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Keyword: creditsuisse

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  • Art World in Review (Fine ART -the bankers' new toilet)

    05/28/2014 5:37:17 PM PDT · by Yollopoliuhqui · 3 replies
    Art World in Review ^ | May 28, 2014 | Peter Dobey
    It is a rare occurrence for conversations about contemporary art to happen outside of the insular circles of the art world. Contemporary art, by and large, exists as a bubble. So it should come as no great surprise that other “bubbles” are the only thing that may collide with contemporary art. Like, for instance, the elite insider world of high finance that purchases much contemporary art at auction. Last week, one such collision came to light when Credit Suisse was criminally convicted for assisting tax evasion and further revealed what more and more people realize: art can be quite the...
  • US shale revolution still 'in early innings' as boom continues: Credit Suisse

    10/26/2013 8:48:16 PM PDT · by ckilmer · 7 replies
    platts.com ^ | 1Oct2013/302
    After a decade or more of shale development in the US, the country remains "in the early innings" of that growth with tens of billions more dollars expected for infrastructure and development, according to an analysis by investment bank Credit Suisse unveiled Tuesday. Overall, strong drilling activity and continued technological progress should lead to "significant oil production growth still to come in the key regions such as the Permian [Basin] ... as well as the Eagle Ford, Bakken and Niobrara (Wattenberg)" shales, the report, "The Shale Revolution II," said, referring to the West Texas, South Texas, North Dakota/Montana and Colorado...
  • A Rhodes-style China scholarship - ($300 Million)

    04/21/2013 8:00:05 PM PDT · by haffast · 4 replies
    The Hindu ^ | April 22, 2013 | Keith Bradsher
    The private-equity tycoon Stephen A. Schwarzman, backed by an array of mostly western blue-chip companies with interests in China, is creating a $300 million scholarship for study in China that he hopes will rival the Rhodes scholarship in prestige and influence. The programme, whose endowment represents one of the largest single gifts to education in the world and one of the largest philanthropic gifts ever in China, was announced by Mr. Schwarzman in Beijing on Sunday. The Schwarzman Scholars programme will pay all expenses for 200 students each year from around the world for a one-year master’s programme at Tsinghua...
  • Credit Suisse: We've Entered the Last Days of the Euro

    11/21/2011 3:24:20 PM PST · by Eleutheria5 · 11 replies
    Arutz Sheva ^ | 21/11/11
    Economists from the Swiss bank Credit Suisse wrote on Monday that “it seems that we’ve entered the last days of the euro as we know it” and that “extraordinary things must happen for the currency and the European Union to survive.” In a statement they released in light of the financial problems in Europe, the economists added that “in the short term, the ECB cannot handle the crisis and the new governments in Greece, Italy and Spain cannot do so either.”
  • UBS to axe 5,000 jobs, Credit Suisse to cut 1,000: reports (More Wall Street blood bath)

    07/14/2011 9:12:35 AM PDT · by SeekAndFind · 9 replies
    Reuters ^ | 07/14/2011
    UBS is set to cut around 5,000 jobs to save 1 billion Swiss francs ($1.20 billion) while rival Credit Suisse is planning to axe about 1,000 staff, Swiss newspapers reported on Thursday. Citing an unnamed UBS insider, the Tages-Anzeiger daily said the precise details of the cost-cutting program still had to be agreed and approved by the board, but should be announced in conjunction with the bank's second-quarter results on July 26. The newspaper had already reported on Tuesday that thousands of jobs were threatened at UBS and rival Credit Suisse, without giving precise figures. UBS declined to comment but...
  • RESEARCH FROM CREDIT SUISSE: AMERICA IS NOT BROKE (NOT EVEN CLOSE)

