Which do you think you wil buy from the Swiss in the coming weeks?

[Why_Yes_I_Do]

My gut says “material weakness” is a euphemism for "some seriously F'd up chite". But I dunno...

Next Bank to Fail? Shares in Credit Suisse Fall to All-Time Low After Bank Admits ‘Material Weakness’

Warnings have emerged of a wider banking collapse on the backs of the failure of the Silicon Valley Bank, with a financial expert who predicted the 2008 financial crisis warning that Credit Suisse may be the next to fall after the Swiss bank’s shares fell to an all-time low on Tuesday.

Switzerland’s second-largest bank, Credit Suisse, saw its shares fall by five per cent in early trading on Tuesday to a record low for the company after confirming some $8 billion (£6.6 billion) in losses in 2022 and admitting that there was “material weakness” in its accounting system for financial reports.

The bank’s books were thrown into question last week after the US Securities and Exchange Commission (SEC) contacted Credit Suisse to warn that it was in jeopardy of providing a misstatement over the accounting of cashflows in 2019 and 2020, forcing the bank to delay its annual report until this week, The Times of London reported.

On Tuesday, Credit Suisse claimed that the “weakness” in its books resulted from a “failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements”.

Credit Suisse CEO Ulrich Koerner said that the troubles facing the bank were unrelated to the collapse of the failed Silicon Valley Bank, telling Bloomberg that “SVB credit exposure is not material,” and adding: “It’s a very different situation, we are following materially different and higher standards when it comes to capital funding, liquidity and so on.”...

[1blackman1]

Will it lower the price on Rolexes? I’m looking to grab a new Submariner for the collection. Maybe a a Day Date for the wife.

Otherwise who gives a shit about the Swiss.

[bambino]

Credit Suisse is a major bank. It’s going down. 1B1 can add to his knockoff Rolex collection.
I’m partial to the green or orange faced Sub Mariners. They’re pretty bossy.

[1blackman1]

I’d never buy a knockoff. And I love my collection. Along with the Cartier Tank, Mont Blanc, A couple of Omegas, a Tiffany & Co, three Baumé and Mercier, my Air King from 1998, 2002 Submariner, 2005 Cellini, 2017 Datejust and now it’s time to start over and pass the Air King to my daughter (since wearing men’s watches is all the fad”. I mean after all, I only have one right wrist.

[Precious_b]

Good chunk of my work equipment comes from that little haven of neutrality. Only failing i've had with them is if I lose them. Even had one piece get hit with 240v and still kepts working.

I'll let the others shop at Harbour Freight while I look for something I need.

[Precious_b]

Good chunk of my work equipment comes from that little haven of neutrality. Only failing i've had with them is if I lose them. Even had one piece get hit with 240v and still kept working.

I'll let the others shop at Harbour Freight while I look for something I need.

[Tiny]

Originally Posted by 1blackman1

I’d never buy a knockoff. And I love my collection. Along with the Cartier Tank, Mont Blanc, A couple of Omegas, a Tiffany & Co, three Baumé and Mercier, my Air King from 1998, 2002 Submariner, 2005 Cellini, 2017 Datejust and now it’s time to start over and pass the Air King to my daughter (since wearing men’s watches is all the fad”. I mean after all, I only have one right wrist.

That explains how you manage to pay at lower tax rates than your employees. You must be using those Swiss watches as tax deductions.

[1blackman1]

I wish I could. It was great when we were able to deduct credit card interest and other good shit.

[Why_Yes_I_Do]

Pssst! Hey, you wana buy a watch?
I don't need a watch.
Yes you surely do.
Why is that?
Because if you had a watch you would know it's nighttime and you don't want to be in this neighborhood at night.

EX: Back in the day, one could walk in to most any merchant shop in Switzerland and there would be a white board up behind the cashier with the day's currency exchange rates. You could pay in US dollars and get back your change in Yuan or many other currencies.

When the number 2 Swiss bank says it has "material weakness" and is confirmed by other countries - that smells like a lights out event. As others have pointed out, inadvertently, the Swiss are all about balance and precision.

They just don't freak'n wing-it on stuff like engineering or banking.

[dilbert firestorm]

... wyid, eye take its still daylight savings time?

[Precious_b]

Just picked up the latest catalogue from my favourite Swedish equipment company. Haven't seen one from them in a few years. Got my eye on some new stuff.

[Why_Yes_I_Do]

Seems as though the Swiss National Bank has tossed Credit Suisse a $54 Billion life line to give them a change to get their schtuff together. Credit Suisse has dedicated themselves to undertake a herculean effort to right it's ship, but a question or two or ten remains:

...In exercising that option hours later, Credit Suisse said it is “taking decisive action to pre-emptively strengthen its liquidity.”

“This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs,” a press release stated....

So would that not have been their operating goals from the Git-Go?!? Seems like a couple of basic concepts: Remain liquid, viable, solvent and taking care of client needs. And how is it pre-emptive if it's shooting behind the duck?!?

[Why_Yes_I_Do]

Originally Posted by dilbert firestorm

... wyid, eye take its still daylight savings time?

Actually, I don't think the Swiss do the day light savings time thing until next weekend. When a Swiss bank fails, especially for the purported reasons it failed, it is a dark as night harbinger (IMHO) when included with our own woke-ass bank failings. Though ours ain't simply woke issues, they are more structural. Seems we're gonna need a Yuuuuge distraction.

How about arrest Trump? Yah, that might work for a few weeks. Ain't gonna fix bank 1, but at least it's entertainment (more like a magician's distraction). Kinda like the orchestra playing on the Titanic while it was sinking. The idea that the various countries can inflate (print endless $$) out of thin air seems akin to the cook on the Titanic trying to bail water with a tuna fish tin while the ship is sinking.

[dilbert firestorm]

it looks like the bank is gonna get bought out by another bank.

are you sure its lifesaving????