The Meltdown of Credit Suisse w/ Duncan Mavin

On Bubble Trouble, we are never short of subject matter: from the metaverse, NFTs and Chinese real estate, to Silicon Valley Bank and er… that small issue of a former global powerhouse Credit Suisse. Remember them? Well our guest, Duncan Mavin, knows their story better than anyone, and he’s documented them in the wonderfully titled Meltdown: Scandal, Sleaze and the Collapse of Credit Suisse. For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.com(Times below correspond to the episode without considering any inserted advertisements.)Credit Suisse: A Rolling Crisis in Banking ScandalsIn this episode of Bubble Trouble, hosts Will Page and Richard Kramer discuss the collapse of Credit Suisse with journalist and author Duncan Maven. They delve into Maven's book 'Meltdown: Scandal, Sleaze, and the Collapse of Credit Suisse,' exploring the myriad of crises that plagued the bank. They touch on scandals ranging from rogue traders and sanctions busting to laundering Nazi gold and funding corrupt projects in Mozambique. The conversation also highlights the rapid acquisition of Credit Suisse by UBS over a tense and decisive weekend. Duncan Maven provides insights into the bank’s culture, the broader implications for the banking sector, and why people should care about the ethics in banking. The episode concludes with the discussion of warning signs (or smoke signals) that indicate deeper issues within financial institutions.00:00 Introduction01:00 Part One01:09 Guest Introduction: Duncan Maven02:31 The Rise and Fall of Credit Suisse03:32 The Impact of White Collar Crime05:08 Cultural Issues at Credit Suisse09:56 Historical Context of Swiss Banking15:21 The Mozambique Scandal19:49 The Role of Social Media in Credit Suisse's Collapse23:00 The Bulgarian Mafia and Credit Suisse Scandal23:47 Part Two23:54 The Collapse of Credit Suisse24:32 UBS Absorbs Credit Suisse26:41 The Aftermath and Lingering Scandals28:57 The Swiss Financial Crisis32:58 The Future of Swiss Banking40:05 Reception of the Book42:08 Smoke Signals and Final Thoughts46:37 Credits Hosted on Acast. See acast.com/privacy for more information.