Russo-Ukrainian War - 2022 Edition - Part 8

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The Trutherizer said:
The general consensus seems to be, that while many banks worldwide have undergone major reforms due to the pain it inflicted on both those banks and their countries - Those that weathered the 2008 crisis well with little pain, such as Credit Suisse, didn't take the many lessons learned by others to heart adequately.

Pride comes before the fall. Anytime people operate on any kind of principle similar to "we're too good/skilled/talented for that to happen to us", they are gambling everything. In reality lessons you can learn from the mistakes/misfortune of others are priceless.
Click to expand...

Have you seen what Credit Suisse has been up to since 2008? Bunch of criminals.

International Emergency Economic Powers Act and New York State Law violations, 2009​

On 16 December 2009, it was announced that the US Justice Department reached a settlement with Credit Suisse over accusations that the bank assisted residents of International Emergency Economic Powers Act sanctioned countries to wire money in violation of the Act as well as New York law from 1995 to 2006. The settlement resulted in Credit Suisse forfeiting $536 million.[132]

Forex manipulation, 2013​

In 2013, Credit Suisse was fined €83.3 million for forex rates manipulation by the European Union Commission on Competition because of its participation in a cartel detrimental to EU consumers and involving several other large international banks.[133][134]

US tax fraud conspiracy, 2014​

In 2014, Credit Suisse pleaded guilty to conspiring with Americans to file false tax returns. Credit Suisse subsequently paid $2.6 billion in fines and restitution.[135] It was reported in 2022 that the Department of Justice had opened an investigation into whether the bank continued to assist clients hide assets from tax authorities despite the terms of the 2014 settlement.[136]

Malaysia Development Berhad scandal, 2015​


In September 2015 Hong Kong police began investigations regarding $250 million in Credit Suisse branch deposits in Hong Kong linked to former Malaysia's Prime Minister Najib Razak and Malaysian sovereign wealth fund, 1Malaysia Development Berhad (1MDB).[137] In 2017, Singapore fined Credit Suisse a total of S$0.7m (£0.4m, $0.5m, €0.45m).[138] In May 2017, Reuters reported that "Swiss financial watchdog FINMA ... had conducted "extensive investigations" into Credit Suisse's dealings surrounding 1MDB".[139] In 2019 FINMA issued a complaint to Credit Suisse.[140]

Mozambique secret loans scandal, 2017​

Between 2012 and 2016, Credit Suisse brokered US$1.3 billion of loans with Mozambican finance minister Manuel Chang, to develop the country's tuna fishing industry. The loans were issued as bonds to be paid off by the income from tuna fishing as well as the country's nascent natural gas industry. Chang lied to investors, his own government, the IMF and the banks issuing the loans, including Credit Suisse.[141] Credit Suisse was fined almost US$500 million by UK, US and European regulators for a lack of transparency in the issuing of the bonds, for kickbacks benefitting Credit Suisse bankers and for enabling loans likely to be embezzled by Mozambican officials, including Chang. In October 2021, Credit Suisse pled guilty to wire fraud and agreed to forgive US$200 million in debt owed by Mozambique to the bank.[142]

US Foreign Corrupt Practices Act violation, 2018​

On 5 July 2018, Credit Suisse agreed to pay a $47 million fine to the US Department of Justice and $30 million to resolve charges of the US Securities and Exchange Commission (SEC). The SEC's investigation said that the banking group sought banking-investment business in the Asia-Pacific region by hiring and promoting more than one hundred Chinese officials and related people in violation of the Foreign Corrupt Practices Act.[143][144]

Espionage scandal, 2019​

In 2019, a senior executive who was leaving the firm discovered that Pierre-Olivier Bouée, the chief operating officer (COO) of Credit Suisse at the time, had hired private detectives to follow him to see if he was wooing Credit Suisse clients.[152] Bouée was fired, and a private investigator involved in the surveillance apparently killed himself.[152]

Drug money laundering scandal, 2022​

On 7 February 2022, it was announced that Credit Suisse would be tried in the first criminal trial of a major bank in Switzerland. Swiss prosecutors are seeking around 42 million Swiss francs ($45 million) in compensation from Credit Suisse for allowing a Bulgarian cocaine trafficking gang around Evelin Banev to launder millions of Euros of cash between 2004 and 2008.[157] On 27 June 2022, the bank as well as one of its former employees was found guilty by the Federal Criminal Court of Switzerland for not doing enough to prevent the crime from taking place.[158] The court imposed a fine of CHF 2 million and ordered the confiscation of assets worth more than CHF 12 million that the drug gang held in accounts at the bank; and to relinquish over CHF 19 million — the amount that could not be confiscated due to internal deficiencies at the bank.[158] The bank said it would appeal against the verdict.[158]

