Credit Suisse gold
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When we began in journalism, Credit Suisse was a byword for boring financial probity.
Swiss financiers were basically like German ones, but with the interesting bits removed.
The one exotic part of the bank — an investment offshoot called Credit Suisse First Boston — required an American infusion to make it interesting. Whenever the chairman of the main Swiss bank spoke at a financial conference, he (invariably he) emptied the room as he spoke.
Credit Suisse’s name kept cropping up in scandal after scandal, from Mozambique to Russia, as its bankers, chasing higher returns, ignored the Duke of Wellington’s maxim that “High interest is another name for bad security.”
Bloomberg 22 mars 2023
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