    04/21/2011 10:33:41 AM PDT · by SeekAndFind · 44 replies
    Pragmatic Capitalism ^ | 04/21/2011 | Cullen Roche
    It’s nice to see some mainstream economists making logical arguments with regards to America’s financial position. In a recent research piece Credit Suisse shows that America is far from being broke. Of course, anyone who understands MMT and the actual workings of a modern fiat monetary system knows this is a preposterous notion to begin with, but CS is using a traditional framework and their evidence counters much of what we so often hear from fear mongerers and politicians: “Some of our senior politicians and market pundits say it every day: “America is broke.”We wonder if this is meant...
  • Local Swiss bank probed [Cayman Islands]

    09/20/2009 2:04:14 PM PDT · by Lorianne · 2 replies · 613+ views
    Cayman Net News ^ | September 18, 2009 | Kerry Harvey
    A Swiss bank that used its Cayman Islands’ branch to engage in what a US federal judge has branded “predatory lending practices” is being investigated by the US authorities. Senior officials of Credit Suisse, Switzerland’s second largest bank, are facing claims that they pocketed millions of dollars by dishing out loans that were impossible to repay. On Tuesday, 15 September, 31 of the bank’s officials received subpoenas demanding that they hand over internal documents that explain why they loaned $375 million to the now bankrupt Yellowstone Club in 2005. The Yellowstone Club, founded by American tycoon Tim Blixseth, was once...
  • Oh, please (Spinmeisters defend Quattrone)

    05/07/2003 7:37:48 AM PDT · by NormsRevenge · 6 replies · 201+ views
    Mercury News ^ | 5/7/03 | Op/Ed
    <p>FRANK Quattrone's defenders claim that the obstruction of justice charges against the former star investment banker are pretty thin.</p> <p>Until a court decides the matter, Quattrone is innocent.</p> <p>But when Quattrone's defenders claim there was nothing wrong during the Internet bubble at Credit Suisse First Boston's technology group, which Quattrone ran like a personal fiefdom, they ignore reality.</p>
  • Ex-banker Quattrone arrested, faces criminal charges

    04/23/2003 7:55:43 AM PDT · by NormsRevenge · 11 replies · 213+ views
    CBS.Marketwatch.com via Yahoo! ^ | 4/23/03 | Luisa Beltran
    NEW YORK (CBS.MW) -- Former Credit Suisse First Boston star banker Frank Quattrone surrendered to federal authorities Wednesday morning and will face criminal charges, prosecutors said. James Comey, U.S. Attorney for the Southern District of New York, will unveil the charges at a 1 p.m. ET press conference. Quattrone, a former star banker for CSFB, allegedly advised his colleagues in late 2000 to destroy documents while regulators were investigating the ways Wall Street investment banks were doling out shares of lucrative initial public offerings. The former banker is charged in a three-count criminal complaint with obstruction of justice, document destruction...
  • Quattrone charged with securities violations (CSFB)

    03/06/2003 7:28:58 PM PST · by NormsRevenge · 3 replies · 240+ views
    SJ Mercury News ^ | 3/6/03 | Chris O'Brien
    <p>Regulators charged investment banker Frank Quattrone with violating a series of securities rules as he pushed to land clients for Credit Suisse First Boston.</p> <p>The National Association of Securities Dealers alleged that Quattrone improperly enticed clients by offering them the opportunity to buy shares in potentially lucrative IPOs and by promising that analysts who were supposed to be independent would provide favorable research.</p>
  • Democrats hypocrisy on Bolton exposed

    05/04/2005 11:58:52 PM PDT · by smoothsailing · 19 replies · 789+ views
    townhall.com ^ | 05/05/05 | Joel Mowbray
    Democrats' hypocrisy on Bolton exposed Joel Mowbray May 5, 2005 Call it the tale of two confirmation hearings. Two of the four men most recently nominated to be the U.S. Ambassador to the United Nations found their candidacies challenged, though they could not have faced more different receptions.  Both men were supremely qualified, but the similarities end there. The divergent paths for each reveal Democrats' rabid partisanship and belies their claims that they oppose John Bolton on the grounds that character matters. Six years ago, Foreign Service veteran Richard Holbrooke was awaiting Senate confirmation.  As former a ambassador to Germany,...
  • Fed Opens Books, Revealing European Megabanks Were Biggest Beneficiaries (Details you should see)

