Discountenanced Credit Suisse stockholder Gregory Stevenson is suing 29 of Credit Suisse’s current and former directors and officers, the bank’s ex-auditor KPMG, and various KPMG henchmen on behalf of investors alleging the firm looked the other way while aforementioned directors and officers plundered the bank for more than a decade. The docket number is No. […]
In case you avoid the financial news like I avoid Colin before I've had my morning coffee, let's get you nice and caught up on the hedge fund manager on the run after Credit Suisse "accidentally" sent him $1.5 million that wasn't his: In the board game Monopoly, when the bank makes an error in […]
That is, helped American clients stash money offshore.
Credit Suisse said Friday it had been notified that it was the object of an investigation by the United States Department of Justice, citing “a broader industry inquiry.” The Swiss bank said that it had previously received subpoenas and other information requests from the Justice Department and other government agencies regarding cross-border services that its private banking arm provided to American clients.
As you may recall, the situation for UBS didn’t turn out so well and they sorta went back on that whole “secrecy” thing. Unfortch for Credit Suisse, they’ll probably have to snitch too:
On Friday, a court in Lausanne upheld the Swiss government decision to force UBS to hand over client data, citing “virtually uncontrollable economic repercussions for Switzerland” if it had not done so. That decision implies that Credit Suisse, too, may be ordered to surrender information about customers’ accounts to American authorities.
With ‘Enron,’ Financial Misdeeds Hit Broadway [DealBook]
“Enron” opened on Tuesday at the Broadhurst Theatre and is receiving mixed reviews. Given the time and subject matter, brief and inadequate descriptions of the accounting techniques involved (e.g. champagne metaphor to explain mark-to-market) were necessary and some didn’t appreciate the patronization:
At the after-party for “Enron,” the most common complaint about the play was the incessant use of metaphors and monologues to explain financial topics. It took up a large amount of time in the show and some audience members felt like they were being “talked down to.”
“I know what mark-to-market accounting is,” said one audience member who did not wish to be identified but did not work in the financial industry. “I felt like they were bashing me over the head with their juvenile explanations.”
Regardless of the “one-dimensional view of this multifaceted accounting technique” and its “lacking of dramatic depth,” “Enron” also has raptors and mice in suits. That, along with choreography using light sabers has led some to call the show “visually stimulating.” If your subject matter includes accounting rules, putting them in an acid trip seems like a good approach.
Grant Thornton to close Madison office [Business Journal of Milwaukee]
Grant Thornton is closing its Madison, WI office, consolidating those operations in Milwaukee. The firm stated “its goal is to retain as many of the Madison office’s 61 employees as possible,” and that it is “committed to assisting all employees during this transition.”
This latest move follows the Grant Thornton office closure in Greensboro, NC that occurred earlier this year.
Credit Suisse Taps Mathers as New C.F.O. [DealBook]
David Mathers is currently the COO and Head of Finance for the investment banking unit at CS. He takes over for Renato Fassbind in October.
Credit Suisse is looking for an experienced professional to join their Chief Financial Officer Division as a Head of Valuation Testing Reporting.
The position is responsible for the collection of valuation testing results across all Investment Bank business units and consolidates those results in a monthly presentation to senior management and quarterly presentation to the Audit Committee among other duties.
The position requires a minimum of seven years experience and is located in New York. Get more details after the jump.
Company: Credit Suisse
Title: Head of Valuation Testing
Location: New York
Description: This person is responsible for managing the technology for collecting the valuation testing results, summarizing the results and providing ongoing guidance to the business unit product controllers on valuation testing policies and procedures. The material this person is responsible for preparing will be reviewed by the Global Head of Product Control, the CFO and the Audit Committee.
Responsibilities: Primary deliverable is the Monthly Consolidated Inventory Valuation Review for the Investment Bank. There are also additional monthly deliverables to Product Control that summarize valuation testing metrics, exception reports and other control-related reports or processes; This person will be a key participant in the development of next generation valuation testing reporting systems and will work closely with the Product Control Reporting Group and the Strategic Process Change Group on enhancing existing systems and defining requirement for future development; This person will also work closely with his/her peers within VRG in defining new policies and procedures and guidelines for implementation of policies and procedures. Additionally this person will be a point person for communication with his/her peers in Product Control Price Testing.
Qualifications: This person needs to be organized and be able to organize a complex consolidation and reporting function such that it is most efficient and minimizes errors. Organization extends to the process of collecting information, synthesizing/editing, presenting and storing the results; This person should have experience in management reporting in a Global Investment/Commercial Bank with experience in reporting price testing results. A working knowledge of the investment banking products of derivatives, cash instruments, and structured products is a must; This person should understand the different roles of control in an investment/commercial bank and the interactions between product control, reporting, financial accounting, etc.; This person should have experience in developing technology solutions for their business with specific experience in management reporting a definite plus.
• Obama Approval 49% Among U.S. Investors, 87% Overseas – “President Barack Obama has rock- star appeal among the investing class — except in his own country.” [Bloomberg]
• Investment Bank Helps Boost Credit Suisse’s Net Income – Reigning in on the company wide Shake Shack outings is probably helpful too. [WSJ]
• One-time gain boosts Ford results – Don’t call it a comeback [BBC]
• Manure means money to handlers gathered in Iowa – Sometimes there’s money in shit [AP via Miami Herald]
• Bardem Turns Down Role in ‘Wall Street’ Sequel – “The actor Javier Bardem has turned down a role in the sequel to Oliver Stone’s seminal 1980s treatise on greed, “Wall Street.” Mr. Bardem, who won an Oscar in 2008 for his performance in “No Country for Old Men,” was to have played the world’s villain du jour: a hedge fund manager.” [DealBook]