Russian oligarch loans documents destruction after invasion of Ukraine, 2022​

Following Swiss sanctions on Russia during the 2022 Russian invasion of Ukraine, Credit Suisse issued legal requests asking hedge funds and other investors to destroy documents linking Russian oligarchs to yacht loans, a move for which they faced considerable criticism.[161] The US House Oversight Committee launched a probe into the firm demanding documents linked to the bank's compliance with sanctions on Russian oligarchs.[162]

​

 
New developing story:

Russia handed over to Belarus "Iskander", which may be a carrier of nuclear weapons​


For those who cannot read russian here is the translated text:

MOSCOW, March 25. /TASS/. Russia has already transferred to Belarus the Iskander complex, which may be the carrier of nuclear weapons, on July 1, is completing the construction of a storage facility for tactical nuclear weapons in the republic. This was announced on Saturday by Russian President Vladimir Putin on the channel "Russia-24".

"We have already transferred to Belarus our famous, very effective Iskander complex, it can also be a carrier. On April 3, we begin training the crew and on July 1 we are completing the construction of a special storage facility for tactical nuclear weapons in Belarus, "Putin said in an interview with journalist Pavel Zarubin.

tass.ru

Россия и Белоруссия договорились о размещении российского тактического ядерного оружия

Президент России отметил, что 1 июля заканчивается строительство специального хранилища для тактического ядерного оружия на территории Белоруссии
tass.ru tass.ru
 
Matata said:
Is @TEXTILE GUY still active? I miss his posts about rus-south africa trade relations in the other russo-ukraine threads. Was interesting to hear those things. Learned a lot a materials when he posted.
Click to expand...

Looks like he got a new GF... :p

9EOu2aS.png
 
Matata said:
Is @TEXTILE GUY still active? I miss his posts about rus-south africa trade relations in the other russo-ukraine threads. Was interesting to hear those things. Learned a lot a materials when he posted.
Click to expand...
Still looking in.
I got a bit pi$$ed with some of the forum members, so I went into hiding in the Tennessee Hills for a bit ;)
South Africans are angry and arrogant ..... I dont miss that part of SA at all.

What I can add to this discussion is that Rostec has approached me for technical consultancy. Russia is looking to make some stuff in Russia, but have no technical idea how to do it.
I respectfully declined for obvious reasons .... I have a pending I 140, and work for that other country we all love to hate.
Uzbekistan is the place to watch, I know that there are companies there manufacturing goods for Russia, the expertise coming from BRICS and NATO countries.
 
TEXTILE GUY said:
Still looking in.
I got a bit pi$$ed with some of the forum members, so I went into hiding in the Tennessee Hills for a bit ;)
South Africans are angry and arrogant ..... I dont miss that part of SA at all.

What I can add to this discussion is that Rostec has approached me for technical consultancy. Russia is looking to make some stuff in Russia, but have no technical idea how to do it.
I respectfully declined for obvious reasons .... I have a pending I 140, and work for that other country we all love to hate.
Uzbekistan is the place to watch, I know that there are companies there manufacturing goods for Russia, the expertise coming from BRICS and NATO countries.
Click to expand...
Thank you!! I am glad you are still good and healthy!

I will look into Uzbekistan news the next few months. That sounds almost like a pivotal moment in their economy. It might start changing the power balance in the CSTO. It does make sense that rostec is reaching out so they can start producing more stuff domestically after everything that has happened the past 12 months.
 
Matata said:
New developing story:

Russia handed over to Belarus "Iskander", which may be a carrier of nuclear weapons​


For those who cannot read russian here is the translated text:

MOSCOW, March 25. /TASS/. Russia has already transferred to Belarus the Iskander complex, which may be the carrier of nuclear weapons, on July 1, is completing the construction of a storage facility for tactical nuclear weapons in the republic. This was announced on Saturday by Russian President Vladimir Putin on the channel "Russia-24".

"We have already transferred to Belarus our famous, very effective Iskander complex, it can also be a carrier. On April 3, we begin training the crew and on July 1 we are completing the construction of a special storage facility for tactical nuclear weapons in Belarus, "Putin said in an interview with journalist Pavel Zarubin.

tass.ru

Россия и Белоруссия договорились о размещении российского тактического ядерного оружия

Президент России отметил, что 1 июля заканчивается строительство специального хранилища для тактического ядерного оружия на территории Белоруссии
tass.ru tass.ru
Click to expand...
special storage facility for tactical nuclear weapons in Belarus,
Click to expand...
 
Mirai said:
www.aljazeera.com

US Senators ask Biden to help ICC with Putin war crimes probe

The US has not agreed to provide information to ICC out of concern that the court could one day scrutinise US officials.
www.aljazeera.com www.aljazeera.com
Click to expand...
Puts the lie to Russia's allegations that the US is orchestrating everything. Clearly not.
tetrasect said:
Have you seen what Credit Suisse has been up to since 2008? Bunch of criminals.

