Imogen Folks

Regarding the collapse, Credit Suisse, before the takeover, had been in trouble. It was known it was in trouble, or not doing well anyway, making losses for quite some time. But it appears that nobody outside of the bank itself really, really understood how serious it was, except the rest of the world, except the world's financial markets.

Regarding the collapse, Credit Suisse, before the takeover, had been in trouble. It was known it was in trouble, or not doing well anyway, making losses for quite some time. But it appears that nobody outside of the bank itself really, really understood how serious it was, except the rest of the world, except the world's financial markets.

which were going into freefall, if you remember, in the days before this forced takeover. So much so, the Swiss government had to meet over the weekend while the markets were closed and announce this forced takeover late on a Sunday night.

which were going into freefall, if you remember, in the days before this forced takeover. So much so, the Swiss government had to meet over the weekend while the markets were closed and announce this forced takeover late on a Sunday night.

So the report today, as you said in your introduction, mismanagement, very risky financial strategies, overexposed to some dodgy financial deals and complacent management. And it appears very greedy management with those big bonuses where the report does offer some support, as it says that the government itself was not particularly supportive.

So the report today, as you said in your introduction, mismanagement, very risky financial strategies, overexposed to some dodgy financial deals and complacent management. And it appears very greedy management with those big bonuses where the report does offer some support, as it says that the government itself was not particularly supportive.

I think we were talking, if you remember, of another financial meltdown like 2008. Let's not forget Credit Suisse is a huge bank, not just in Switzerland, but globally has had its finger in many, many, many financial pies and a big bank. Failing like that, as we saw with Lehman Brothers in 2008, affects the entire global financial system, which is why the government forced this takeover.

I think we were talking, if you remember, of another financial meltdown like 2008. Let's not forget Credit Suisse is a huge bank, not just in Switzerland, but globally has had its finger in many, many, many financial pies and a big bank. Failing like that, as we saw with Lehman Brothers in 2008, affects the entire global financial system, which is why the government forced this takeover.

I think I wouldn't underestimate the disillusionment of Swiss citizens about this, because they had to stump up in 2008 for a bailout of the other big Swiss bank, UBS. They thought Credit Suisse was the more staid and reliable one. Until, you know, spring of 2023, when again, a massive, massive spotlight on Switzerland for all the wrong reasons. You know, they have a reputation for reliability.

I think I wouldn't underestimate the disillusionment of Swiss citizens about this, because they had to stump up in 2008 for a bailout of the other big Swiss bank, UBS. They thought Credit Suisse was the more staid and reliable one. Until, you know, spring of 2023, when again, a massive, massive spotlight on Switzerland for all the wrong reasons. You know, they have a reputation for reliability.

Gone. And now two huge banks they were proud of. Now just one. A lot of responsibility resting on UBS's shoulders, I think.

Gone. And now two huge banks they were proud of. Now just one. A lot of responsibility resting on UBS's shoulders, I think.