No surprise that the potato-of-blame is being tossed around a bit. Good sign for us.
"WASHINGTON, July 24 (Reuters) - The U.S. Federal Reserve announced Monday it had fined UBS Group AG $268.5 million for Credit Suisse’s misconduct around its dealings with the defunct investment firm Archegos Capital Management.
The Fed said Credit Suisse, which UBS acquired in June, repeatedly failed to address risk management shortcomings in its dealings with the firm, and lost $5.5 billion when it collapsed in 2021. UBS will pay a total of roughly $387 million in fines as Swiss and British authorities also took actions against the bank."
Oh another interesting tidbit:
WHEREAS, in or around late March 2021, Archegos defaulted on Credit Suisse’s margin calls, causing Credit Suisse, which lacked adequate margin, to liquidate its positions in the underlying names and suffer approximately $5.5 billion in losses;
haha don’t think ole’ Hwangi Boy enjoyed Mar10 day
Archegos coulda closed their TRS shorts for their supposed 5.5b figure but collapsed instead then handed their bags to credit suisse which collapsed and then handed the bags to UBS. In the meantime swaps dont need to be reported til 2024 so we wont know how big their bags really are. I’m guessing global financial collapse big though