"A banker is a fellow who lends his umbrella when the sun is shining and wants it back the minute it begins to rain." - Mark Twain

Hey ColdFusion viewers, my latest video is about the rise and fall of Credit Suisse, one of the most popular banks in the world. I uploaded the video yesterday but unfortunately the file had a bit of an audio glitch, which a lot of you rightly pointed out. So I have decided to re-upload the video again - properly this time! I greatly value your feedback, so thank you for raising these issues. I want to make ColdFusion better and ensure quality with each new upload. Oh and just in case it wasn't clear in the previous upload...you are watching ColdFusion TV. Thanks, Dagogo.

Credit Suisse is an anagram of "credit issues" and "I see it's crud".

I mean, I thought the general reputation of Swiss banks has always been "the less we know about where you got your money from, the better", so hearing that they actually got fined and are losing customers because of dealings with shady businesses is a new one for me 🤣🤣🤣

As someone who worked at CS, I can confirm that the "culture" was insanely toxic there, which is mentioned several times during the video. Extreme pressure on employees and complete lack of work-life balance. The worst job I have ever had. Also given complete lack of automation and proper financial controls that I witnessed, CS going down came as no suprise to me.

As a Swiss I've asked myself, how much longer. Worked for both of the big two 20 years ago. They were then already questionable. And all the fines all the time, such sickos.

i am swiss and the thing that annoyed the public most was the fund from the national bank because essentially the taxpayer paid for the mismanagement of the ceos while they still got huge bonuses (even when the bank made losses) and most swiss people demanded that they have to give back some money

My father served as a government agent from the 1950s until the early 2000s. As part of his duties, he arranged documents and financial transactions with Credit Suisse for agents who worked overseas. The bank's reputation for not asking any questions, let alone verifying identities, made the process far easier back then than it is today. It is ironic, however, that this very practice has led to the bank's demise, as it is now well known for such activities.

Corruption knows no bounds.

I am a Mozambican living in Mozambique and I can confirm what was said. When the scandal blew our currency lost 2/3 of its value. We used to buy a dolar for 30MZM and it got to, at it's peak, with the sanctions and bans from the west, 90MZM, it has since settled at 62MZM. It was a shit deal by the creditors and some greedy Mozambicans.

Fixed all the audio issues…respect 👍

Banking by it's very nature is just too strong of a temptation to control other's money without customer's knowledge and consent because if they were to ask us they know we would surely say no.

the irony that this bank was in the top banks list mentioned by fortune, forbes and so many other agencies. The fact that financial times was the only news channel which made a report on this bank a year ago, and the serious irregularities in the bank.

This channel is pure gold, everything from the animations of the intro to the narrative and the content is simply amazing. Hope youtube is not messing up all the good work, you deserve each view

Would be nice if they actually pull down the corporate veil and go after the individuals orchestrating all this. Most of the time the only punishment these CEOs and other executives get is to resign with fat paychecks instead of being arrested and fined.

I only respected Credit Suisse for making a video about the danger of sugar (probably because diabetes makes them lose profits), but they still did it.

I am Swiss, it is a shame what this criminal bank has done. They ripped off people while paid eachother large bonuses. Absolutely vile and disgusting. Their managers should be lined up and sent to jail for 15 years each.

I have worked at CS for a couple of years after studies. It's been hilarious - absolutely mismanaged and IT from another century. But the internal management letters were always super positive - until everyone else said things weren't that good. It's what greed does - manager gain a lot from telling good stories. Until it all folds. CS would have survived if someone had been honest and say: we are in trouble.

You didn't mention the credit suisse bondholders getting burned and ending up with nothing out of the UBS takeover deal, unprecedented.

Thanks for these videos - they are really helpful for those of us to whom the intricacies of the finance and business worlds are obscure and alien terrain.

Another great episode. Your videos are top notch! The quality is so much better than the current mainstream media. Great job!

If Suisse is closed money laundring would half in India 🤣

I work in a service based IT company as a front-end developer. A few months back, i just released myself from a project and looking for a different opportunity. I remember Credit Suisse had a massive demand for ReactJS developer. Every alternate day, i see atleast one job vacancy for Credit Suisse. Thank god I was not fit for their profile (?), they wanted a more experienced (5-10years) resource.

Video so good and educational ColdFusion felt compelled to reupload this fine piece yet again

It's also hard to imagine that more than 50 percent of US banks right now are insolvent, the credit crunch is going to be big!

Imagine having a bank that is so critical for your country that your government have to step in and break the foundation of democracy to save it. Some scary shit

The other big problem with the Credit Suisse "bailout" is how they made bondholders with the right to convert their bonds to shares lose everything but NOT shareholders. That's going to have a permanent chilling effect and lasting damage on the bond market, and WILL increase borrowing costs for all the surviving businesses when bondholders know that they might get wiped out while the shareholders aren't fully wiped out.

