wow... I do wonder what Swiss politics itself looks like.

The fact that this video still has less than 100k views is criminal. Deserves way more views cos this truly is just quality education presented in a very concise manner!

I have to join many others here in saying that this was a great video, even in comparison to your usual high quality videos. Clear, detailed, with a proper (imo) focus on the morality and not just the economics. One of my favorite channels on YT.

I love learning about stuff like this!

Money and Macro channel > Economic Explained

I also thought it interesting that during the weekend of the merger that the Swiss government suspended Swiss monopoly laws to enable the acquisition. The laws was reinstated immediately after and the resulting “behemoth” was incredibly unstable, potentially crippling Switzerland. Excellent video… 👍👍👍

@tomo1168

Жыл бұрын

I'm not sure if the collapse of the UBS would cripple the country. The ppl here are very resilient.

@kukulroukul4698

Жыл бұрын

@@tomo1168 it doesnt have to

@dandare1001

Жыл бұрын

The same suspension happened this week, when JP Morgan bought First Republic Bank. It's funny how they bend the rules for the right companies.

@tomlxyz

Жыл бұрын

​@@tomo1168 resilience won't prevent a economic crisis the same way that hard work won't guarantee good pay

@tomo1168

Жыл бұрын

@@dandare1001 let's say: for themself

Want to add regarding the "Switzerland was a poor country" myth. A quick check shows that in 1860 Switzerland was in the top three in terms of gdp per capita in Europe and only the UK had a substantially higher gdp per capita. It's true though that Switzerland was a small country and in general development in the 19th century still basic also in Europe. However because of a weak and indeed poor nobility in the late medieval times, both reformation in the 16th century and the pre-industrial developments in the 17th century kicked in early and brought relative wealth to Switzerland. Which allowed early mechanised industries and also was the base for global trade through Switzerland. The banking was important to build the infrastructure and surely contributed to wealth in Switzerland but was never a huge gdp contributer (banking was max 5% of gdp of which most retail, wealth management a fraction of it)

@majorfallacy5926

Жыл бұрын

To add to that, an abundance of hydropower made Switzerland quite industrially relevant at the time. For example, if my memory serves me right, they used to be one of the world's main suppliers of refined aluminium. So building railroads made a lot of sense, since the industrial base was already there.

@davidw8668

Жыл бұрын

@@majorfallacy5926 interesting I wasn't aware of the aluminium part.

@neddiego2570

Жыл бұрын

Even though Banking is 5% of GDP, the money supply created by it affects the GDP far more than that. Plus FDI and foreign reserves are affected by banking industry.

@davidw8668

Жыл бұрын

@Ned Diego 95% of it is our own money. The total impact on the gdp of banking is plus 30% (suppliers) . Inform yourself and get your facts straight. It's about exporting stuff.

@neddiego2570

Жыл бұрын

@@davidw8668 Most money in Swiss banks are from outside. If one of your big banks go bust, exports can't save your economy 😂. Swiss banking industry will never be the same again. That's why your government allowed UBS to takeover CS. Like it or not Switzerland can't afford to lose that shady banking industry.

I can answer the question for you. A lot of Swiss politicians are corrupt and paid out of the pockets of big companies like Nestle or UBS. After they "retire" from politics they go on to get well-paid jobs in the advisory boards. This is especially true for the people making it into he "Bundesrat". It's how Switzerland operates.

@majorfallacy5926

Жыл бұрын

That's how every country operates unfortunately. At least yours don't end up on the boards of Gazprom.

@jasonhaven7170

Жыл бұрын

Except for their Black CEO. Switzerland is too racist to let him benefit.

@sisyphusvasilias3943

Жыл бұрын

Translation - Suisse Gov and Economy is a Capitalism Success Story

Watching a speaker of a germanic language (i.e. Dutch) struggle to pronounce another very germanic sounding name makes me feel better about my many butcherings of European names 💞

@kukulroukul4698

Жыл бұрын

if you were a Bavarian you would be even happier :))) The bavarians are bitterly hating the ''gobblins'' ESPECIALLY those painted in germanic names

@TheSandkastenverbot

Жыл бұрын

@@kukulroukul4698 Who's a "gobblin"? How can you paint something in a name? 🤔

@nattygsbord

Жыл бұрын

If I would try to speak German I guess that I will start with the Swiss dialect first because they speak so extremely slow there... and same goes for speaking French, where the Swiss always speak their sentences so slowly that it is easy to keep up 😂

@tomo1168

Жыл бұрын

@@nattygsbord only in Bern. here in Zürich we speek quick and get straight to the stuff. efficiency over all, money has to be made :D

@davidw8668

Жыл бұрын

😂😂

Amazing video, like always

Great video Joeri!

