Financial Services Industry
Industry: Email Alert RSS FeedIan Kerr: Credit Suisse begins to wash some of its dirty linen.
Financial News, October, 2002
Byline: Ian Kerr
With the whole house of Credit Suisse threatening to burn down without a fire engine in sight I am particularly alarmed about the problems at the bank's insurance division, Winterthur. Previously a pillar of the Swiss financial establishment, Winterthur, with its investment portfolio in tatters, was increasingly unable to meet guaranteed rates of return on a wide range of insurance policies. Its only option was to sell more of its huge equity holdings into a market already in free fall.Because this is a recipe for disaster and because I knew the largest positions held by Winterthur included some of the worst performers in the Swiss stock market, I started to send out warning signals. When, in the early summer, Credit Suisse announced that it...
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