Stock Crew 2023: Broke but identifying as 🦍 before it was even cool. 🫨

H.E. Pennypacker

What is bet?
OT Supporter
Sep 19, 2003
15,344
Denver
image_1402189208.jpg
 
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jaspirr

OT Supporter
Jul 16, 2008
5,186
Delaware
what is this Credit Suisse bullshit?

yesterday we rallied 500 points after the US Government basically promised to bail out any bank that is having issues and promised not to let 2008 happen again

today, we drop 600 points because a Swiss bank is having some issues with raising additional capital?

i know Credit Suisse is a big deal globally but this doesn't seem to me that it should cause the US market to tank like this
 

rcm

Bully Troll Crew
OT Supporter
Dec 30, 2004
69,891
what is this Credit Suisse bullshit?

yesterday we rallied 500 points after the US Government basically promised to bail out any bank that is having issues and promised not to let 2008 happen again

today, we drop 600 points because a Swiss bank is having some issues with raising additional capital?

i know Credit Suisse is a big deal globally but this doesn't seem to me that it should cause the US market to tank like this

G-SIB baby
 

Hisma

OT Supporter
Apr 2, 2006
53,985
Reno, NV
what is this Credit Suisse bullshit?

yesterday we rallied 500 points after the US Government basically promised to bail out any bank that is having issues and promised not to let 2008 happen again

today, we drop 600 points because a Swiss bank is having some issues with raising additional capital?

i know Credit Suisse is a big deal globally but this doesn't seem to me that it should cause the US market to tank like this
Let's just use some logic here and say that systemic risk of our global financial system collapsing shouldn't really cause markets to rally.
 

digital jello

i'll be jeans soon
OT Supporter
Mar 14, 2006
264,551
what is this Credit Suisse bullshit?

yesterday we rallied 500 points after the US Government basically promised to bail out any bank that is having issues and promised not to let 2008 happen again

today, we drop 600 points because a Swiss bank is having some issues with raising additional capital?

i know Credit Suisse is a big deal globally but this doesn't seem to me that it should cause the US market to tank like this
good lord in heaven you gave this man a lambo
 
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Simple

Sexy Beatch
Nov 29, 2001
77,869
Edmonton, Alberta
what is this Credit Suisse bullshit?

yesterday we rallied 500 points after the US Government basically promised to bail out any bank that is having issues and promised not to let 2008 happen again

today, we drop 600 points because a Swiss bank is having some issues with raising additional capital?

i know Credit Suisse is a big deal globally but this doesn't seem to me that it should cause the US market to tank like this
@stevezissou queue the CONTAGION
 
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jaspirr

OT Supporter
Jul 16, 2008
5,186
Delaware
@stevezissou queue the CONTAGION
good lord in heaven you gave this man a lambo

i hope you guys are just trolling

Credit Suisse did not go bankrupt and is not insolvent. One of their investors, who owns 10% of the stock, informed them that they won't be investing any more into the company. That is not a global financial system collapse. There's no run on the banks happening.
 

SkiMax

Well-Known Member
Dec 11, 2004
36,051
Chicago
i hope you guys are just trolling

Credit Suisse did not go bankrupt and is not insolvent. One of their investors, who owns 10% of the stock, informed them that they won't be investing any more into the company. That is not a global financial system collapse. There's no run on the banks happening.
I think, more specifically, he informed an online community that he would not recommend touching ANY banking stock for the next 60 days…
 

stevezissou

OT Supporter
Jul 15, 2009
42,668
US
i hope you guys are just trolling

Credit Suisse did not go bankrupt and is not insolvent. One of their investors, who owns 10% of the stock, informed them that they won't be investing any more into the company. That is not a global financial system collapse. There's no run on the banks happening.
They came out and said they had a "material weakness" in their financial statements for 2021 and 2022 is what started it.

Credit Suisse shares sink as ‘material weaknesses’ found in financial reporting​


"
The SEC conversation related to a “technical assessment of previously disclosed revisions to the consolidated cash flow statements in the years ended December 31, 2020, and 2019, as well as related controls.”

In the Tuesday annual report, Credit Suisse revealed that it had identified “certain material weaknesses in our internal control over financial reporting” for the years 2021 and 2022.

These issues related to a “failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements” and various flaws in internal control and communication.

Despite this, the bank said that it was able to confirm that its financial statements over the years in question “fairly present, in all material respects, [its] consolidated financial condition.”"


 

rcm

Bully Troll Crew
OT Supporter
Dec 30, 2004
69,891
i hope you guys are just trolling

Credit Suisse did not go bankrupt and is not insolvent. One of their investors, who owns 10% of the stock, informed them that they won't be investing any more into the company. That is not a global financial system collapse. There's no run on the banks happening.
@gimpshiznit post CS 5yr CDS chart pls
 
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SkiMax

Well-Known Member
Dec 11, 2004
36,051
Chicago
They came out and said they had a "material weakness" in their financial statements for 2021 and 2022 is what started it.

Credit Suisse shares sink as ‘material weaknesses’ found in financial reporting​


"
The SEC conversation related to a “technical assessment of previously disclosed revisions to the consolidated cash flow statements in the years ended December 31, 2020, and 2019, as well as related controls.”

In the Tuesday annual report, Credit Suisse revealed that it had identified “certain material weaknesses in our internal control over financial reporting” for the years 2021 and 2022.

These issues related to a “failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements” and various flaws in internal control and communication.

Despite this, the bank said that it was able to confirm that its financial statements over the years in question “fairly present, in all material respects, [its] consolidated financial condition.”"


Is "material weakness" above or below "going concern"?
 

rcm

Bully Troll Crew
OT Supporter
Dec 30, 2004
69,891
i hope you guys are just trolling

Credit Suisse did not go bankrupt and is not insolvent. One of their investors, who owns 10% of the stock, informed them that they won't be investing any more into the company. That is not a global financial system collapse. There's no run on the banks happening.
@jaspirr on SVB when they announced a capital raise: "The bank is fine, there's no bank run"
 

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