2:40 the reason that happened in Italy is because the government literally can’t go in or audit a bank’s records in Switzerland by law

I respect the re-upload. I noticed the audio was off when I watched yesterday

2:22 Why is there no mention of the reason why Credit Suisse was in such a position? By that I mean the position of being the only European bank that had the assets (gold, really) to be considered stable enough to make loans. Let's just say, for monetization purposes, they had almost all of the gold in European banks because they had as clients the government and the wealthy citizenry of a certain Germanic people. Oh, and this was in the mid-1930s, until the mid-1940s, in Europe. If I'm not mistaken, this would coincide with the growth of certain parties (not the fiesta type of party, btw) in the population of said Germanic people. I'm pretty sure that, as a direct result of such party growth, a big war was started. This war was so big that almost every single person in the world was affected by it for a few generations at least. And this was the second time in that century that such a war had started in Europe. At the end of such a war, Credit Suisse was the only bank in continental Europe that had any gold. That's why they survived that period of war. And, as a result, that is why they were able to provide loans after the war ended. It's almost like a slow burn, karmic style. In other words, it's no wonder there was a lack of morals and of ethical behavior in the highest levels of the bank. These were some of the people who had either personally dealt with the leaders of those warring Germanic people, or had learned directly from those who had dealt with those clients. I'm not surprised that, at a time of loose money and looser morals, a corporation with the history possessed by Credit Suisse making the types of decisions they made, is not unforeseeable.

The key is trust in the bank. Once people lose their trust and start withdrawing the their money, the bank is doomed to fail.

CS vs Deutsche Bank would be a battle of the century

This channel is great. Continue with the hard work!

The Mozambique connection is not spoken much about. Yet it destroyed countless lives there.

I love your videos. Thank you for the great content. This bank should be called Credit “Issues” after rearranging the letters

These days, the global banking system feels like it is managed by a bunch Instagram "influencers".

Hey, did you re-upload? 🤔

Purely based on what I heard from my friend a few years back. He used to work in Credit Suisse where he reviews AML and KYC of new clients. They are constantly pressured by RMs and Wealth Mag team to approve the clients quickly, including those of high risks. Now seeing this video everything kind of makes sense now - Indeed expanding at all cost, short term profits over long term sustainability

As someone who worked at UBS as an outside vendor for 8 years I can tell you that UBS is no better. Never seen such a toxic working environment.

Credit Suisse cant be the worst because Deutsche Bank exists still

youre one of my fav youtubers! keep em coming

Who is the narrator of ur channel? His accent is so crisp.. Its too good to listen to. Not forgetting the content and information being shared is massive. 👂😅

I would really like you to cover robbery (in lack of better terms) of Balkan people through CHF credits during early 2010's. It was one of worst debt related crysis in Europe without anyone knowing or care about it. People commited suicides because they couldn't pay credits that would be considered as shark loans anywhere else in Europe.

Hello from the South West of Australia 🇦🇺 👋, keep up the amazing work.

Another highly informative and imressive video thankyou.Its depressing that it takes youtube to fully explore why and how this once great bank to fail,👍

The ones responsible for your credit score are in trillions of dollars in dept the irony

6:42 *The SPY was NOT hired by the CEO* _it was a decision by Pierre-Olivier Bouée to put the executive under surveillance_ a COO at the time.

"You've heard of too big to fail, now get ready for too big to save."

Please read outloud the titles between topics like when you said (quote) for your blind audience ❤

Good to see it again. Thank you for sharing it. ✌️

"Trust and confidence" banks and credit rating agencies should stop using these words after 2008. Only recently credit suisse was giving risky rating to adani and look how the tables turned.

this is what happens when companies tries to get infinite growth, like literally if they start to become a bit more humble without looking to just grow grow grow under every circumstance, they and the economy will become a lot more stable

Was this video pulled for a while since release? I tried to watch it yesterday and it wasn't in my sub feed and didn't display on your channel - weird bug or temp pulled?

Thnks Dagogo. Your channel rocks. Can you do a dive into "Greensills" please?

I don’t keep up with news & struggle to commit to fully investigating current topics, so videos like this are gold. Very appreciative of the content 🇦🇺

Masterfully explained, as always! Tnx Dagogo

You never disappoint.

Very good report. Thanks for the share. Take care of yourself.

Confidence or trust in swiss banks always meant "trust in them helping you break the law". This was a good thing for quite a long time in the eyes of many foreign banks and even administrations. Acting all surprised what a bunch of crooks they actually are is just silly. Same is true for the Deutsche Bank since the Ackermann period at minimum. Those banks need to be split not merged to alleviate the problems.

