Credit Suisse Bank Admits “Material Weakness” As Shares Plunge and Investors Panic
This article was originally published by Ethan Huff at Natural News under the title: Is Credit Suisse About to Collapse? Bank Admits “Material Weakness” as Shares Plunge and Investors Panic
The latest bank on the chopping block appears to be Credit Suisse, a Swiss bank whose shares plunged this week after the company announced a “material weakness” problem with its operations.
Shares in Credit Suisse fell to an all-time low this week following the announcement, which came just days after Silicon Valley Bank (SVB), Signature Bank, First Republic, and Pac West entered a financial death spiral from the contagion.
Switzerland’s second-largest bank, Credit Suisse confirmed some $8 billion in losses in 2022 because of material weakness. Now, the United States Securities and Exchange Commission (SEC) is warning the bank that it is in jeopardy of providing a misstatement over the accounting of cash flows in 2019 and 2020, which is why it delayed its annual report until this week.
According to Credit Suisse, the “weakness” in its books stems from a “failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements.” In other words, Credit Suisse is a poorly run bank that likely committed all kinds of fraud that were ignored or overlooked because had it been exposed, the company would have gone kaput a long time ago.
U.S. dollar “losing its hegemony,” says expert who correctly predicted 2008 financial crisis – hyperinflation soon to come
CEO Ulrich Koerner says the trouble his bank faces are completely unrelated to the collapse of SVB – do you believe him? – explaining to the corporate-controlled media in a recent statement that “SVB credit exposure is not material.”
“It’s a very different situation,” Koerner went on to state. “We are following materially different and higher standards when it comes to capital funding, liquidity, and so on.”
Despite this hollow reassurance, many are deeply concerned that Credit Suisse will be the next shoe to drop in the inevitable banking collapse that, quite frankly, has been a long time coming.
It “looks increasingly like a possible general meltdown of banks,” commented Irish macroeconomist Philip Pilkington about the matter. “Losses on bonds and mortgage-backed securities (MBS) are huge. Credit Suisse may just be amongst the weaker members of the pack.”
American entrepreneur and author Robert Kiyosaki, who correctly predicted the collapse of Lehman Brothers in 2008, which we know was the spark that set off the global financial crisis at that time, holds a similar view about Credit Suisse.
“The problem is the bond market, and my prediction, I called Lehman Brothers years ago, and I think the next bank to go is Credit Suisse because the bond market is crashing,” Kiyosaki told Fox Business this week. “The bond market is much bigger than the stock market. The Fed is up and they’re the firemen and the arson.”
“The U.S. dollar is losing its hegemony in the world right now,” he added. “So they’re going to print more and more and more of this … trying to keep this thing from sinking.”
“The [Federal Reserve] and the [Federal Deposit Insurance Corporation] are signaling hyperinflation, which makes gold and silver even better because [the dollar] is trash. They are going to print more and more of this fake money. This is what the Fed and the FDIC are signaling, that we are going to print as much of this as possible to keep the crash from accelerating, but they are the guys causing it.”
The Swiss Central Bank has indicated that it will “backstop” Credit Suisse, much like the FDIC is doing here in the U.S. with SVB, to try to stop the bleeding.
This article has been contributed by SHTF Plan. Visit www.SHTFplan.com for alternative news, commentary and preparedness info.
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Apparently….Credit Suisse…..has been BOUGHT OUT……some time between 5:30 pm (Swiss time) SUNDAY…and….Monday a.m.
Bought by a ………NOT PARTICULARLY PRO$PEROU$………..UBS for $3.2 BILLION
* * *
GREYERZ – THIS IS IT The Global FINANCIAL SYSTEM Has Started To COLLAPSE
By Egon Von GREYERZ of MATTERHORN Asset Management
March 19, 2023
The situation at CS (Credit Suisse) is so DIRE that a solution needs to be found before Monday’s (March 20) opening.
The bank cannot survive in its present form.
A FAILURE for Credit Suisse would not just rock the Swiss financial system but have SEVERE GLOBAL REPERCUSSIONS.
A merger with UBS (formerly UNION Bank of SWITZERLAND) is one solution.
But UBS…..HAD to be BAILED OUT in 2008….AND….DOESN’T WANT TO BE WEAKENED AGAIN by…CREDIT SUISSE……WITHOUT
STATE GUARANTEES….AND…..SUPPORT FROM……the SWISS NATIONAL BANK (SNB).
The SNB injected…..CHF 50 BILLION (SWISS FRANCS)…..into CREDIT SUISSE……LAST WEEK BUT the SHARE PRICE
STILL WENT to a new LOW
UPDATE: UBS bought Credit Suisse for $3.2 billion
CLICK on LINK for full ARTICLE……