Credit Suisse Laundromat

I haven't as yet found a good analysis of what precisely is going wrong with Credit Suisse. Most lame articles just put the effects as the causes; now, billions flowing out of a bank don't do so by accident or self-motivation; someone is doing it, for some reason.

That this then causes a liquidity problem is true, but doesn't explain the exodus. Anyway, I'll dig into this tomorrow, maybe. But floating around the news, I came across this article from a year ago.

Credit Suisse Handled Money for Criminals, Alleges $100B Leak

Ah, we've seen this bankster hypocrisy many times.

The bank’s “problematic” clients include “a human trafficker in the Philippines, a Hong Kong stock exchange boss jailed for bribery, a billionaire who ordered the murder of his Lebanese pop star girlfriend, and executives who looted Venezuela’s state oil company, as well as corrupt politicians from Egypt to Ukraine,” The Guardian reported.

erm... I thought that was their USP. Maybe some ESG propaganda will allow them a few more spin cycles. Ask your favourite gangsters to plant some trees.

but,

All these leaks point to widespread failures of due diligence by world banks, which are considered as the superior financial system by the regulators. It also suggests that banks continue engaging in illegal activities despite repeated pledges to weed out illicit funds.

Right, all those regulations are to ensure you accept the gatekeepers.

Who guards the guardians? Nobody.