Well, you can see why they were fired really……

Credit Suisse Group AG amassed more than $20 billion of exposure to investments related to Archegos Capital Management, but the bank struggled to monitor them before the fund was forced to liquidate many of its large positions, according to people familiar with the matter.

The U.S. family investment firm’s bets on a collection of stocks swelled in the lead-up to its March collapse, but parts of the investment bank hadn’t fully implemented systems to keep pace with Archegos’s fast growth, the people said.

Credit Suisse Chief Executive Thomas Gottstein, and Chief Risk Officer Lara Warner, who recently departed the bank, only became aware of the bank’s exposure to Archegos in the days leading up to the forced liquidation of the fund, people familiar with the bank said. Neither Mr. Gottstein nor Ms. Warner had been aware of the fund as a major client before that, these people said.

Not actually aware of a $20 billion risk position……

14 thoughts on “Well, you can see why they were fired really……”

  1. Some people just aren’t very good at appreciating numbers. Elsewhere a chap called Worstall (any relation?) writes “The state pension is some £6,000 a year. Close enough at least …”. Er, it’s over £9,000 in the recently reformed State Pension.

  2. Via Twitter travel industry now briefed that covid passports–official UK govt shite– will be in place by 17th May for supposed lifting of foreign travel restrictions. Using “other countries want them” as the excuse and hoping cowardly dickheads will swallow them in UK after their fuckwit 2 weeks in whatever overseas shithole.

    No plans for in UK announced yet but they will come and will meet hopefully enough defiance to fuck the scheme up.

    Vax pass will merge with Public Digital Identity Wallet and off they go.

    No bus /train/plane/taxi and ambulances wont come if your SCS is low enough. So all your cowardly relatives will be screaming for you to obey. Cant book a hotel or even a campsite/cant but petrol and if you walk hoping to sleep in farmers fields–any farmer who lets you and is ratted out will have his SCS go down. Maybe to where he cant buy agrichemicals any more.

    See how it fucking works? Absolute control based on the same principles of nasty human snobbery and class that already exist. Talk to the wrong people and your score goes down. Worth telling them to shove this years foreign holiday up their hole to break the scheme.

  3. Dennis, Tiresome Denizen of Central Ohio

    Well, Ecks, it’s a good thing you never leave your parents’ basement, isn’t it?

  4. Dennis, CPA to the Gods

    Credit Suisse Chief Executive Thomas Gottstein, and Chief Risk Officer Lara Warner, who recently departed the bank, only became aware of the bank’s exposure to Archegos in the days leading up to the forced liquidation of the fund, people familiar with the bank said.

    There’s this thing called “internal controls”…

  5. Ecksy: Vax passports are a necessary evil for foreign travel, just like standard passports. In your paranoia you obviously see this as the new ID card for internal use, but that is so likely to fail just like the previous attempt that the govt are unlikely to try too hard.

    Of course, both parties have form on this so we still need to be vigilant.

  6. There have always been some rules about requiring vaccinations to travel, mostly advisory but vaguely recall there’s a few mandatory ones so the principle is already in place.
    The problem is that we are talking about an endemic flu not Ebola or bubonic plague, like a lot of issues ‘proportionate’ response is the issue.
    Here in Canada constantly reminded our ‘Charter Rights’ are unlimited and there is provision for emergency, what they keep avoiding is that the provision includes the response must be ‘proportionate’. One of the reason for the media scare and hype is to justify a massively disproportionate response to Covid

  7. Well lets hope your right Tractor Gent. But the oh-so-coincidental arrival of Public Digital Identity Wallets on the scene just now is more than little fortuitous as is the revival of Princess Toni Bliar.

    Who–back in Dec 2019– would have dreamed of the shite already pulled. Johnson is determined to force his and his masters greenfreak coprolites on the UK. Social credit tyranny is the only way he can do it. And the Canadian document I spoke of a few days ago has it as among the next steps. It hasn’t been wrong so far. Blojob has the measure of most UK as mugs who will swallow. But I suspect up to a third wont. That is enough to sink the shite.

    Foolish to merely wait around thinking it will be all all right. So I’ve pledged £100(to begin with) to whatever legal action Big Brother Watch intend to take. And there will be more if needed. And other action regardless of legality. Bogus cant have a voluntary system–it will collapse in 2 days flat. So the HoTurds will have to expel his evil via decree.

    Denise–both my parents are long dead. Unfortunately you aren’t. But Senile Joe/Kowmara may yet bring you your “cold dead hands” moment. I sort of hope not for the sake of America’s millions of decent gun owners. But in your case they could make an exception.

    And even Bogus Johnson will express his satisfaction that you have been brought down. A minutes laughter in the HoTraitors.

  8. Dennis, He Who Just Wants To Be Loved

    Denise–both my parents are long dead. Unfortunately you aren’t.

    Ah, such wit. Oscar Wilde had nothing on you.

  9. Dennis, Pointing Out The Obvious

    But Senile Joe/Kowmara may yet bring you your “cold dead hands” moment. I sort of hope not for the sake of America’s millions of decent gun owners.

    Murphy’s doppelganger: Paranoid, stupid, unable to deal with reality, and without the sort of medications he so desperately needs.

    Do you play with trains, Ecks?

  10. And yet Disease despite your supposed-in-touchness-with-reality I was right about the power-grab danger posed by Senile Joe and you were full of blustering shite as you invariably are.

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