LTR: Short squeeze coming for shorters - 2nd highest likelihood in all ASX, page-1167

Write up on Credit Suisse latest.

Article wrote about SVB going down first.. then CSuisse.

"Then Credit Suisse hit the skids… a different case altogether

Just when global financial markets are jittery and wondering whether there will be a chain reaction of bank failures, yesterday Swiss-based Credit Suisse was in crisis. Its biggest shareholder, Saudi National Bank, said it wouldn’t be putting any more money into the troubled bank… which was never going to go down well.

It started a whole new banking crisis. But – and this is important – Credit Suisse has been a badly run bank for a long time. The trigger for yesterday’s share price collapse was a comment from a shareholder and not the result of the US bank crisis.

This is a great timeline from the capital markets newsletter The Kobeissi Letter which outlines the strife Credit Suisse has been through.

Timeline of Credit Suisse collapse:

2009: Fined $US536 million for bypassing US sanctions

2014: Fined $US2.6 billion for evading US taxes

2021: Lost $US5.5 billion due to risky exposure to Archegos fund failure

2021: Froze $US10 billion in funds due to Greensill collapse

2022: Pleads guilty to defrauding investors over $US850 million loan, fined $US475 million

2023: Delays annual report to address accounting concerns from the SEC [US Securities and Exchange Commission]

2023: Saudi National Bank said they won't provide further financial support

2023: US Treasury and ECB [European Central Bank] announce they are monitoring CS situation

Now, Credit Suisse is asking the Swiss Central Bank for support. Their Credit Default Swap premiums are trading above 2008 levels.

At this point, they have dug their own grave."