US intervention was Credit Sussie's dagger to the heart

From KC Korfmann, Herrliberg, Switzerland.

Bank had many problems but three were critical and mentioned in the article.

FIRST:

CS. suffered from bad management from supervisory board.

SECOND:

Swiss regulatory authorities ( FINMA, SNB.) were too lax with the bank: they highlighted weakness but followup and eventual penalties for non implementation of remedial action were weak or non existent.

THIRD:

US policy makers and Regulators had hand in the demise of CS in two ways:

1. In disregarding Swiss neutrality they imposed sanctions on business with Chinese clients, who were main source of deposits withdrawal, initially.

2. By Announcing an investigation in the Bank's prior year financial year statement a year too late, when the Bank's new management team was already struggling, the announcement served as a dagger to the heart.

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