International Emergency Economic Powers Act and New York State Law violations, 2009​

On 16 December 2009, it was announced that the US Justice Department reached a settlement with Credit Suisse over accusations that the bank assisted residents of International Emergency Economic Powers Act sanctioned countries to wire money in violation of the Act as well as New York law from 1995 to 2006. The settlement resulted in Credit Suisse forfeiting $536 million.[132]

Forex manipulation, 2013​

In 2013, Credit Suisse was fined €83.3 million for forex rates manipulation by the European Union Commission on Competition because of its participation in a cartel detrimental to EU consumers and involving several other large international banks.[133][134]

US tax fraud conspiracy, 2014​

In 2014, Credit Suisse pleaded guilty to conspiring with Americans to file false tax returns. Credit Suisse subsequently paid $2.6 billion in fines and restitution.[135] It was reported in 2022 that the Department of Justice had opened an investigation into whether the bank continued to assist clients hide assets from tax authorities despite the terms of the 2014 settlement.[136]

Malaysia Development Berhad scandal, 2015​


In September 2015 Hong Kong police began investigations regarding $250 million in Credit Suisse branch deposits in Hong Kong linked to former Malaysia's Prime Minister Najib Razak and Malaysian sovereign wealth fund, 1Malaysia Development Berhad (1MDB).[137] In 2017, Singapore fined Credit Suisse a total of S$0.7m (£0.4m, $0.5m, €0.45m).[138] In May 2017, Reuters reported that "Swiss financial watchdog FINMA ... had conducted "extensive investigations" into Credit Suisse's dealings surrounding 1MDB".[139] In 2019 FINMA issued a complaint to Credit Suisse.[140]

Mozambique secret loans scandal, 2017​

Between 2012 and 2016, Credit Suisse brokered US$1.3 billion of loans with Mozambican finance minister Manuel Chang, to develop the country's tuna fishing industry. The loans were issued as bonds to be paid off by the income from tuna fishing as well as the country's nascent natural gas industry. Chang lied to investors, his own government, the IMF and the banks issuing the loans, including Credit Suisse.[141] Credit Suisse was fined almost US$500 million by UK, US and European regulators for a lack of transparency in the issuing of the bonds, for kickbacks benefitting Credit Suisse bankers and for enabling loans likely to be embezzled by Mozambican officials, including Chang. In October 2021, Credit Suisse pled guilty to wire fraud and agreed to forgive US$200 million in debt owed by Mozambique to the bank.[142]

US Foreign Corrupt Practices Act violation, 2018​

On 5 July 2018, Credit Suisse agreed to pay a $47 million fine to the US Department of Justice and $30 million to resolve charges of the US Securities and Exchange Commission (SEC). The SEC's investigation said that the banking group sought banking-investment business in the Asia-Pacific region by hiring and promoting more than one hundred Chinese officials and related people in violation of the Foreign Corrupt Practices Act.[143][144]

Espionage scandal, 2019​

In 2019, a senior executive who was leaving the firm discovered that Pierre-Olivier Bouée, the chief operating officer (COO) of Credit Suisse at the time, had hired private detectives to follow him to see if he was wooing Credit Suisse clients.[152] Bouée was fired, and a private investigator involved in the surveillance apparently killed himself.[152]

Drug money laundering scandal, 2022​

On 7 February 2022, it was announced that Credit Suisse would be tried in the first criminal trial of a major bank in Switzerland. Swiss prosecutors are seeking around 42 million Swiss francs ($45 million) in compensation from Credit Suisse for allowing a Bulgarian cocaine trafficking gang around Evelin Banev to launder millions of Euros of cash between 2004 and 2008.[157] On 27 June 2022, the bank as well as one of its former employees was found guilty by the Federal Criminal Court of Switzerland for not doing enough to prevent the crime from taking place.[158] The court imposed a fine of CHF 2 million and ordered the confiscation of assets worth more than CHF 12 million that the drug gang held in accounts at the bank; and to relinquish over CHF 19 million — the amount that could not be confiscated due to internal deficiencies at the bank.[158] The bank said it would appeal against the verdict.[158]

Russian oligarch loans documents destruction after invasion of Ukraine, 2022​

Following Swiss sanctions on Russia during the 2022 Russian invasion of Ukraine, Credit Suisse issued legal requests asking hedge funds and other investors to destroy documents linking Russian oligarchs to yacht loans, a move for which they faced considerable criticism.[161] The US House Oversight Committee launched a probe into the firm demanding documents linked to the bank's compliance with sanctions on Russian oligarchs.[162]

​

Click to expand...
Yup. They brought it on themselves. I don't think morals factored into the calculation other than where they were caught and held liable. That said - Not a fan. Terrible people. It's nice when Karma's a bitch in cases like this.
Some banks did learn though. It's not quite like 2008 globally.
 
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