    12/02/2010 9:30:51 AM PST · by FromLori · 49 replies
    Huffingtonpost.com ^ | 12/1/2010 | Marcus Baram
    NEW YORK -- The Federal Reserve on Wednesday reluctantly opened the books on its monumental campaign to save the financial system in the midst of the recent crisis, revealing how it distributed some $3.3 trillion in relief. The data revealed that the Fed's aid was scattered much more widely than previously understood. Two European megabanks -- Deutsche Bank and Credit Suisse -- were the largest beneficiaries of the Fed's purchase of mortgage-backed securities. The Fed's dollars also flowed to major American companies that are not financial players, including McDonald's and Harley-Davidson, through unsecured short-term loans. The measure, initiated in Jan....
  • Meg Whitman's name arose in federal probe of Credit Suisse bank

    05/30/2010 10:40:48 AM PDT · by NormsRevenge · 12 replies · 317+ views
    LA Times ^ | 5/30/10 | Jack Dolan and Evan Halper
    Reporting from Sacramento — The name of Republican gubernatorial candidate Meg Whitman, a billionaire who has been defending her ties to embattled investment banking giant Goldman Sachs throughout her campaign, appears in the federal investigation of another Wall Street firm tarnished by scandal. Court documents filed by prosecutors in the aftermath of the dot-com bust show Whitman, then chief executive of EBay, listed among about 200 executives who were to receive gifts of deeply discounted stock from Frank Quattrone, then a banker at Credit Suisse First Boston. A star dealmaker during the late 1990s, Quattrone was twice indicted on obstruction-of-justice...
  • Major questions over business deals of UN climate change guru Dr Rajendra Pachauri

    12/20/2009 4:14:11 PM PST · by ricks_place · 21 replies · 1,221+ views
    Telegraph ^ | 12/20/2009 | Christopher Booker and Richard North
    The head of the UN's climate change panel - Dr Rajendra Pachauri - is accused of making a fortune from his links with 'carbon trading' companies, Christopher Booker and Richard North write. No one in the world exercised more influence on the events leading up to the Copenhagen conference on global warming than Dr Rajendra Pachauri, chairman of the UN’s Intergovernmental Panel on Climate Change (IPCC) and mastermind of its latest report in 2007. Although Dr Pachauri is often presented as a scientist (he was even once described by the BBC as “the world’s top climate scientist”), as a former...
  • Credit Suisse Caught Allowing Iranian “Rogue Players” Secret Access to US Dollars

    12/17/2009 3:14:34 PM PST · by FromLori · 4 replies · 444+ views
    Daily Reckoning ^ | 12/17/09 | Rocky Vega
    The US government already had to crack down on one Swiss bank, UBS, fining it $780 million earlier this year for illegally aiding American citizens in evading their taxes. Now, it’s Credit Suisse in the crosshairs for helping clients in Iran, Libya, Sudan, and other countries perform illegal transactions. The bank has since “accepted and acknowledged responsibility for its criminal conduct” and is now settling with New York City, New York State, and the federal government on fines totaling nearly $1 billion. According to the Wall Street Journal: “The men announced a $536 million settlement by Credit Suisse, one of...
  • Credit Suisse Group to pay $536M in Iran case

    12/17/2009 6:19:50 AM PST · by TigerLikesRooster · 3 replies · 240+ views
    AP ^ | 12/16/09 | DEVLIN BARRETT and MARCY GORDON
    Credit Suisse Group to pay $536M in Iran case By DEVLIN BARRETT and MARCY GORDON, Associated Press Writers Wed Dec 16, 8:20 pm ET WASHINGTON – Credit Suisse Group has agreed to pay $536 million to settle a Justice Department probe and admit to violating U.S. economic sanctions by hiding the booming illegal business it was doing for Iranian banks. The Justice Department announced the settlement Wednesday, saying it was the biggest forfeiture ever against a company for violations of that type. "Credit Suisse's decades-long scheme to flout the rules that govern our financial institutions robbed our system of the...
  • Credit Suisse's Secret Deals