Love your content

I absolutely love your videos

I did the IT switchover to a company that took out a former CS-leased office - it was a complete debacle the CS networks functioned at all with out it was wired and the cheap ass equipment they used.

Cold fusion trying to test their influence on the stock market

Im not an expert on finances I'm trying to learn thus my question Isn't the time to bring back Glass-Stegall Act kind of laws ? Make commercial banking a tedious activity again ?

For about the past ten years any scandal I have heard of has had Credit Suise involved on some level.

Out of curiosity: Why did you remove the original video? Were there some mistake o it?

The Swiss government should have a deep look inside their prodigious bank before things hit the fan

I love this channel. : )

Lets give respect to Dagogo for only putting one commercial through out this video.

Another great video Dagogo. 👏👏👏

This video is so good, he uploaded it twice so you don’t miss it ❤

Seems to me like the logical thing would've been to let CS go bankrupt. But we live in this different world now where it's about consolidation which is not a good economic sign nor a good sign for people and families in general.

Was there a re-upload? Anyway I am so glad that it's something not AI related as I think that subject had ran its course.

Excellent video ❤

Oh boy, this video is gonna seals the fate of Deutsche Bank.

that "you are watching cold fusion tv" is legit your sound signature.. u cannot miss that I LOVE IT

Credit suisse really took "you cant do honest business, if you want to make money' to heart

So ironic. ColdFusion is 🔥🔥🔥🔥

(From previous video before re-upload) Thank you very much for making video about Credit Suisse. I read a lot of news about this corrupted, evil bank and I hope they will be fallen

This sort of thing will continue until these folks are brought to justice; so far, very few have. This WILL continue even after GFC2 we are entering now.

consider making an essay on HSBC, because these guys appear to be a class of its own in terms of fraudelent activities. There's a good and extensive docu on them available on yt.

Dagogo makes the best videos !

Hey could you try making videos regarding businesses? Like how they started and how they became big?

Everyone who allowed this bank to work should be punished....All the fines collected should be given to people who had legal deposits lost money...

I love the intro "you are watching cold fusion tv"

I thought an irate banker had you struck down lol. I did think the ident was oddly placed in the original though, nice catch.

"How did it go from being a well respected institution to a complete mess" I tell you how. My Grandfather was high up in the banking sector back then. Greed, that's what happened, nothing"Suisse" was left in Credit Suisse. That wasn't a Suisse bank anymore..

It's shocking to hear about the bank's history of unethical behavior, from helping clients evade taxes to engaging in risky investments that put the entire global economy at risk. What's even more concerning is the fact that Credit Suisse, like many other banks, seems to prioritize profit over people. The fact that the bank was able to continue its shady business practices for so long is a testament to the power of money and influence in our society.

The fact that world hunger is a thing and that a bank can lose 15 billion dollars in a single quarter causes the two hemispheres of my brain so separate and begin punching eachother.

Thank you for having the courage to re-upload this and fix the audio ♥️

Excellent Video. Could you please make a video on how much money is parked in Swiss banks illegally by the corrupt Indian politicians and businessmen and what happens to that money due to the demise of Credit Suisse? These corrupt people are above and beyond any legal system of the country and untraceable ever.

Is this a glitch in the Matrix? 🤔 I swear I just watched this 20 mins ago.

Fantastic channel, thank you!❤

As someone who used to work at CS until a year ago, I remember taking tedious mandatory learning sessions on Anti-Money Laundering, Bribery, Sanctions and the due diligence which has to be taken while interacting with the sensitive parties every year. And it was mandatory for me despite me being a tech guy and having nothing to do with this scope of work. I guess they really should have given these sessions to the top guys calling the shots afterall.

‘Ethics in finance’ should be a mandatory subject in Swiss schools. The collusion between Credit Suisse and the state was terrible.

the thing that makes me chuckle is that everyday people watch these kind of videos feel informed but ultimately you are powerless unless you take up arms and have definite targets for your outrage

As a swiss, this hurts.. credit suisse was the bank that thrust banking to a central place in Switzerland and helped building and financing the amazing infrastructure we still have today. Hurts to see it die like this, but ultemately i guess it was needed. Cs was the school bully that didnt care about rules, and it was time it stopped hurting this country's reputation..

any chance of doing video on scientologys recent activities and what they own, also where the followers are encouraged to work and their goals

I had to delete my previous comment because bots were replicating it. But, as a Mozambican woman working in finance, I just wanted to thank you for covering the Mozambique hidden debt case. It is an incident that continues to have an impact on our lives today. This channel is the purest definition of quality reporting Dagogo! kudos

Dodgy bankers, who would have thought...