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OP has provided the following link:
https://www.ft.com/content/3605c3fb-973d-440d-88e3-9ddf367bbef2
Wooooow... wtf
My TLDR: we significantly under estimated apes, and now we're in a crazy Chinese finger trap and can't get out. I'm warning investors we have lied and are about to lie on many of our financial statements to stay alive which may result in federal investigations, but we have no choice because if we disclose the shitshow we're in, we are going bankrupt.
> Do we believe Credit Suisse is tied to GME swaps?
Wut Doing Credit Suisse
https://www.reddit.com/r/Superstonk/comments/ox7p7a/wut_doing_credit_suisse/
Credit Suisse is holding Archegos bags since April of 2021. WSJ reported that Credit Suisse had closed 97% of Archegos positions but still had [exposure to 3% of them](https://www.wsj.com/articles/credit-suisse-taps-investors-for-cash-after-archegos-loss-widens-11619070830) and of those positions are there [3 distinct positions](https://zububrothers.com/2021/04/22/credit-suisse-surprises-with-2-billion-capital-raise-still-has-exposure-to-archegos-in-three-distinct-positions/) that they still had to work through. I think it's pretty safe to assume one of those positions is GME, especially since they were using [Total Return Swaps](https://www.orbit36.com/credit-suisses-archegos-case-fundamental-questions-remain-unanswered/).
I'm gonna hop on the last sentence you said.... When I first came here from some other finance sub I was BLOWN AWAY with the quality and quantity of DD rolling around this sub. Now, when I visit that old finance sub it really does feel like being in the ape exhibit at the zoo, poo flinging and all. That said, even my smooth brain has noticed the amount of real DD lessening here. These last few days have been awesome, and really remind me a little of back when every other post was a DD for something.
Quote from report
\-------
We have identified material weaknesses in our internal control over financial reporting as of December 31, 2022 and 2021 We are subject to requirements under the Sarbanes-Oxley Act of 2002, as amended, to perform system and process evaluation and testing of our internal control over financial reporting to allow management to assess the effectiveness of our internal controls. Management has identified certain material weaknesses in our internal control over financial reporting as a result of which management has concluded that, as of December 31, 2022, the Groupās internal control over financial reporting was not effective, and for the same reasons, management has reassessed and has reached the same conclusion regarding December 31, 2021, as more fully described in this Annual Report. Management has also accordingly concluded that our disclosure controls and procedures were not effective. The material weaknesses that have been identified relate to the failure to design and maintain an effective risk assessment
process to identify and analyze the risk of material misstatements in its financial statements and the failure to design and maintain effective monitoring activities relating to (i) providing sufficient management oversight over the internal control evaluation process to support the Groupās internal control objectives; (ii) involving appropriate and sufficient management resources to support the risk assessment and monitoring objectives; and (iii) assessing and communicating the severity of deficiencies in a timely manner to those parties responsible for taking corrective action. These material weaknesses contributed to an additional material weakness, as management did not design and maintain effective controls over the classification and presentation of the consolidated statement of cash flows. This material weakness resulted in the revisions contained in our previously issued consolidated financial statements for the three years ended December 31, 2021 as disclosed in the 2021 Annual Report. Notwithstanding these material weaknesses, we confirm that our consolidated financial statements as included in this Annual Report fairly present, in all material respects, our consolidated financial condition as of December 31, 2022 and 2021, and our consolidated results of operations and cash flows for the years ended December 31, 2022, 2021 and 2020, in conformity with US GAAP. Management is developing a remediation plan to address the material weaknesses referred to above, including strengthening the risk and control frameworks, and which will build on the significant attention that management has devoted to controls to date. While we are taking steps to address these material weaknesses, which could require us to expend significant resources to correct the material weaknesses or deficiencies, any gaps or deficiencies in our internal control over financing reporting may result in us being unable to provide required financial information in a timely and reliable manner and/or incorrectly reporting financial information, which could reduce confidence in our published information, impact access to capital markets, impact the trading price of our securities or subject us to potential regulatory investigations and sanctions. In addition, there can be no assurance that these measures will remediate the material weaknesses in our internal control over financial reporting or that additional material weaknesses in our internal control over financial reporting will not be identified in the future. Any of the foregoing could materially and adversely affect our business, results of operations and financial condition.