    12/16/2009 7:05:32 PM PST · by PaulAllen · 6 replies · 465+ views
    The Wall Street Journal ^ | DECEMBER 16, 2009, 8:08 P.M. ET | AARON LUCCHETTI And JAY SOLOMON
    U.S. Attorney General Eric Holder said Credit Suisse Group helped clients in Iran and elsewhere conduct financial transactions in secret, saying Wednesday the Swiss bank "established a business model to allow these rogue players access to U.S. dollars." Mr. Holder and Manhattan District Attorney Robert Morgenthau detailed a decade-long effort by the bank to carry out transactions from Iran, Libya, Sudan, Burma and Cuba. The men announced a $536 million settlement by Credit Suisse, one of several banks accused in a long-running case that has netted roughly $1 billion in fines. The bank, which paid the biggest of the fines,...
  • Swiss banks to announce massive losses: report

    02/08/2009 1:57:44 PM PST · by NormsRevenge · 14 replies · 669+ views
    AFP on Yahoo ^ | 2/8/09 | AFP
    ZURICH (AFP) – Two of Switzerland's largest banks, UBS and Credit Suisse, are set to announce combined losses for 2008 of 29 billion Swiss francs later this week, the Sonntag newspaper reported Sunday. According to the report, UBS will announce an annual loss of 21 billion Swiss francs (14 billion euros, 18 billion dollars) on Tuesday, the largest in Swiss history and reflecting the fact the company was one of the banks hardest hit by the US subprime loan crisis. Last November, UBS posted a net profit of 296 million Swiss francs for the third quarter following a year of...
  • Credit Suisse Gives Bankers Unusual Plan for Bonuses

    12/19/2008 8:57:57 PM PST · by grey_whiskers · 23 replies · 869+ views
    The Wall Street Journal ^ | 12-19-2008 | Heidi N Moore
    ome Credit Suisse Group bankers were left reeling after the bank said it would pay a substantial percentage of their 2008 compensation with an illiquid group of junk bonds, mortgage-backed securities and corporate loans. The move Thursday represents a radical revamp for the Swiss bank, which posted as much as $4.6 billion in losses so far this year, a number that could increase when it announces full-year earnings. For years bankers had received about half their compensation in cash, and the rest in stock. This year, up to 80% of the stock portion will come via what Credit Suisse is...
  • Credit Suisse Quits Managing U.S. Money-Market Funds

    12/18/2008 7:50:31 AM PST · by BGHater · 12 replies · 778+ views
    Reuters ^ | 18 Dec 2008 | Reuters
    The funds arm of Swiss bank Credit Suisse plans to quit managing U.S. money-market funds and is liquidating three funds that have about $8 billion in assets, according to regulatory filings. The funds being shut are the $6.9 billion Prime Portfolio, the $581 million Government Portfolio and the $574 million Cash Reserve Fund, filings by the funds on Dec. 15 to the Securities and Exchange Commission show. The funds said in the filings the reason for the liquidations was that Credit Suisse Asset Management "intends to cease managing U.S. money market funds in the near future." The funds are expected...
  • Credit Suisse shuts down bond fund

    11/09/2008 5:13:41 AM PST · by TigerLikesRooster · 28 replies · 151+ views
    Market Watch ^ | 11/08/08 | Shawn Langlois
    Credit Suisse shuts down bond fund By Shawn Langlois, MarketWatch Last update: 2:11 p.m. EST Nov. 8, 2008 Comments: 42 SAN FRANCISCO (MarketWatch) - Swiss bank Credit Suisse Group said Saturday that it is shutting down a bond fund and its subfunds after their value was crushed by the global financial crisis, according to a published report. The bank said it will close the CS Bond Fund (Lux) Target Return because the lack of liquidity in the market has made it impossible to sell assets to meet redemption requests, Reuters reported. "In the course of the last days and weeks...
  • Demoted Lehman Officer Leaves for Credit Suisse (Erin Callan)

