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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Pogeu Mahone who wrote (194745)	12/17/2022 2:14:52 AM
From: maceng2	Read Replies (2) \| Respond to of 217802

I wouldn't get too distracted with just Crypto exchange scandal's. People who are financially above ground are pulling out funds from lots of places. With fiat money, any system that relies on interest payments, during financial difficulties all the money goes to money heaven. It disappears as all the loans get paid off. Just the interest is left over as a debt saddled on whomever lost the game of "pass the parcel". Those people can either go BK or work to pay off the debts. Swiss banks are losing their status as a place to park big wads of money. That should tell you something. If the big guys pull out the funds, there are problems, no matter who you are. There is usually just a lot of finger pointing going on, and that looks to be already the case. "Don't look here.... see over there, they are really bad" --------------------------------------------------------------------------------------------------------------------------------------------- Credit Suisse, BNP faulted by U.S. bank regulators for resolution plans Credit Suisse, BNP faulted by U.S. bank regulators for resolution plans \| Reuters Credit Suisse, BNP faulted by U.S. bank regulators for resolution plans By Hannah Lang A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland November 23, 2022. REUTERS/Arnd Wiegmann//File Photo WASHINGTON, Dec 16 (Reuters) - The U.S. Federal Reserve and the Federal Deposit Insurance Corp identified problems in the so-called living wills of Credit Suisse Group AG (CSGN.S) and BNP Paribas SA (BNPP.PA) detailing how the banks' U.S. operations would be unwound in the event of bankruptcy. The regulators identified deficiencies in Credit Suisse's U.S. governance and cash flow forecasting, according to a statement on Friday. The inadequacies raised questions about the bank's commitment to executing its resolution strategy, they said The Fed and FDIC were unable to assess the feasibility of Credit Suisse's plan because it lacked detail and necessary information, they said. The weaknesses also indicate a "lack of appropriate internal review and coordination" before the plan was submitted. The regulators gave Credit Suisse a deadline of May 2023 to resubmit its plan to address governance weaknesses, and said the bank must demonstrate that its cash flow forecasting is fixed in its next resolution plan, which is due by July 2024. Credit Suisse said it is committed to addressing the issues. "The bank has taken, and continues to take, significant steps to enhance its resilience, including investments in controls, processes and technology," the company said. The deficiencies in its living will add to the many challenges facing Credit Suisse as it continues to bleed billions of francs as wealthy clients turn their backs on the Swiss bank. Credit Suisse is striving to move on from scandals and heavy losses that prompted speculation about its future and led to large withdrawals by customers. Reuters reported earlier this month that Credit Suisse was accelerating previously announced cost cuts as client outflows and a slowdown in activity weigh on its revenue outlook. The banking regulators also identified a shortcoming, which is not as severe as a deficiency, in BNP Paribas’ resolution plan relating to its securities repurchase agreement activity. The Fed and FDIC found that BNP Paribas' living will did not address feedback on its 2018 plan, which asked the bank to describe how repurchase agreement activity would remain uninterrupted in the event the firm's U.S. operations failed. BNP Paribas did not immediately comment. Last month, the regulators told Citigroup Inc to take urgent action to fix its resolution plan. Problems with the bank’s data governance could adversely affect its ability to produce timely and accurate data during a period of financial stress, the regulators said at the time.