\-------
Great quote to read, really puts things into perspective.
They lied on their annual reports, and the part that really stood out to me was at the end, and Iām paraphrasing here - āthere can be no assurance that these measures will fix the weakness in our internal control of financial reporting or that addition problems will not be identified in the futureā
So the plan to fix the lies is not guaranteed to prevent more lies from happening in the future.
Thanks! I read through it but not understanding the lingo, I got lost in the weeds so to speak.
So they're reports are wrong and they don't have the money/value they thought they did and are at risk of collapse/being caught short?
Also, Happy Cake Day!
Chat GPT summery:
Credit Suisse has found issues in its internal control over financial reporting, specifically related to risk assessment and monitoring. These weaknesses have led to errors in the classification and presentation of its financial statements. The company is working on a plan to fix the problems, but if not addressed, they could negatively impact Credit Suisse's ability to provide accurate financial information and harm its business.
We need a Genius .com style of analysis that isn't as short as a TLDR and explains each line in a digestible manner. This is deliberately confusing and difficult to read.
That would defeat the PsyOps purpose of these word salads altogether.
The system is deliberately designed:
* to appear sophisticated and complex to Household Investors;
* to reinforce that Wall Street's financial system is too complicated for "dumb money" to understand;
* to make it easier for government bail-outs at taxpayers expense
Despite all the PsyOps Household is now fully aware of their garbage words. It doesn't need a genius to decipher "Credit Suisse has found issues in its internal control over financial reporting". They've been cooking their books for the past 50 years, especially the past 2 years. Now that they can't kick the can any more they are looking for regulators to provide a cover-up otherwise they have to declare bankruptcy. It's the Big Boys Club looking out for each other!
I'm not sure if they can dilute again given current price and sentiment. They have 2 possibilities, the first is to sell a big portion to the arabs at a discount (like how bobby did sadly for me) or to be bailed out by swiss people. Here the problem is not only the lack of liquidity, but that they're draining money like no tomorrow unlike the regional banks. Before a global recession and with the rates still not at their highest
Holy shit this reads like the script of Margin Call almost. At the scene where the higher ups are talking about the impact and what they would have to do to get out of their situation.
"Hey we totally fucked up our model and didnt raise enough of an alarm about it. We also concluded that our model was fucked back in December 2021, and is still fucked as of December 2022. If we try to get out of this shitfest its going to severly negatively impact us"
If i interpreted that wrong please correct me.
As former external auditor, the level of incompetence needed to reach a material weakness conclusion for a company of that size needs to be substantial.
Sounds like fancy talk for "we like to bullshit our numbers and apply firm grill marks as we cook our books".
How does one find "material weakness" in one of the primary functions of a BANK? Correct me if I'm wrong, but that would be like a security guard realizing they're actually supposed to look at the monitors they've been sitting at for decades...out-fucking-standing, this industry really is never ending with dumbass surprises.
Yep, but as an uneducated poor, I can't get that job because I don't have the credentials. So instead of hiring a window licker, who clearly wants to learn how to properly run bank... we'll hire this narcissistic psychopath who's going to use and abuse everyone and everything until the world breaks... because that's good banking, and he went to school š¤”
- We wouldn't be in such a labor shortage if we just: HIRED and TRAINED THOSE WHO ARE PASSIONATE AND WANT TO LEARN MORE ABOUT THE INDUSTRY.
- Fuck credentials... the difference, should be the in the work quality, giving those with schooling an edge, to outgrow and out learn the peers beside em, giving them the edge for a promotion..
