Credit Suisse

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10 Banks Form $70B Fund to Stave Off Crash

Paulson brokers twin public-private liquidity measures

(Newser) - Ten of the world's largest banks have formed a massive liquidity fund to mitigate the effects of the Lehman Brothers meltdown, reports the Financial Times. All the investment banks will be able to borrow up to a third of the $70 billion fund in order to reduce volatility and stay...

Feds Charge Brokers in $1B Subprime Fraud

Credit Suisse pair told clients debt backed by student loans, not risky mortgages: SEC

(Newser) - Federal regulators today charged two Wall Street brokers with defrauding their customers by making more than $1 billion in unauthorized purchases of securities tied to subprime mortgages. The Securities and Exchange Commission alleges the Credit Suisse Securities employees led corporate customers to believe that securities being purchased in their accounts...

Cuckold's Web Vendetta Wrecks Banker's Career
Cuckold's Web Vendetta Wrecks Banker's Career
ANALYSIS
Aug 5, 2008 10:59 AM CDT

Cuckold's Web Vendetta Wrecks Banker's Career

Bitter online campaign pays off when ex-wife's disgraced lover resigns

(Newser) - The resignation last week of a top Wall Street banker, supposedly to “spend more time with his family,” was actually the result of a successful Internet vendetta by the cuckolded husband of a woman with whom Steve Rattner had had an affair. Rattner tells the New York Times...

Credit Suisse Posts $2.1B Loss
Credit Suisse Posts
$2.1B Loss 
EARNINGS REPORT
Apr 24, 2008 4:39 AM CDT

Credit Suisse Posts $2.1B Loss

$5.2B in writedowns shake Swiss banking group

(Newser) - Credit Suisse has announced it lost a mammoth $2.1 billion in the first quarter, reports the Financial Times. The Swiss banking group, which until recently appeared to have escaped the worst of the credit crunch, continued to post strong earnings from its private banking sector—but that wasn't enough...

Clear Channel, Buyers Sue Banks Over Soured Deal

Equity firms claim lenders backtracked on financing takeover of broadcast giant

(Newser) - The two private-equity firms set to buy Clear Channel sued the group of banks they had engaged to fund the deal, the Wall Street Journal reports. Joined by Clear Channel, Bain Capital and Thomas H. Lee Partners accused the consortium—including Citigroup, Deutsche Bank, and Wachovia—of breaching contract by...

Credit Suisse Warning Revives Rogue Trader Fears

'Intentional misconduct' behind billions in writedowns

(Newser) - Investment banks got a brief lift from Wall Street results this week, but surprising reports from Credit Suisse are likely to send their confidence back into the basement, the Financial Times reports. The Swiss firm issued an unexpected first-quarter profits warning yesterday—and said “intentional misconduct” from its own...

Credit Suisse Cuts Profits $1B on Trader Errors

Trader 'error' prompts bank to take $2.85B writedown; shares plummet

(Newser) - Credit Suisse share prices plummeted 10% today after the bank announced that some traders had overvalued asset-backed securities, prompting the bank to take a $2.85 billion writedown and drop first-quarter profit projections by $1 billion, Bloomberg reports. Switzerland’s second-largest bank suspended the traders and said it would review...

Boom Time on Heartland Farms
Boom Time on Heartland Farms
Feb 15, 2008 2:55 AM CST

Boom Time on Heartland Farms

US farmers strike it rich satisfying ethanol, export demands

(Newser) - The US economy may be teetering on a precipice but agriculture is enjoying what one industry analyst is calling a "golden age" after decades of decline, with bountiful harvests of crops and profits. The boom is fueled by the soaring demand from ethanol producers and to fill grain orders...

Court Rejects $40B Suit from Enron Investors

Plaintiffs claimed banks abetted fraudulent deals

(Newser) - The Supreme Court yesterday turned away an appeal from Enron investors seeking to sue banks that loaned the company money, Bloomberg reports. A lower court ruling had blocked the investors from organizing a $40 billion class-action suit against Merrill Lynch, Credit Suisse and other banks. The investors accused the banks...

Risk-Averse Euro Markets Retreat
Risk-Averse
Euro Markets
Retreat
Aug 15, 2007 7:42 AM CDT

Risk-Averse Euro Markets Retreat

Subprime mortgage damage, uncertainty continue to spread

(Newser) - European markets plunged today over worries about the spreading subprime mortgage crisis. Analysts downgraded UBS and Deutsche Bank, which dropped, and all 14 open Western European exchanges lost ground, echoing the Asian markets' earlier retreat. "There's a lot of uncertainty about what's going on and who has lost money...

Supremes Side With Banks in Antitrust Action

Credit Suisse, Goldman won't face class action suit over late-'90s IPOs

(Newser) - The Supreme Court has broadened the shield protecting companies from antitrust lawsuits, ruling in a 7-1 decision this morning that investors cannot sue 16 banks they accuse of rigging Internet-boom-era IPOs. The majority said the SEC had adequately regulated banks' actions and that opening them up to this type of...

Banker Busted For Insider Trading
Banker Busted
For Insider Trading
May 3, 2007 10:32 PM CDT

Banker Busted For Insider Trading

Credit Suisse hire charged with passing tips to Pakistani banker

(Newser) - Federal prosecutors and the SEC are charging a Credit Suisse banker with relaying insider information to an unnamed Pakistani banker who made more than $7 million on illegal trades. Hafiz Nasseem, who started at the bulge-bracket bank last year, is said to have immediately started sharing tips on upcoming deals—...

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