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Credit Suisse caught trying to shred evidence of loans to Russian oligarchs (1 Viewer)

Rogue Valley

Lead or get out of the way
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Apr 18, 2013
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Credit Suisse caught trying to shred evidence of loans to Russian oligarchs


Credit Suisse once again seems to be doing its level best to cement its reputation as Europe’s most scandal-plagued bank. According to reports in the Financial Times, the Swiss credit institute has quietly been offloading risks from its exposure to U.S.-sanctioned Russian oligarchs, after this group was responsible in 2017 and 2018 for a third of the defaults on yacht and private jet loans the bank extended. Hedge funds and other investors that bought securitized portfolios of these deals, backed by the ultra-luxury status items, were asked in a letter this week to “destroy and permanently erase” any evidence of the transaction, the paper reported. “I don’t think we’ve ever had a request like this,” it quoted one investor, who received the letter. Credit Suisse declined to comment specifically on the report, but more broadly on the issue of Russia said in a statement sent to Fortune it “serves its clients while complying with all applicable laws and regulations, including any sanctions from relevant authorities.”

It's a toss-up between Credit Suisse and Deutsche Bank for deals with shady characters.
What really makes it crazy is it's already people with money trying to get more by any means. Obviously money and morals do not mix well.
Seems the Bankers are behaving like.... bankers.
Seems the Bankers are behaving like.... bankers.

Shredding possibly incriminating documents is not what most bankers usually do.

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