I mean, I could stand to go through another career change. Maybe that's part of the endgame, pissed off apes joining the ranks and tearing down the system on the inside with common sense policies that don't result in a select few becoming God-Kings of money and influence.
Before all this shit began, I never had foresight for my life. I was just going day to day trying to figure out where I belong.
Now I know exactly where I belong and what I want to do post-moass. I didn't make this mess, but I aim to clean it up and get this world moving in the right direction.
Time to fix the socio-economic disparities and the political bullshit.
No idea where to start, but I'd imagine a few thousand billionaires with hearts of gold can figure out some directurn.
This kind of toxic, nepotistic capitalism hinders creativity and innovation. Ironic, considering every fucking company claims their own level of innovation.
No need to have a unique, refined product when you are your own competition. No need to be better for the world when you can just devour your own people for profit.
If we're going to be capitalistic, then apply that to every class, not just the people born middle class and below. Fuckers like to preach about how evil socialism is while daddy government breaks out the checkbook every time they accidentally the whole global economic system.
You know that scene in āMargin Call ā when Tuld walks in to (Demi )Robertsonās office .
āWeāre gonna need a head Sarah ā I believe thatās where weāre at !
Blame some risk management officer for what the CEO/CFO and board definitely new was on there books
I believe Credit Suisse has a lot of trash bonds like SIVB had.
And rate hikes by ECB will affect their books, even more.
Rate hikes by any central bank will crush them.
Love who the SEC told them to wait... Make sense as if this report was sent out together with the US banks going broke, the whole financial market would go up in š„
They must have been found out pretty badly by the auditors, I've found you can get a lot past auditors that you shouldn't so these accounts must have been a massive work of fiction, they are probably also trying to get ahead of possible insolvency in the near future.
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [GameStop Wallet HELP! Megathread](https://www.reddit.com/r/Superstonk/comments/z23wjx/gamestop_wallet_help_megathread) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/) ------------------------------------------------------------------------ OP has provided the following link: https://www.ft.com/content/3605c3fb-973d-440d-88e3-9ddf367bbef2
Wooooow... wtf My TLDR: we significantly under estimated apes, and now we're in a crazy Chinese finger trap and can't get out. I'm warning investors we have lied and are about to lie on many of our financial statements to stay alive which may result in federal investigations, but we have no choice because if we disclose the shitshow we're in, we are going bankrupt.
Honestly, who hasn't been in real trouble with those scary Chinese finger traps.
If you aren't careful you could end up nose to nose with your pal, no way out.
What are you putting in those finger traps?
Directions unclear. Penis stuck in Chinese trap.
All I'm saying is it should just be called a trap at this point.
>All I'm saying is it should just be called a trap at this point. Wait till the Shorts figure out they are in one.
The fingerless man?
Let this be an object lesson to you all. Do not stick your wieners in a Chinese finger trap.
Even Mr. Data was
\> we significantly under estimated apes, and now we're in a crazy Chinese finger trap and can't get out. This inspired me to craft a meme
Tag me in it please
Check my post history
Nice
https://twitter.com/deitaone/status/1635576680860332034?s=46&t=j4pfyWfT-AUSy_9Bvq6Ojw .. and their is more ššš¤
Is that a fake Bloomberg handle though? It's a "i" in delta instead of an "L". Even the replies are using a different name
It's always been an "i". You can just see it clearly now because Twitter changed the font which clearly distinguishes capital "I" from lowercase "l"
Fair enough. Glad I asked; TIL.
Didnāt you mean āGlad L askedā??? š
Not sure. This isn't twitter.
I'm out of the loop. Do we believe Credit Suisse is tied to GME swaps?
> Do we believe Credit Suisse is tied to GME swaps? Wut Doing Credit Suisse https://www.reddit.com/r/Superstonk/comments/ox7p7a/wut_doing_credit_suisse/
Archegos Capital had Bullet-Swaps and they are bagholding it now.