    07/18/2008 5:27:57 AM PDT · by TigerLikesRooster · 2 replies · 98+ views
    NYT ^ | 07/16/08 | JENNY ANDERSON
    Demoted Lehman Officer Leaves for Credit Suisse By JENNY ANDERSON Erin Callan, whose rise and fall at Lehman Brothers transfixed Wall Street, has resigned to join Credit Suisse. The move comes a little more than a month after Ms. Callan, 42, was demoted as the chief financial officer of Lehman, which has been rocked by speculation that it might founder. At Credit Suisse, Ms. Callan will run the global hedge fund business. It is a high-profile hire for Credit Suisse and an unsurprising loss for Lehman Brothers. Ms. Callan, considered one of the most powerful women on Wall Street in...
  • Four Wall Street Firms Are Subpoenaed on Online Gambling

    01/21/2007 7:11:27 PM PST · by STARWISE · 45 replies · 971+ views
    NYTimes ^ | 1-22-07 | ANDREW ROSS SORKIN & STEPHANIE SAUL
    The Justice Department has issued subpoenas to at least four Wall Street investment banks as part of a widening investigation into the multibillion-dollar online gambling industry, according to people briefed on the investigation. The subpoenas were issued to firms that had underwritten the initial public offerings of some of the most popular online gambling sites that operate abroad. The banks involved in the inquiry include HSBC, Credit Suisse, Deutsche Bank and Dresdner Kleinwort, these people said. While online gaming sites like PartyGaming and 888 Holdings operate from Gibraltar and their initial public offerings were held on the London Stock Exchange,...
  • PROBE INTO UN IRAQ OIL SCHEME QUESTIONS CHOICE OF FRENCH BANK (The French Connection)

    02/03/2005 5:53:40 PM PST · by Cornpone · 19 replies · 766+ views
    The Tocqueville Connection ^ | The Tocqueville Connection
    UNITED NATIONS, Feb 3 (AFP) - An independent inquiry into the UN oil-for-food programme in Iraq questioned Thursday former secretary general Boutros Boutros-Ghali's choice of a French bank to handle the immense sums of money involved in the scheme. Boutros-Ghali selected the Banque National de Paris (BNP) in 1996 even though it was not the lowest bidder for the contract to manage the programme's escrow account, the inquiry committee said in an interim report. Moreover, neither Boutros-Ghali nor any other appropriate official justified in writing the rejection of the lowest acceptable bidder as being in the interests of the United...
  • DEFAULT SWAP FAULTS (Enron, Mirant, Wcom, Adelphia, etc.)

    12/19/2004 7:29:26 PM PST · by MeneMeneTekelUpharsin · 7 replies · 623+ views
    CFO Magazine ^ | 01 October 2004 | Ronald Fink
    It's no secret that banks' use of credit default swaps relies on an inefficiency in markets. Indeed, the elucidation of this inefficiency won economist Joseph Stiglitz a 2001 Nobel prize. The inefficiency, which Stiglitz defined as "asymmetric information," arises whenever a buyer or seller has more information about a product or service than his counterpart does — which can provide the better-informed party with considerable economic advantage. And informational asymmetry is often inevitable when one party has conflicting interests in the transaction. Nowhere else in finance are such conflicts as fundamental as when banks buy or sell credit default swaps,...
  • Google Rewards Top IPO Offender

