Intelligence Squared Scandal, Sleaze and the Collapse of Credit Suisse, with Duncan Mavin
Jan 17, 2025
Duncan Mavin, an experienced financial journalist and author of "Meltdown," explores the dramatic collapse of Credit Suisse. He delves into the risky deals, rogue executives, and systemic failures that led to the banking giant's downfall. The conversation highlights the clash of Swiss and American banking cultures, the damaging influence of financial incentives on ethics, and how scandals like Greensill and Archegos ultimately eroded trust. Mavin offers insights into the broader implications for the banking sector and the lessons learned from this crisis.
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Culture Clash
- Credit Suisse's collapse stemmed from a clash of Swiss and American banking cultures.
- This clash fueled excessive risk-taking and a constant drive for improvement, destabilizing the bank.
Nazi Gold
- Credit Suisse's handling of Nazi-era accounts involved denying a woman access to her father's funds.
- They demanded a death certificate from Auschwitz, highlighting their immoral practices.
Swiss Banking Culture
- Swiss banking culture, particularly at Credit Suisse, was shaped by secrecy and a rivalry with UBS.
- This rivalry pushed Credit Suisse to take more significant risks in an attempt to catch up.