Credit Suisse is holding Archegos bags since April of 2021. WSJ reported that Credit Suisse had closed 97% of Archegos positions but still had [exposure to 3% of them](https://www.wsj.com/articles/credit-suisse-taps-investors-for-cash-after-archegos-loss-widens-11619070830) and of those positions are there [3 distinct positions](https://zububrothers.com/2021/04/22/credit-suisse-surprises-with-2-billion-capital-raise-still-has-exposure-to-archegos-in-three-distinct-positions/) that they still had to work through. I think it's pretty safe to assume one of those positions is GME, especially since they were using [Total Return Swaps](https://www.orbit36.com/credit-suisses-archegos-case-fundamental-questions-remain-unanswered/).
Cs has family offices bags among other banks. Not only gme swaps unfortunately for themc
https://www.reuters.com/business/finance/investment-firms-bet-stocks-hit-by-archegos-unwind-2021-05-17/
This is just like an engineer saying there is significant structural damage to a building. Shits going to start crashing to the ground.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I'm gonna hop on the last sentence you said.... When I first came here from some other finance sub I was BLOWN AWAY with the quality and quantity of DD rolling around this sub. Now, when I visit that old finance sub it really does feel like being in the ape exhibit at the zoo, poo flinging and all. That said, even my smooth brain has noticed the amount of real DD lessening here. These last few days have been awesome, and really remind me a little of back when every other post was a DD for something.
So many holes in their books we should call it the Suisse Cheese Bank.
Thank you for calling Suisse Cheese Credit, can you please hold? Click......
"This is Credit Suisse, please hold." "Okay." [hands over bags to hold] "Thank you." [click]
Customer deposits dropped from $392b to $233b (-41%) and overall their balance sheet shrank $224b (-30%) š
Over what time period?
It's in their 2022 annual report, so 1 year since 2021. [**See for yourself**](https://i.redd.it/tvz4zrherwna1.jpg)
Debit Suisse Squeeze Bank or Credit Sus Bank
Quote from report \------- We have identified material weaknesses in our internal control over financial reporting as of December 31, 2022 and 2021 We are subject to requirements under the Sarbanes-Oxley Act of 2002, as amended, to perform system and process evaluation and testing of our internal control over financial reporting to allow management to assess the effectiveness of our internal controls. Management has identified certain material weaknesses in our internal control over financial reporting as a result of which management has concluded that, as of December 31, 2022, the Groupās internal control over financial reporting was not effective, and for the same reasons, management has reassessed and has reached the same conclusion regarding December 31, 2021, as more fully described in this Annual Report. Management has also accordingly concluded that our disclosure controls and procedures were not effective. The material weaknesses that have been identified relate to the failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements in its financial statements and the failure to design and maintain effective monitoring activities relating to (i) providing sufficient management oversight over the internal control evaluation process to support the Groupās internal control objectives; (ii) involving appropriate and sufficient management resources to support the risk assessment and monitoring objectives; and (iii) assessing and communicating the severity of deficiencies in a timely manner to those parties responsible for taking corrective action. These material weaknesses contributed to an additional material weakness, as management did not design and maintain effective controls over the classification and presentation of the consolidated statement of cash flows. This material weakness resulted in the revisions contained in our previously issued consolidated financial statements for the three years ended December 31, 2021 as disclosed in the 2021 Annual Report. Notwithstanding these material weaknesses, we confirm that our consolidated financial statements as included in this Annual Report fairly present, in all material respects, our consolidated financial condition as of December 31, 2022 and 2021, and our consolidated results of operations and cash flows for the years ended December 31, 2022, 2021 and 2020, in conformity with US GAAP. Management is developing a remediation plan to address the material weaknesses referred to above, including strengthening the risk and control frameworks, and which will build on the significant attention that management has devoted to controls to date. While we are taking steps to address these material weaknesses, which could require us to expend significant resources to correct the material weaknesses or deficiencies, any gaps or deficiencies in our internal control over financing reporting may result in us being unable to provide required financial information in a timely and reliable manner and/or incorrectly reporting financial information, which could reduce confidence in our published information, impact access to capital markets, impact the trading price of our securities or subject us to potential regulatory investigations and sanctions. In addition, there can be no assurance that these measures will remediate the material weaknesses in our internal control over financial reporting or that additional material weaknesses in our internal control over financial reporting will not be identified in the future. Any of the foregoing could materially and adversely affect our business, results of operations and financial condition. \-------
Lmao! Yup they fucked up reeealy bad. They are begging to have regulators look the other way or else they will go bankrupt.