Another amazing vid. Thank you. It is well informing and entertaining:))))))

It was to rescue the Swiss banking reputation. With a collapse nobody would believe anymore that their money is safe in Switzerland. And the Swiss banking system is a major part of Swiss economy.

@richardarriaga6271

Жыл бұрын

Well they can't guarantee Uncle Sam won't come after tax cheats, so isn't it worthless already? Why not just go to another tax haven?

@hhkk6155

Жыл бұрын

​@@richardarriaga6271 for Americans it's worthless already, but for Asian, Middle Eastern, and other consumers it was a good spot, but 2022 changed it, and they made a bank run of their own😅😅😅

@manyulgarprsch

Жыл бұрын

​@@hhkk6155 who made a bank run of their own? The Swiss?

@hhkk6155

Жыл бұрын

@@manyulgarprsch nope, clients from Asia, middle East, etc. Mostly money flowing to the UAE, Singapore, etc.

@JLSMaytham

Жыл бұрын

he clamed it was 3x the size of the economy?

Really intersting stuff, as always :-)

very good video, thank you!

The "whole-sale" rescue sounds really fishy. Interesting comparison with the case of Fortis /Amro. Is it about helping complicit but well-connected people walk away scot-free?

Really good video.

Great analysis as usual 👏

"Wat dat betreft,..."😉Thanks for sharing your knowledge!

"it is not bail out" What part of not a bail out includes indemnity from possible law suits that might have arisen from acquisition of Credit Suisse assets and a 50billion CHF of government facilities

@zakkart

Жыл бұрын

He was being sarcastic in the video.

I love this channel, not only because of the clear explanation but because it also raised the question if the decision was good for the citizens. The morality bit is missing from a lot of economics channels

Waiting for the first republic video you'll be uploading by june 😂❤

@MoneyMacro

Жыл бұрын

Hahaha damn that hits home

This is certainly a well researched, neatly narrated and well concluded post. Fortunately just stumbled upon this video to see it. Hope to see many more like these in future.

i was missing your contents...thanx

Great video!

Great job on your research

@MoneyMacro

11 ай бұрын

Thank you!

Amazing video!

Have you though about making a video about argentina? I can't wrap my head around its situation!

Great explanation👍

now I know, why we needed to wait such a long time for your video.... I like it a looooooo! Schweizerische....the STRESS in on the FIRST syllabous. On "Schweiz"... the second (er) is hardly heard and the "e" is like "ä".

Hilarious. So Switzerland finally completed it's transformation into a Bank with a country.

So it was too big to fail and the government brokered a deal backed by billions of swiss taxpayers money. If big banks are so important to exist but cannot survive without government assistance, why doesnt't the government nationalise them? This way the government can get profits during the good times and bail the bank out during the bad ones if needed. The police and military are crucial for the government so they belong to it. Why not banks?

@edata5898

Жыл бұрын

In many countries there is a deposit insurance fund (e.g FDIC) that banks pay into that are used for bailouts and/or repaying depositors in the event of bank failures.

@stevengreidinger8295

Жыл бұрын

The largest Chinese banks are all nationalized. Check out how that's worked.

@matthewhall5571

Жыл бұрын

The government does profit from the banks actually. They buy the government bonds and pay fees to the government deposit insurance and central banks. There is a disadvantage to excess profit for the government though. Whatever they charge slows down investment and activity in the private economy and having fully nationalized banks tends to cause more corruption.

@robertagren9360

Жыл бұрын

When the government own the bank all assets of the government becomes liabilities of the bank.

@Kyle906-Q8

Жыл бұрын

@@stevengreidinger8295 worked out great actually!! Whats your point lol? hsbc and other Chinese banks are literally technically so advanced ( in computing and database management ) that they will certainly be the next #1 possibly in banking around the globe! China still has problems though, their real estate business model is seriously flawed and need to be addressed. Once china starts closing some gaps in their models ( which they are working on and doing pretty well so far! ) they will surely take the world by storm!! Mark my words! 2049+ will 100% be the beginning of china’s century as #1 over all. They still have a long way to go though, but trust me, they are EXTREMELY savvy, and capable! Also i am aware that HSBC is headquartered in london but apple has theirs in Ireland so it doesn’t change anything. Look up the biggest banks in the world.

