Tag: banking

Uncategorized1 Comment

Greed, lies and Veil of Secrecy

rrn69

Former Wall Street Journal reporter, editor and Bloomberg’s investigative journalist Duncan Mavin’s Melt Down exposes a crisis year for Credit Suisse’s 2023 implosion, with a lucid account of how greed and complacency of bosses and employees destroyed the bank. For centuries Swiss banks have served the globe’s wealthiest individuals, employing a strict culture of anonymity and gaining massive wealth in the process. In March 2023, bank runs and panic among depositors of smaller US lenders spread to customers of Credit Suisse. As the crisis deepened Credit Suisse remained highly solvent across a reassuringly wide range of metrics, but said it … Continue reading Greed, lies and Veil of Secrecy

Uncategorized1 Comment

US banks made $1tn windfall from Fed’s higher rates

rrn69

US banks made $1tn windfall profit by failing to pass on to savers the higher interest rates that were kept in place by the Federal Reserve for the past two and half years. Lenders earned higher yields for their deposits at the Fed but kept rates lower for many savers, according the review of Federal Deposit Insurance Corporation data. The boost to the country’s in excess of 4, 000 banks has helped increase their profit margin. While rates on some savings accounts were raised in line with the Fed’s target of more than 5 per cent, the majority of depositors, … Continue reading US banks made $1tn windfall from Fed’s higher rates