submitted 1 year ago by SubDRSive@lemmy.whynotdrs.org to c/drs_your_gme@lemmy.whynotdrs.org

8 comments fedilink hide all child comments

No surprise that the potato-of-blame is being tossed around a bit. Good sign for us.

"WASHINGTON, July 24 (Reuters) - The U.S. Federal Reserve announced Monday it had fined UBS Group AG $268.5 million for Credit Suisse's misconduct around its dealings with the defunct investment firm Archegos Capital Management.

The Fed said Credit Suisse, which UBS acquired in June, repeatedly failed to address risk management shortcomings in its dealings with the firm, and lost $5.5 billion when it collapsed in 2021. UBS will pay a total of roughly $387 million in fines as Swiss and British authorities also took actions against the bank."

you are viewing a single comment's thread
view the rest of the comments

[-] prsmike@lemmy.whynotdrs.org 4 points 1 year ago

Oh another interesting tidbit:

WHEREAS, in or around late March 2021, Archegos defaulted on Credit Suisse’s margin calls, causing Credit Suisse, which lacked adequate margin, to liquidate its positions in the underlying names and suffer approximately $5.5 billion in losses;

haha don't think ole' Hwangi Boy enjoyed Mar10 day

this post was submitted on 24 Jul 2023

56 points (100.0% liked)

DRS Your GME

1229 readers

2 users here now

ΔΡΣ Central

Community to discuss the DRSGME.org project and resources, and how to spread DRS advocacy and information to GameStop investors around the world.

Have a great idea to spread the word? There are some resources here to get started!

https://www.drsgme.org/free-resources

founded 1 year ago

MODERATORS

apes_on_parade@lemmy.whynotdrs.org

Chives@lemmy.whynotdrs.org

bibic_jr@lemmy.whynotdrs.org

Millertime1216@lemmy.whynotdrs.org

Jmarie777@lemmy.whynotdrs.org