Thank you for your great video, love them! What would be a negative consequence of UBS now being such a dominant part of the swiss banking economy? What are the long term ramifications here?

“The Belgian and the best government” when you said Dutch government 😂 Patriotism through subtitles

@MoneyMacro

Жыл бұрын

Haha damn you found... Eh automatic subtitles I swear

@kvikende

Жыл бұрын

@@MoneyMacro wasn't sure if it was transcription error or Easter egg 😁

This channel is by far a superior choice in terms of macro economics an geopolitics

Thank you, this was very informative. I am glad the rotten Credit Suisse is no longer around but only having 1 mega banking corp in Swiss is probably not a good thing..

@nattygsbord

Жыл бұрын

The only thing worse than having 1 too-big-to-fail bank, is to have two such banks.

@EatMyShortsAU

Жыл бұрын

@@nattygsbord I don't know, there is going to be a lot less competition now.

@nattygsbord

Жыл бұрын

@@EatMyShortsAU Ideally should there be many small and medium size banks instead - unlike today. And there should be transparency - unlike today. And commercial banking and investment banking should be separated - unlike today. And leverage should be under 20 - unlike today. And reckless gambling on OTC-derivites should be regulated and banned. And most of the money printing funtion in an economy should be taken over by the government. Bankers will complain and say that I reduce their profits and make their industry less "effiecent". And that is true. Maybe I don't want Casinos that constantly crashes and need bailouts with tax payer money. I want stability and boring banks that makes long term loans to companies, instead of gambling on the stock market or exotic derivitives. Banks should only be allowed to exist to serve society. Society should not exist to serve the banks. We don't need banks. Agriculture and industry can exist without them. But banks cannot exist without industry, agriculture and mining. So banks should always stand lowest and last on the priority list. Priority should instead be given to supporting industrial development, and then supporting the service sector, agriculture and so on. While banks.. well life would be harder without them, so its good that they exist, but their role should be a servant and not a master.

You sir, are an admirable man

Goodbye Debit Suisse, our only regret is that we will no longer be able to make fun of you.

Joeri, if you're filming in 4K you need to figure out how to nail the focus on your eyes! Aside from that, excellent content as usual :)

ah yes, we're having issues with our risky business. what should we do? oh, I know, let's expand into even riskier business! that'll solve all our problems!

@mysterioanonymous3206

Жыл бұрын

Swiss here: Don't underestimate the Swiss govt. and esp the Swiss national Bank. We're not "Switzerland" by accident. In 2008 the SNB intervened massively to support UBS (toxic assets) and they eventually turned a very handsome profit in the end. The CS UBS merger was set up very well by the regulator. CS will spin off their entire investment bank into their US subsidiary (First Boston) and thus get both KYC processes in order and the US tax payer hooked at the same time 😂

have anyone ever told you that you look like Roman Roy from the show Succession?

Thanks.

So the issue was if CS went down UBS likely fails as well, the bailout was for UBS as much as it was for CS. If UBS and CS were to fail the impact on the Swiss economy would have been huge furthermore the risk of contagion was a reality. In my mind not only was the SNB involved but also the ECB, Federal Reserve, and the UK financial regulators, they had been propping up CS since November and even earlier there was a push to merge CS into UBS. My suspicion is this plan was not hatched "over the weekend" as they described it but rather since the end of last year they had a plan for a shotgun wedding. As for Fink and those other jackals they planned to pick the carcass clean it makes sense why you wouldn't want to fire sale, the goal is likely an orderly wind down of those businesses and by combining UBS and CS IB it is a more attractive package to sell to an American IB.

great video, you did a good job. you are the mr money as we say in my.home province. the money man with the gold hands

CS like Switzerland, lost its financial and political independence a generation ago.

@hhkk6155

Жыл бұрын

Underrated comment

Dude those bankers that were beefing reminds me of glenn danzing and jerry only from the misfits beefing

It would be great if you'd make a video on how CS fall impact other relatively shaky European banks like Deutsche Bank or Commerz and on world bankng system in general

Great video on the mechanics of balance sheet expansion. Would be great to get into the business of dealer banks in the monetary system and money dealing as Jeff Snider & Perry Mehrling describes - would help people understand "money" as banks and non-banks in the system see it (collateralised loans) - vs money that you and I understand as consumers buying things.

Thanks for throwing gang signs while talking, wouldnt understand a thing without em

@MoneyMacro

Жыл бұрын

✌️

Goddammit. What a great opportunity for a Murders and Executions reference?