    05/05/2004 6:00:52 PM PDT · by wagglebee · 1 replies · 114+ views
    NewsMax ^ | 5/5/04 | Bruce Meyerson
    NEW YORK – With all the anti-establishment, power-to-the-people refrains sounded in its IPO manifesto, it's curious that Google Inc. chose to reward the most notorious investment bank of the IPO boom to spearhead the initial public offering. Although Credit Suisse First Boston presumably cleansed its reputation two years ago with a $100 million settlement of federal charges, Monday's conviction of the firm's former star banker was a perfectly timed reminder of the greedy past that shadows one of Google's new Wall Street pals. It's not that the search engine company was obligated to jeopardize its chances of a big IPO...
  • Arrest of Russian Billionaire Captures Attention of Germany

    11/01/2003 7:41:54 AM PST · by OESY · 1 replies · 170+ views
    New York Times ^ | November 1, 2003 | MARK LANDLER
    FRANKFURT - The shock waves from last week's arrest of the Russian billionaire Mikhail B. Khodorkovsky have spread widely, but not evenly, through the club of international investors. Here in Germany, Russia's largest trading partner, large-scale investors said that they remained committed to the country. That is hardly surprising, given that they have poured billions of euros into energy-distribution deals, pipeline projects and even equity investments in Russian companies. But experts say would-be investors within Europe, particularly midsize companies, are likely to shelve their plans until the legal storm surrounding Mr. Khodorkovsky and his oil company, Yukos, dies down. "This...
  • CITIBANK, CREDIT SUISSE OBJECT TO MIRANT DIP LOAN PACT

    10/08/2003 9:17:08 AM PDT · by MeneMeneTekelUpharsin · 14 replies · 381+ views
    Dow Jones News Wires ^ | 8 October 2003 | Nicholas Braude
    WASHINGTON -(Dow Jones)- The agents under credit agreements from before Mirant Corp. (NYSE:MIR - News) filed for bankruptcy objected to the company's proposed $500 million debtor-in-possession financing agreement, according to court papers viewed by Dow Jones Newswires. In a bankruptcy court filing from late Monday, agent Citibank (NYSE:C - News) N.A. and Credit Suisse First Boston joined an objection filed Sept. 29 by the committee of unsecured creditors for Mirant subsidiary Mirant Americas Generation LLC. The filing said the agents believe Mirant has failed to satisfy its burden of proof that the financing is necessary. Citibank is the agent under...
  • Credit Suisse Moves to Quell Capital Rise Fears (More x42 Cronies In Financial Trouble)

    10/04/2002 8:14:37 AM PDT · by anymouse · 13 replies · 651+ views
    Reuters ^ | Friday October 4, 10:08 am ET | Knut Engelmann
    ZURICH, Oct 4 (Reuters) - Credit Suisse (CSGZn.VX) insisted on Friday it was adequately capitalised, hoping to quash fears it might need to raise fresh capital which sent its ailing shares down over 15 percent to their lowest in over nine years. "Due to the drop in its share price yesterday and today, Credit Suisse Group wishes to announce that it is not aware of any objective reasons prompting this development," Switzerland's second-largest financial conglomerate said in a brief statement. "The group's present capital resources remain adequate, and as stated before, no capital increase of the group is planned," it...
  • Congressional Panel Says Goldman Spun IPOs Widely (Rubin 'Perp Walk' Watch)

    10/02/2002 10:27:11 PM PDT · by anymouse · 7 replies · 583+ views
    Reuters ^ | Wednesday October 2, 11:55 pm ET | Kevin Drawbaugh
    Wall Street powerhouse Goldman Sachs gave officers or directors of 21 favored investment banking clients access to lucrative initial public offerings it managed, said a congressional committee on Wednesday in a scathing report Goldman slammed as "rubbish." The so-called "spinning" of IPOs by Goldman occurred from 1996 to 2000 and allowed numerous high-profile corporate executives to reap hefty profits from new, red-hot, mostly technology and telecommunication issues, said the report from the House of Representatives Financial Services Committee. Among those who received the IPO share access from Goldman were former Enron Corp. Chairman Kenneth Lay and former Tyco International chief...