Bitcoin or Banks: which is the real threat? An overview on Credit Suisse

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avatar of @mikezillo
3 months ago - 2 minutes read

Some time ago I wrote an article about all the misconceptions and preconceptions about Bitcoin and cryptocurrencies in general. Here is the LINK. In the last week different banks, like the Silicon valley Bank and other USA banks defaulted. While Bitcoin price surged. But at the very least. Bitcoin is still there.

A couple of days ago, it was the turn for Credit Suisse one of the most important Banks in Switzerland. Did you know that (source Linkedin):

  • In 1986, Credit Suisse protected the deposits of the dictator Marcos and his wife Imelda under false names. From 5 to 10 billion dollars.
  • Ten years later the Court of Zurich ordered the bank to return 500 million to the government of Manila.
  • In 2000 the sanctions for relations with the Nigerian dictator Sani Abacha.
  • In 2004, Credit laundered 5 billion yen for the Yakuza the Japanese mafia.
  • A $536 million fine dates back to 2009 for helping various companies circumvent sanctions against Sudan and Iran.
  • In 2011 another fine for helping dozens of German taxpayers to evade over one billion euros.

BNP Paribas stock price, among the biggest bank groups

  • more recently the bank finances Bill Hwang, an American financier of Korean origin who was later arrested. The Bank loses 5.5 billion francs.
  • Greensill collapses, just as Credit Suisse was recommending the purchase of its financial products. Another billion lost.
  • In Mozambique, Credit Suisse lends one billion dollars to two state-owned bribe companies. Another $475 million in fines to pay.
  • A criminal conviction arrives in Switzerland for helping a Bulgarian drug trafficking organization launder.
  • “Suisse secrets” reveals the data of 18,000 clients and among those:

Source: https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians

Are we sure that Bitcoin is real evil here?

Source: https://cryptogeek.info/it/blog/from-rages-to-riches-will-bitcoin-destroy-banks-in-10-years