Results 1 to 4 of 4

Thread: Credit Suisse takes $4.7 billion hit from Archegos hedge fund scandal; execs step down

  1. #1

    Default Credit Suisse takes $4.7 billion hit from Archegos hedge fund scandal; execs step down, A.K.A. SLVO

    Rig some more silver markets you POS bankers, Ha, Ha.

    I told you heads would roll but it took a year for them to actually take the loss.


    https://www.cnbc.com/2021/04/06/cred...step-down.html

    https://www.marketwatch.com/investing/fund/slvo

    https://goldbroker.com/news/us-inves...ls-markets-726
    Last edited by ifionlyhadsomegold; 04-06-2021 at 06:35 AM.

  2. #2

    Default

    For whatever it is worth, the Archegos issue resulted in losses at the private banking side of CS and other banks, not the investment bank or trading desks within the investment bank. So different groups, but same institution. The silver investigation is focused on manipulations over the gold fix, which is a benchmark rate set twice a day between banks. That's pretty different than most of the claims of PM manipulation that get thrown around here, so you may want to temper expectations on that front as one would think now there are lawsuits over manipulating the fix said manipulation has in theory ceased, and yet it hasn't resulted in any dramatic changes in PM prices. I would ultimately expect fines to be levied, but it is unlikely to be the difference between $100 silver and $25 silver.....the "manipulations" are likely on the magnitude of tens of cents rather than tens of dollars.

    In regards to CS and Archegos, they put out an update on the losses today which can be read here: https://www.credit-suisse.com/about-...te-202104.html. Key take away is the loss for Credit Suisse is manageable given strong quarterly earnings and capital cushion. Bunch of people are getting fired though, as they should. Their risk people look like complete bozos now that this all imploded in their faces. They've also stopped share buybacks and cut the dividend as additional measures as well.
    Last edited by Ryanferr; 04-06-2021 at 09:51 AM.
    The answers are in the data

  3. #3

    Default

    Several heads rolled at Credit Suisse over their inability to get out from under the Archegos hedge fast enough. Bonuses getting cut too. Maybe we will get lucky and there will be one less PM bank short seller to worry about until they recover from their latest mess.
    American Legion Preamble: https://www.legion.org/preamble

  4. #4

    Default

    Quote Originally Posted by LongDonSilver View Post
    Several heads rolled at Credit Suisse over their inability to get out from under the Archegos hedge fast enough. Bonuses getting cut too. Maybe we will get lucky and there will be one less PM bank short seller to worry about until they recover from their latest mess.

    The cabal seems to always find another way of doing it when one of their soldiers goes down. We are winning the war an inch at a time but it's had to see with all the smoke and mirrors. Many of the new stackers that jumped on the short squeeze are feeling dejected. Most where expecting a gamestop but are still woke. I think if they see a price rise they will be buying with both fists again.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •