Credit Suisse turmoil stokes financial contagion fears
Marketplace
Marketplace
4.6 • 8.5K Ratings
🗓️ 15 March 2023
⏱️ 27 minutes
🧾️ Download transcript
Summary
Following the meltdowns of Silicon Valley Bank and Signature Bank, Europe’s Credit Suisse is now in trouble. Though the Swiss bank’s problems predate the recent U.S. bank failures, some economists are asking whether the malady at Credit Suisse can or will infect the rest of global finance. We’ll also take a closer look at the role of regional banks and the communication tactics some are using to quell customer anxieties.
Transcript
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| 0:00.0 | Question, is this a crisis or a situation? |
| 0:08.0 | Discuss. |
| 0:10.0 | From American public media, this is Marketplace. |
| 0:22.0 | In Los Angeles, I'm Kai. |
| 0:24.0 | Resolute is Wednesday. |
| 0:25.0 | Today, the 15th of March could as always to have you along, everybody. |
| 0:29.0 | It wasn't hypothetical. That question I started with. |
| 0:32.0 | It was more like abstract or metaphorical kind as we feel our way through the global banking |
| 0:38.0 | agenda that is now upon us. |
| 0:41.0 | Global because today after Silicon Valley Bank and Signature Bank, we now have Europe entering the chat with a Swiss bank, |
| 0:48.0 | Credit Suisse announcing there were material weaknesses in its past financial reporting. |
| 0:54.0 | Shares got clobbered today. There was much back and forth about New Capital that might or, |
| 0:58.0 | as it turns out, might not be available. We're not sure yet. |
| 1:01.0 | There are reports that European Central Bank has asked other lenders exactly how much exposure they have to |
| 1:06.0 | Credit Suisse because when situations like this happen, |
| 1:10.0 | contagion is the big worry. