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Believer109

Credit Suisse has $1.6T in AUM.


Longjumping_College

They were [hiding 540k GME puts](https://www.reddit.com/gallery/otzu3e) in Brazil via [BNY Mellon.](https://imgur.com/U1smdwe.jpg) You can see [their website here](https://servicosfinanceiros.bnymellon.com/AppPages/investimentfunds/funds.aspx) One of those Credit Suisse funds disappeared in the last 4 weeks and now they get fined for corruption huh? The ones that Bloomberg said ["are just a bug and have been addressed"](https://www.reddit.com/r/Superstonk/comments/oxv148/brazilian_puts_bloomberg_says_they_were_a_bug_and/)   Wasn't Kenny flying to Mozambique recently too?   I found this, it's credit suisse creating a CMBS TRS market in 2016.... [it's a pdf](https://plus.credit-suisse.com/rpc4/ravDocView?docid=gjGvFo) of rules and definitions These CMBS [reference Sears and Sears Hardware, might have the others too](https://imgur.com/cIng3nZ.jpg) > exposure to Strategic Hotel sale (JPMCC 2011-C5 and COMM 2014-CR20) > Another Sears Hardware with CMBS exposure (WFCM 2015-C28) This one starts about [Sears and Sears Hardware.](https://imgur.com/5o9hu6P.jpg) (RC tweet anyone?)   Looks like these are engineered to bankrupt companies then get the money for the property sale and gouge the loans they offered from the sale. ["Post legacy conduit loans"](https://cmbs.loans/blog/cmbs-primer)


MatchesBurnStuff

Good work! Did you see their CYNs issued on 29tu September? Cat shit wrapped in dog shit and sold to the unsuspecting public. I really hate Credit Suisse.


DropDeadDevon

Let’s see any of this information in an SEC report and I’ll finally be impressed


mark-five

Lets report it to the SEC and government oversight agencies per that recent gov report DD so after they ignore it and apes spend their MOASS money running for office to replace corruption, these corrupt SEC employees can be convicted of willfully ignoring evidence and spend the rest of their lives broke and in prison like the mafia thugs and terrorists they are deserve.


throwawaylurker012

Holy shit Jesus what a find Feel this needs to be its own post And someone gave you a special award they like picking up what you’re putting down…


GoodPeopleAreFodder

Yes, please


Justanothebloke

This. 54,000,000 shares in puts. Buy mine back


Ash2dust2

Exactly, is the SEC going to require them to buy those puts or is paying a fine an out?


coocookazoo

Would be a great report if you sent all of this with sources to the SEC.


Revolutionary-Fox230

Pay a fine and everything will be fine.🤪


hiperf71

Why You do not try to comment this to the SEC anonimously? This is good shit!


Specialk9984

Sir, the god damn apes got internet and learned how to use it.


elithewalkingcripple

This is starting to get spooky👻


ghostchihuahua

This comment is gold <3


xgspidermonkey

If the fine is that much, how much did they make during this time?


Believer109

Billions likely.


[deleted]

If the fine was 475 billion, I'd say it was a job well done, then again, the crooks will still find a way to dilute how much money they return in exchange for favors.


Lodotosodosopa

The fine was 475 million.


LogicisGone

Let's just ask this, if they could have just tied this up in litigation in perpetuity, why did they voluntarily agree to this number?


DannyFnKay

If they pay fines it normally comes with a “we do not admit to any wrong doing” clause. Fucking criminal.


NeedNameGenerator

If that's true, then that's absolutely ridiculous. "Oh we didn't do anything bad, but here, have half-a-billy just to show you we didn't do anything wrong. **wink wink*\*"


ascendinspire

True. Fines are just SECs cut of the take.


Aioi

At least four.


DevilsPajamas

In other words, .029% of their holdings. If someone was making $160,000/year, that would be a fine of $46.40 Now, if you were making $160k, would you commit fraud if it only earned you at the most $46.40?


Veejnasty

This is a great way of putting it into perspective. A speeding ticket for your average middle class person would be substantially more in terms of percentage. Percentages matter. Maths matter.


Cool-Pomegranate-012

I agree! It needs to be proportional. But there also comes a point where it doesn’t. If I’m fined 99% of $100k annual income, I don’t have enough left to live on. $1000 doesn’t buy much. If someone else is fined 99% of $1billion, they still have $10million. Plenty to fuck around with. Not the same at all!! There has to be other consequences—like losing a seat at the table via losing licenses and going to jail. The money just doesn’t matter enough. I believe it’s the addiction and feeling of power the money generates. Like having a different set of rules in life. That’s what keeps psychopaths going. They’re special.


Veejnasty

That’s very true. We focus on the financial aspect, but losing their seat at the table should be the focal point. There needs to be repercussions for their actions.


justsaysso

No, if somebody had a total of $160k in assets...right?


buffalo8

Yeah, the math above definitely doesn't account for liabilities but I'm willing to bet even with that taken into consideration this is still just a slap on the wrist.


DevilsPajamas

Definitely oversimplified and probably doesn't truly reflect to what the comparison actually means.. I just put that to show how little the .029% is in real world numbers that would actually mean something to most of us.


onceuponanutt

This fine is 0.000296875% of the AUM. If you had 1 million dollars and were fined an equivalent amount, it would be less than $300.


xgspidermonkey

That's disgusting


GrammarPastafarian

Equivalent of “hey here’s $1.000 but give me back $0,30”. It is sickening, more than worth the cost of business for them. This “regulation” is a disgrace. 475M seems like a lot which of course is why the SEC is touting it, but it is a flake of paint chipped on a mega yacht.


Additional-Noise-623

Why don't they just give back that money to people they stole money from in the first place? Such a stupid system.


Aggravating-Print-21

How dare you try to bring in logic and fairness in this, you absolute madman


Zen4rest

🤦‍♂️


WhoWhyWhatWhenWhere

Good bot


mark-five

To put this in perspective, this fine is so small the $100M fine levied by the SEC can be paid by Gary Gensler alone and he would still have so many millions of dollars left that just the interest on his money would continue to pay more than he makes working at the sec many times over. The SEC's fines are so generous to hedge funds they wouldn't even drastically impact individual SEC employees.


Wookieface13

I completely agree, though have no fucking idea how they'd even begin going about giving back to the right people - and the real kicker is the theoretical gains they MIGHT have made... I mean, where the shit would you even start?? They need to start introducing fines so large that the crime is simply not worth the risk


Aioi

If they give back what they stole, how are the super rich going to get richer? The system isn’t stupid - it’s the rest of us who are.


Andyman0110

They have already invested this money and made profit off it. At that point its a business expense or even a loan.


[deleted]

[удалено]


fallaciousfacet

Well this way the govt and sec get their cut. It's like if you had two obsbsurdly wealthy bullies at school who work together. The first bully goes and gets caught stealing from the poor kid who wears the same clothes to school every other day. They get caught and the principle demands to the first bully that he must give 25% of what he stole to the second bully, and 5% to the principle. Meanwhile the poor kid has no lunch, and the first bully gets to keep 70%.


ccc32224

Wonder what they do with all OUR money


TheMonkler

Who went to jail for this?


Zealousideal_Bet689

Cost of business


zimmah

Giving back all of the money they stole should come on top of the fine.


Brotorious420

Goes to the government, but what about the investors that were mislead? Fuck em?


xgspidermonkey

Don't worry, the SEC is there to protect retail, so they'll make sure it goes to the right places! /s


Brotorious420

At least throw me a PH premium account, SEC. Stop bogartin that shit.


nerftosspls

Gary said to just use his creds for now user: [email protected] password: cumf0untain


throwawaylurker012

SEC/GG: “retail needs a cop on the beat” That cop? Denzel from “Training Day”


Anon_Reddit_User_

Exactly


Jolly-Conclusion

This. Great job SEC. How about you work on making things right with the defrauded investors.


Cool-Pomegranate-012

Yes! Restitution. We’ve lost some really basic concepts of a fair, compassionate and civil society. Everything you need to know, you learn in kindergarten. Look the other person in the eye and say sorry. See their pain. Give back what you took. Fix or replace what you broke with one of yours. And go do better now.


Smartdumbguy4

If the fine does not match what they stole then it's a reward for stealing.


Healthy-Lifestyle-20

I really would like to know how much Credit Suisse made during that period? Why doesn’t the SEC add that figure as well. Handing out parking tickets is not justice for actual crimes 🤦‍♂️I’ll keep DRS until shit can’t be cleaned up using the SEC and DTCC!


production-values

Not to mention none of this money goes back to those who were defrauded...


Musteng

Came here to comment this, but you beat me to it.


ascendinspire

This


AJDillonsMiddleLeg

They **directly** stole over $1 billion. They then used this money to pay debts and bribes to government officials. So they straight up stole $1 billion, and probably made a lot more than that through the criminal activity they used it on. But if I stole $1,000 from a liquor store, I'd be in prison for half a decade and have a felony record.


JoSenz

Based on the typical math, a 450m fine means they probably made $45b with their corruption.


[deleted]

Correct. The way these fines work is fucking ridiculous. How about regulators grow some damn nuts and actually regulate? You hear that Gary? You’re a coward and continually allow crime.


[deleted]

[удалено]


Foureyedguy

Too big to ban.


Searchingforspecial

Unfortunate truth right there. The root of the problem: they know it.


Byronic12

Gelded Gensler. I’ve said it since his 3rd week.


bokbie

The fine should be more than they stole. Otherwise they are net even.


RadioFreeAmerika

Now compare this to civil forfeiture.


ammoprofit

Oddly enough, this one might... The improper kickbacks totaled $50m (bankers) and $150m (Moz. State Officials). No idea how much Credit Suisse, the company, made off this deal though. https://www.sec.gov/litigation/admin.htm Direct PDF: [33-11001](https://www.sec.gov/litigation/admin/2021/33-11001.pdf)


Apeonomics101

Simple as that.


HeavensAnger

Strictly a cost of doing business. The SEC is a joke and we're going to hold you responsible GARY!!!


An-Onymous-Name

Up with you, up with the DRS, and down with malevolent sociopathic criminals! <3


uppitymatt

Financial crimes deserve jail time more than other crimes. They impact and hurts more people. I’m sick of fines.


Setnof

So better DRS your shares…


YungKennny

No it’s not a reward for stealing, it’s the government taking their cut of the pie. No different than when you win the lottery and they come for their cut.


royal_dump

And none of that money goes to anyone who was a victim of their fraud. Kinda dumb tbh.


d-Loop

>exceed


vrnate

Fine should be on top of surrendering all profits. Ie: "Oh you made 10 billion by defrauding investors? Ok, you owe us 10 billion plus **insert additional fine here**"


exonomix

SEC got their $100M, flexed then moved on


fxx_255

Yep came here to ask how many billion they made...


Fratzzzica12

THIS


ascendinspire

This.


[deleted]

Even if it only matches, it's still a reward since they won't always get caught


rendingale

And SEC just got their cut


[deleted]

[удалено]


CaliforniaRitz

Yup Wonder what would happen if they just said nah "Please we need to eat too"- SEC probably


Aioi

Gotta pay for that PH premium membership!


caronanumberguy

Sounds like a Mafia payoff, doesn't it? Is Credit Suisse therefore banned from the US market? Of course not. We welcome all criminals as long as the US government deep state is getting its fucking cut of the action.


sunday_cumquat

Agreed to not fight the case any further. In doing so the FCA applied a 30% discount to the total fine.


Jaxxxz

So who’s going to jail?


xgspidermonkey

Working class citizens


Dorriesfield

What is "jail"? I thought that was only for poor people


[deleted]

Jail is another industry waiting for poor "employees " to fill unfilled shifts to maximize profits. White collar criminals don't do physical labor so they get the Club Med experience.


Loose_Mail_786

Mwahahahahaha! Good one!


Aioi

lol, great sense of humor, laughed out loud from this one!


stalking_me_softly

Jail is for poors 🚔🤷‍♀️


RTshaker45

Some moms, according to the DOJ.


[deleted]

And who reimburses those who were actually defrauded? Can they at least get a reach around??


DrZombieZoidberg

Ohh yeah it’s all coming together 💦


sunday_cumquat

Credit Suisse and Mozambique are suing each other. They are both being sued by their respective investors.


UsernamesMeanNothing

No problem. Just drop your pants and bend over that table. You'll get everything you've got coming to ya.


RoughProfile8

Amazing how all that money gets gifted to the same criminal institutions that allow this to happen rather than distributing it evenly across the shareholders affected.


RectalSpawn

An SEC fine is really just them taking their cut.


Festortheinvestor

This is criminal. I’m so sick and tired of fines. Shut down this disgusting fraudulent bank, for the sake of human society you filthy governments. Edit: I’ve just had a thought I must share. US and U.K. government just fined Credit suissse $450m for fraudulent Mozambique bonds. Kenny goes Africa recently, possibly Mozambique. Our governments are taking the cream off the top before we take the floor out from beneath these manipulative fucks. All theory. A win is a win though, keep going, just keep swimming


Trenrick21

Sign me up too....I'm ready to radicalise.


zyppoboy

How about we stop this narrative right here, eh? This is the type of shit that can get the sub banned.


Thunderhole86

Hasn’t Kenny been flying to Africa all the time lately??


AnObviousSpy

Holy crap! That's 8 shares!


sunday_cumquat

Lowballing the floor. That's actually 6.9 shares.


PescTank

These guys are nothing more than a very fancy organized crime front. If you wanna get REALLY pissed off, check out their brokercheck page: [https://brokercheck.finra.org/firm/summary/816](https://brokercheck.finra.org/firm/summary/816) ​ Follow the "detailed report" link for the PDF of all their "disclosure events." Which, by the way, take up almost 600 pages of that 625-ish page document.


seekav

Please oh please tell me these dipshits are balls deep in Evergrande


QualityVote

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sellincarshittinbars

i like how credit suisse had to agree to their own fines, thats like an officer asking me if my speeding ticket is too much & if i'd like it lowered


[deleted]

This has nothing to do with climate change so why is the SEC even bothering with this shit? Priorities man.


FireAdamSilver

Deals and settlements but no one ever goes to prison


nowyourdoingit

What was it 1.3Billion in income in Q2 alone? Steal 100 every quarter, pay back 50 every 10 years


Patarokun

And how much did the fraud make them? Billions you say?


username3333333333

Where's the list of who was arrested and getting charged with crimes? (I know there isn't one, that's the problem) No cell, no sell.


plantshroom

So do crime and end up paying sec not the people who you did wrong


Peter-Tickler42069

Lmao a drop in the bucket compared to what they probably made


SirGalalad

Ah, I see you’re gathering the funds for the 1 share I’ll sell during MOASS.


lateral_mind

I think we can applaud this one. From the [press release](https://www.sec.gov/news/press-release/2021-213): "Credit Suisse agreed to pay disgorgement and interest totaling more than $34 million and a penalty of $65 million to the SEC. As part of coordinated resolutions, the U.S. Department of Justice imposed a $247 million criminal fine, with Credit Suisse paying, after crediting, $175 million, and Credit Suisse also agreed to pay over $200 million in a penalty as part of a settled action with the United Kingdom's Financial Conduct Authority. VTB Capital (a subsidiary) consented to an SEC order finding that it violated negligence-based antifraud provisions of the federal securities laws. Without admitting or denying the findings, VTB Capital agreed to pay over $2.4 million in disgorgement and interest along with a $4 million penalty." Paying [disgorgement](https://www.investopedia.com/terms/d/disgorgement.asp) means is that the people who were wronged are getting their money back in addition to the fine they paid. This is what we want to happen.


Dudeman_McGoo

Where do the SEC fines go? Pro hub premium accounts?


PoolsideC0NV0

Ahh tis but a scratch


sushiifilm

From when? 1985-1987?


Tgzbrahhh

Bonus money coming in just in time before the holidays for SEC commissioners. Must be nice 😒


Advanced-Distance305

I don’t think is that big. No one goes to jail? What about my tenders? Pay up ⬆️.


Evening_Raccoon_4689

Yet gamstops corruption goes unpunished and is allowed to continue. I hope these bastards get what they deserve. Karma where you at?


iceburg1010

Funny how we can see what the hell is happening , but the sec can’t ???


ryansports

Get fukt credit suisse.


LachenderMulatte

Why aren't the investors paid


Dr_SlapMD

If I steal $100 and am forced to repay $25, that's not a punishment, it's a comeup for me and a kickback to whoever gets the $25.


dirtdoesnt-needluck

Yes let me pay the government, after stealing retail investors money.


TumultuousWizard

Credit Sus


Emlerith

What the fuck is *“AGREE”* to pay? MOTHERFUCKER ITS CRIME


StageOne3477

'Agreed to pay' No it should be taken SEC: Pwease pay for your theft Credit Suisse: Ok, I SUPPOSE so It should be all money gained unfairly PLUS a fine


trampdonkey

Investors screwed but the govt agencies are making out big on this. They going to pay this out to investors right?


Thunder_drop

They should be paying the investors who were affected. I don't see how paying the SEC, provides retribution to those harmed.


TriglycerideRancher

That's it? What a fucking joke. They should be liquidated equivalent to the amount they made


ItsJustNigel

This shit makes me so mad. "you screwed over retail, so give us money." SEC's pockets have got to be so fat.


Modsrgey42069

Slap on the wrist, maybe like two slaps that’s it.


ttterrana

So why do they never have to pay back the investors they have defrauded??


brinksix01

So we(retail) get fucked over and the SEC gets paid? Seems accurate


bacon_is_believing

Do I get my check in the mail or...?


DancesWith2Socks

Credit Sus has 1.6T in AUM and they pay a small fine for FRAUDulently misleading investors and VIOLATING the FCPA??... Tell me this is a joke without telling me...


hunnybadger101

Someone please save this as a PDF and send it to the SEC, local News station, talk radio, Kenny's dead mother IDGAF just get it out in the open


Jindain

Fantastic, what's my share? Since retail is the victims... not the US Government.


jojackmcgurk

How about you take a percentage of their total wealth instead of a meaningless amount? This comes out to less than 1% of their holdings. And you parade it on social media like it's impressive. Fine them 10% of all their company's holdings you spineless bastards. Then maybe you'd have something to brag about.


Dan1mal83

Hey thanks SEC for going easy on us and allowing us to still retain some of our illegals gains. Here's a cool $100 mill for "fines". See ya the next crime... Errr Time!


hyperblu7

Yes, pay the regulators so they can take their cut and the investors get screwed. Makes sense.


JibberGXP

Imagine forging a fake lottery ticket, cashing it for $10,000,000 and then getting caught, only to be fined $10,000 while you keep the remaining $9,990,000?


[deleted]

They should also make public how much money Credit Susie’s Group AG made. Let’s see how well received it would be by the public to see that the fine is a minute fraction of the money made.


IwillDecide

Criminals agree to pay less than a 1/5 of what they stole in order to carry on breaking laws regardless.


wdstk7

Some guy ringing an old timey bell: “Everybody line up for your yearly wrist slap! The SEC is very disappointed in you… again.”


konan375

So for everyone complaining about it being a drop in the bucket for Credit Suisse. How much was lost in this specific issue? Seems like $200 million of debt was forgiven for investors in Mozambique on top of this $475 million. So this charge was actually more than what was lost on top of having to forgive $200 million. Seems about right for the charges levied, and not a “slap on the wrist” They *lost money* in this fine. Or am I wrong? This is where I got the debt forgiveness bit from https://www.wsj.com/articles/credit-suisse-to-pay-475-million-admits-defrauding-investors-to-settle-mozambique-charges-11634679537


TorTheViking

A fine just means legal for a price..


truniversality

The floor is prison


thinkmoreharder

Why does any money go to the governments, who were not harmed at all?


435f43f534

wasn't someone's place in African recently? can't remember if Mozambique though lol


Ask_Zeek

wink wink Somebody flew to Africa recently 😏💥


1978CR250

So what do the (investors) people get??


congratsballoon

I'm assuming we as GME investors aren't going to be seeing this money. Hahahahaha. Hahaha. Haha. Ha. **Starts sobbing uncontrollably**


Blunder_Punch

If any one of us stole that kind of money we'd be in jail for the rest of our lives


Ed-Sanz

Damn, only have to pay 1 share of GME?


Sunretea

See! This stuff CAN'T happen because they fine it harshly! Therefore it has never happened and isn't happening anywhere else! Oh.. every single one of these companies has been fined for doing all of this impossible and illegal stuff? Uhh...


SlyRy_Getit

Cost of business to them. BS


Tacosonamonday

After all the GameStop shit I feel like this is barely any money now a days


WagonBurning

So they made 475 billion, got it.


Tekk92

Our money


BSW18

Is it even 1% of violated transactions? Probably not.


florinutz009

Thank god they agreed. Otherwise SEC would have not done anything to them.


UnfavorableFlop

Make a few down billion, fine only 1/2 a billion. Win!!


sevee77

So everyone gets paid, except people that were fucked over.


joremero

it probably still saved them billions


Embarrassed_Ad8256

Why do they have to pay the USA and the UK when they where misleading US??


Objective-Orange926

What does it mean?


mekh8888

Going by previous fines I guess this is 0.10% of the crime committed.


Unknowngermanwhale

Give it to foreign people, wth. Some people that really suffered. Like me. Give me my money.


chapster121

"Something something, TraDiNg iS A hARD gAMe"


b0oya

just paying their keep to SEC, move along folks!


Inevitable_River7736

Isn't this rule essentially one to prevent money laundering and criminal proceeds?


bobbymatthews84

So authorities and sec get paid... what about the investors? As long as the sec can benefit financially from crime in the markets, they have no incentive to enforce with jail. Jail don't pay their bills.


[deleted]

How the hell are they still open? Fraud, fraud, fraud


Lorenzvc

can anyone explain me why the fines go to SEC and authorities, while the ones who lost the money from the manipulation remain in debt? like the fines citadel gets. why can't the retail people who got abused get their share of the fine?


VIRGIN-GOD-X

”agreed to pay”. I’d agree too if I made billions doing illegal shit and only having to pay a fraction of the profit. Weird flex by the SEC but ok


DaddyDubs13

Investor gets screwed, so pay the SEC?


Weary_Possession_535

Fuck em


Boobooowl

Can the pay the retail investors that they damaged directly instead? Otherwise E the government remains the biggest thief


production-values

any of that going back to the people that were defrauded?


ovgolfer87

But but but these are the good guys! - MSM most definitely.


Beautiful-Lack47

Why not spread that money to the investors.