More like Debit Swiss

whats the song at 17:00

The Schweizerische Kreditanstalt SKA turned to "Credit Suisse" in the 90's not the 70s.

The suicide of the involved private investigators is pretty sus

27:00 "Unfortunately, as I am not part of the Swiss banking circles, I cannot answer that question for you", he said calmly while definitely NOT smiling.

love the gaming reference, your taxes are belong to us ;p

Discredit Suisse.

And what happens when that new bank collapses, too? (Apart from the swiss finding out if they're really competitive in industries outside the financial sector and luxury goods ofc)🤔

Your vid about china bank collapse age like fine wine after US and EU bank collapse one after another

Still looking for a research assistant? I'd love the opportunity

Would the shit hit the fan if depositors were transformed in shareholders like in Cyprus not to long ago?

There was definitely information that couldn’t be shared outside of Switzerland. It wasn’t just a credit risk to the country - it was informational risk. Risk that could damage many reputations, including those in government. They had to bail CS out to save their own skins. IMO

But now after the merger the UBS's debt will be even ''LESS ACCEPTED'' xD To me the merger was even a poorer deal than a classic bail out ..but whatever. The ONLY plus here is that the credit swiss shaddy deals will continue to remain ANONYMOUS for the public . I smell Berreta's at someones head in all of this :))) BECAUSE ITS SUCH A POOR DEAL

Here is the compliment you clearly wanted, from a true capitalist: I put this on over an Indian Barber ASMR video to drift off to. Thank you for your many years of study, passion, and, more than that, your implied commitment to pursuing the cutting edge of.... waitt..... asmr... anyway, thanks man! Love what you do. Be well. EDIT/PS: Rammsteinn really leaned hard into that logo of theirs. Didnt realize it was just the suisse logo shifted 90 degrees. Yikes! Killer live show...

So, what is the difference now between UBS and the SNB?

@MoneyMacro

Жыл бұрын

Hehe good question.

Video request: Has the Taylor Rule been validated by experience in the US?

As someone else stated in the comments I think there needed to be a bank to fall in Europe to bring back "peace" and it was decided that it would be CS. For me the proof is that Deutsche Bank had the same kind of troubles around the same time and they actually carried on as if nothing happened after CS was "sacrificed". As said in the video there would have been other solutions if it had been about saving the Swiss bank part of CS (and from my point of view and what was relayed in the media at that time it was pretty clear that this part of the business would not have been at risk). I am personally blaming the horrendous lack of regulation for American small banks that sparked this entire mess, the only fact that they did not need to mark to market some of their assets seems beyond absurd to me, and don't even get me started on the lack of monitoring of those banks interest rate hedges... This then spread to European banks because of irrational panic, although European banks have much more stringent regulations (this partly explains their lack of profitability compared to American counterparts during the 2010s). There was never a problem of potential negative equity in any European bank to the best my knowledge before the entire bank run madness started...

wtf was that feud LOL? great video ty

You have to admit that we are going through some hard times when Swiss banks are collapsing

@me0101001000

Жыл бұрын

They did it to themselves, though. The collapse was a series of unforced errors coupled with some unfortunate circumstances. Sure the world is going through some really serious turbulence, but you can't blame this on just the global state of affairs.

11:56 made my blood boil 😡

@bluewhalegame989

8 ай бұрын

😂😂

I love you so much 😭 Im still itching my head wondering if he’s Australian, or British, he sounds like he’s in between them? Oh wait I remember! Stroopwafels! Thats where he’s from.

@xabiervillanueva5147

Жыл бұрын

Actually, it's more like Springbok steak... But we can consider Suid Afrika as an ancient subsidiary of Nederland

@MoneyMacro

Жыл бұрын

@@xabiervillanueva5147 hehe no no stroopwafels is correct. I just lived in Cape Town for a while.

This is a great tale of fk around and find out. As a Swiss I have never stopped smh since the spy scandal. What an absolute mess. Also, this CS aquisition is the most shady deal since JP Morgan bought Washington Mutual in 2008, and First Republic just this week...

I‘m Swiss and our government fucked up hard when it comes to the Credit Suisse collapse

@yvoferdinandvanderhoek1027

Жыл бұрын

Whats Switzerland now gonna do when ubs fails?

5:06 "Banks are actually good for their debts." Except for when they famously, are not. And thus we find the universal paradox behind banks. It is not a matter of IF they will fail, but simply a question of WHEN.

Who allowed you to post monthly 🤨 post weekly or I'll come to your house

@MoneyMacro

Жыл бұрын

Let's just say my research about why people are getting less kids got a little bit out of hand. At least I found out what having one does to your KZread productivity.

