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The Systemic Bank Crisis
SVP was the 16th largest bank and yet wasn't subject to Basel stress tests, nor to liquidity coverage ratios. Not being in the eye of the supervisor, they had some poor practices which allows us then to move over to Europe that has better scrutiny and regulation. Credit Swiss is a poorly run institution for a long time, but suddenly any remaining trust evaporates. It reminds me of Ernest Hemingway's quotation, How Did You Go Bankrupt? Two ways, he answered, gradually, and then suddenly.