Credit Suisse, Switzerland Bursted

In 2021, Credit Suisse faced a bank run after two of its funds suffered significant losses due to the collapse of Archegos Capital Management, a US-based hedge fund. The bank had to unwind billions of dollars worth of positions held by the hedge fund, which had been using high levels of leverage to make large bets on stocks.

The losses prompted some of Credit Suisse’s clients to withdraw their money from the bank, leading to a temporary freeze on redemptions from some of its funds. The bank also faced a downgrade in its credit rating and a drop in its share price.

The incident highlighted the risks associated with complex financial products and the potential for systemic risks in the financial industry. It also raised questions about Credit Suisse’s risk management practices and the need for greater transparency in the banking industry.

Following the incident, Credit Suisse announced a number of measures to strengthen its risk management and control systems, including a reduction in its exposure to hedge funds and other high-risk clients. The bank also replaced some of its senior executives and launched an internal investigation into the incident.

The obvious at the center of the chart is fined for money laundering in 1MDB (1Malaysia Development Berhad), Malaysia by UMNO politician group leaded by Najib as shady and corrupted Prime Minster in the past by selling Malaysian Ringgit (MYR) off.

UMNO history, or the United Malays National Organisation, is the dominant political party in Malaysia and has been in power for most of the country’s history since independence in 1957. Several individuals associated with UMNO, including former Prime Minister Najib Razak, have been implicated in the 1MDB scandal.

1MDB was set up by the Malaysian government in 2009 to promote economic development in the country, but it became embroiled in allegations of corruption and embezzlement. The scandal involved the alleged misappropriation of funds from the state investment fund, with billions of dollars siphoned off from the fund and used to buy luxury goods, real estate, and to bribe government officials.

Najib Razak, who was also the chairman of 1MDB’s advisory board, has been charged with multiple counts of corruption and money laundering related to the scandal. He has maintained his innocence, but the case has had significant political implications in Malaysia, with UMNO losing power in the 2018 general election after more than six decades of uninterrupted rule.

The 1MDB scandal has also led to calls for greater transparency and accountability in the political and financial systems in Malaysia. The investigation into the scandal is ongoing, and several individuals associated with UMNO have been charged in the case. Are MH370 and MH17 caused by 1MDB corruption? UMNO has to answer for the dead…

Credit Suisse history, a Swiss multinational investment bank, has been involved in a money laundering scandal related to the 1MDB case. 1MDB (1Malaysia Development Berhad) was a state investment fund set up by the Malaysian government in 2009 to promote economic development in the country. However, the fund was plagued by allegations of corruption and embezzlement, and it was revealed that billions of dollars had been siphoned off from the fund and used to buy luxury goods, real estate, and to bribe government officials.

In 2016, the US Department of Justice (DOJ) began an investigation into the scandal, and it was revealed that several global banks, including Credit Suisse, had facilitated the transfer of money from 1MDB into various offshore accounts. Credit Suisse had helped to raise $6.5 billion for 1MDB through bond offerings, and several of its employees were involved in the transactions.

In 2020, Credit Suisse agreed to pay $536 million to settle the case with the DOJ and other regulatory agencies. The bank admitted to failing to properly vet its clients and to ignoring red flags that should have alerted it to the suspicious nature of the transactions. Several of its former employees have also been charged in the case.

The scandal has had a significant impact on Credit Suisse, with the bank reporting losses in the billions and facing a potential overhaul of its operations. It has also led to calls for stronger regulations and oversight of the financial industry to prevent such incidents from happening in the future.

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