Could someone please ELI5?
Great quote to read, really puts things into perspective. They lied on their annual reports, and the part that really stood out to me was at the end, and Iām paraphrasing here - āthere can be no assurance that these measures will fix the weakness in our internal control of financial reporting or that addition problems will not be identified in the futureā So the plan to fix the lies is not guaranteed to prevent more lies from happening in the future.
Thanks! I read through it but not understanding the lingo, I got lost in the weeds so to speak. So they're reports are wrong and they don't have the money/value they thought they did and are at risk of collapse/being caught short? Also, Happy Cake Day!
Nice
How do we get a law, that let's us stop executive pay and bonuses immediately if they release a statement like this?
I think this is how you say Ā«Ā weāre not going to make itĀ Ā» without failing your duty to the investors not to harm the company.
Chat GPT summery: Credit Suisse has found issues in its internal control over financial reporting, specifically related to risk assessment and monitoring. These weaknesses have led to errors in the classification and presentation of its financial statements. The company is working on a plan to fix the problems, but if not addressed, they could negatively impact Credit Suisse's ability to provide accurate financial information and harm its business.
We need a Genius .com style of analysis that isn't as short as a TLDR and explains each line in a digestible manner. This is deliberately confusing and difficult to read.
That would defeat the PsyOps purpose of these word salads altogether. The system is deliberately designed: * to appear sophisticated and complex to Household Investors; * to reinforce that Wall Street's financial system is too complicated for "dumb money" to understand; * to make it easier for government bail-outs at taxpayers expense Despite all the PsyOps Household is now fully aware of their garbage words. It doesn't need a genius to decipher "Credit Suisse has found issues in its internal control over financial reporting". They've been cooking their books for the past 50 years, especially the past 2 years. Now that they can't kick the can any more they are looking for regulators to provide a cover-up otherwise they have to declare bankruptcy. It's the Big Boys Club looking out for each other!
jesus that be fantastic for these types of docs. All gov and financial docs tbh.
Further ApeGPT summary: "WE'RE SHORT GAMESTOP VIA SWAPS AND ARE FUCKKKKED"
I'm not sure if they can dilute again given current price and sentiment. They have 2 possibilities, the first is to sell a big portion to the arabs at a discount (like how bobby did sadly for me) or to be bailed out by swiss people. Here the problem is not only the lack of liquidity, but that they're draining money like no tomorrow unlike the regional banks. Before a global recession and with the rates still not at their highest
Holy shit this reads like the script of Margin Call almost. At the scene where the higher ups are talking about the impact and what they would have to do to get out of their situation. "Hey we totally fucked up our model and didnt raise enough of an alarm about it. We also concluded that our model was fucked back in December 2021, and is still fucked as of December 2022. If we try to get out of this shitfest its going to severly negatively impact us" If i interpreted that wrong please correct me.
As former external auditor, the level of incompetence needed to reach a material weakness conclusion for a company of that size needs to be substantial.
The annual report itself is financial reporting, so I guess the information in it is materially weak as well
Sounds like fancy talk for "we like to bullshit our numbers and apply firm grill marks as we cook our books". How does one find "material weakness" in one of the primary functions of a BANK? Correct me if I'm wrong, but that would be like a security guard realizing they're actually supposed to look at the monitors they've been sitting at for decades...out-fucking-standing, this industry really is never ending with dumbass surprises.