@ypey1

Жыл бұрын

@@MoneyMacro well in that case… congrats! 😅

@kukulroukul4698

Жыл бұрын

@@MoneyMacro wow !

@Kyle906-Q8

Жыл бұрын

@@MoneyMacro congratulations on the new born!! God bless you and all of klm airlines!

6:27 LMAO

Schäum Täim Piriodä In the 1990s Swissair initiated the disastrous “Hunter Strategy”, a major expansion programme devised by the consulting firm McKinsey & Co. Using this strategy, Swissair aimed to grow its market share through the acquisition of small airlines rather than entering into alliance agreements. Wurzelbehandlung

@jurgschupbach3059

Жыл бұрын

Der Zaun, der arme Leute hindert Der andere Zaun, der wirklich von Bruder Klaus stammt, gehört zu einer Vision des Eremiten, die von Zeitgenossen weiter erzählt wurde. In der sogenannten Brunnenvision wurden «sehr arme» Leute, «die schwere Arbeit taten», durch einen Zaun daran gehindert, im «leuchtenden» Innenraum aus einem Brunnen zu schöpfen, der durch einen «Tabernakel» gespeist wurde. Es gab zwar ein «Gatter», aber durch dieses gelangte nur, wer den dort stehenden Abzockern einen Batzen bezahlen konnte: «Und bis die Leute das alles bezahlt hatten, waren sie so arm und schwach, dass sie nicht mehr die Kraft hatten, hereinzukommen; sie waren am Verhungern.»

ugh, what happened to "Chiasso" (more or less should be pronounced "key-ass-aw")

Holy crap. I love anonymity and decentralization but Switzerland's banking industry is as villainous as it gets. It's absolutely disheartening that they've already co-opted the cryptography-blockchain space with several centralized exchanges and "decentralized" protocols.

The thing people don't understand about banks is how vital they are for the economy they operate in. They always should be bailed at all costs, but it doesn't mean their practices should be scrutinized. They most definitely should. But not bailing a bank is never an option. Doing so would turn a financial problem into an economic problem.

@ProfAzimov

2 ай бұрын

Local Moneylending Banks. Not Investment Banks.

Better if he had made it a Publicly Owned Bank when he died. Having shareholders is the exact opposite because then only the wealthiest people have the majority ownership & have the power to make the decisions.

swiss banks upset me deeply

24:56 *Billions

Joeri, I generally enjoy your videos a lot as an economist, and I've specifically enjoyed this video as a Swiss. And now for some constructive criticism: 1) When you describe the beginnings of SKA, you just describe the general business model of a commercial bank in the normal fractional reserve system, but you make it sound unnecessarily sinister. 2) While assisting in tax evasion has almost always been immoral, it is unlikely that this was the decisive or even a major contributing factor to the success of Swiss wealth management banks. Foreign deposits have kept growing after the abolition of banking secrecy vis-à-vis foreign tax authorities and their increased growth during periods of high inflation suggests that the always relatively low inflation in Switzerland is much more important.

But who get access to all the dead accounts, UBS, Federal or Treasury

Now I understand the importance of regulation and central banks. But in Switzerland it seems that the regulators serve the banks.

All Stores Please Lower the cost of all Military and Local for all Brands of Economy Products and Accessories and Production Cost Now That's too much $$ The Whole World Now 🙏🙏🙏

cool

The presentation of economic theories is good but you under-emphasised the practical importance of the unique advantages that china derived from HK, from which china got most capital, commercial and financial know-how and international connections. Of course nowadays with HK’s freedom being stifled, its role would be much diminished

❤❤❤

Well, the Swiss government saved the local portion of the bank. But what I miss here is the question of the AT1 bonds which were completely written off, without any compensation to the majority Saudi or Qatari investors, who are currently suing the Swiss authorities for the losses of billions of dollars. This is likely to hurt the reputation of the Swiss banking system.

@MoneyMacro

Жыл бұрын

Yes. I briefly alluded to it when saying foreign bond holders took the hit. But, I figured it was a bit too technical to go into depth about in this video.

@petrpalecka5932

Жыл бұрын

@@MoneyMacro Thank you, yes, indeed. It is an excellent video, very well explained.

When I took an archaeology class, I told my friends that archaeologists can no longer find the hidden treasure from the pirates and tyrants, who only have to hide their treasure in the Swiss Bank. They agreed.

I used to work for Credit Suisse for 2 terms in last 5 years. Thank you for generous pay and experiences.