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Neosify - Buy, Stake & Earn Crypto

Bank Failures Spreading Across the Pond

By Cje95 | Chronic Illness and Crypto | 15 Mar 2023


As I am sure many of y'all have come to see this morning but another bank is nearing failure this time though it is in Europe and not the United States. Credit Suisse, the bank nearing failure, is not as large as one might think with a market cap of only $10 billion. At face value what automatically sets this bank apart from others like Silicon Valley Bank (SVB) is that Credit Suisse is a classic name. This bank has been around for 167 years and its name recognition even carries into movies and TV shows dating back decades something new others can state.

 

Credit Suisse unlike SVB has been in distress for quite a while now. Initially when the banking crisis of 2008 hit Credit Suisse was able to navigate the waters much better compared to others and dodge a lot of the issues most banks ran into at the time. Unfortunately for them though from roughly 2014 onwards, a series of multibillion-dollar controversies hit the bank absolutely wrecking it. Scandals included the bank pleading guilty to conspiring with Americans to file false tax returns resulting in $2.6 billion in fines and restitution, involvement with the 1Malaysia Development Berhad (1MDB) scandal, 2021 Greensill Capital collapse and liquidation, and finally the infamous Archegos Capital meltdown and collapse among other controversies.

 

Given the Swiss Banking Systems ethos, a company operating and thus struggling as Credit Suisse has does not exactly shock me. That being said even though it has been known the bank has been hurting and lost $7 billion last year alone the European and due to fallout the US stock markets did not have this priced in. Using 2007-2008 when major legacy banks began to fail people are now aware that even if your bank is 100 years old incompetence can end up ruining it. It seemed that regional banks were going to be the big ones to get hit with this wave of banking sector struggles but now it has jumped into the larger legacy ones causing many I feel to pause. 

 

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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