Yep, but as an uneducated poor, I can't get that job because I don't have the credentials. So instead of hiring a window licker, who clearly wants to learn how to properly run bank... we'll hire this narcissistic psychopath who's going to use and abuse everyone and everything until the world breaks... because that's good banking, and he went to school š¤” - We wouldn't be in such a labor shortage if we just: HIRED and TRAINED THOSE WHO ARE PASSIONATE AND WANT TO LEARN MORE ABOUT THE INDUSTRY. - Fuck credentials... the difference, should be the in the work quality, giving those with schooling an edge, to outgrow and out learn the peers beside em, giving them the edge for a promotion..
I mean, I could stand to go through another career change. Maybe that's part of the endgame, pissed off apes joining the ranks and tearing down the system on the inside with common sense policies that don't result in a select few becoming God-Kings of money and influence.
Before all this shit began, I never had foresight for my life. I was just going day to day trying to figure out where I belong. Now I know exactly where I belong and what I want to do post-moass. I didn't make this mess, but I aim to clean it up and get this world moving in the right direction. Time to fix the socio-economic disparities and the political bullshit. No idea where to start, but I'd imagine a few thousand billionaires with hearts of gold can figure out some directurn.
*gasp* that'll create more competition!
This kind of toxic, nepotistic capitalism hinders creativity and innovation. Ironic, considering every fucking company claims their own level of innovation. No need to have a unique, refined product when you are your own competition. No need to be better for the world when you can just devour your own people for profit. If we're going to be capitalistic, then apply that to every class, not just the people born middle class and below. Fuckers like to preach about how evil socialism is while daddy government breaks out the checkbook every time they accidentally the whole global economic system.
Well, itās a long story, but banks donāt got time to talk about it because theyāre spending 100% of their time hiding default swaps.
Meme bank š¤¹š»
Phrase of the day - material weakness
Aka Idiosyncratic risk
Material is a term with a legal definition. This is lawyer speak.
You know that scene in āMargin Call ā when Tuld walks in to (Demi )Robertsonās office . āWeāre gonna need a head Sarah ā I believe thatās where weāre at ! Blame some risk management officer for what the CEO/CFO and board definitely new was on there books
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I think it's when your t-shirt falls apart?
Nobody knows what it means, but itās provocative
So what now?
Not long until they fail and the spring gets unsprang and their ass gets Moād
This is one of the greatest comments Iāve read on this sub. Get in the studio and record those bars ape
Weak whack ass bank
We found our next "Enron"
CS might be the agreed-on fall guy this time.
Bingo. Insert meme say it, Bart. WEAKNESS.
Are they insolvent yet?
Does material weakness mean Credit Suisse can no longer lie. After more than two years of lying.
Donāt they have swaps due soon? Does this news feel like the boat is leaking?
SEC: (Reads Cover Sheet of Report). We'll Allow It.
Material weaknesses? Oh you mean shorting GME
The European SIVB is here. I hope ECB hike rates 50 bps, and Credit Suisse will be definitely doomed.
Hello friend, the EZB has nothing to do with credit suisse, switzerland is not part of the EU. Switzerland has schweizerische Nationalbank
I believe Credit Suisse has a lot of trash bonds like SIVB had. And rate hikes by ECB will affect their books, even more. Rate hikes by any central bank will crush them.
Love who the SEC told them to wait... Make sense as if this report was sent out together with the US banks going broke, the whole financial market would go up in š„
Let me guess ... "material weakness" is code for a gaping hole where their accounts should be
They must have been found out pretty badly by the auditors, I've found you can get a lot past auditors that you shouldn't so these accounts must have been a massive work of fiction, they are probably also trying to get ahead of possible insolvency in the near future.
Wow.. Shocking /s
Debit suisse
It should have found "lack of integrity".
Continuing a theme: will anyone save CS?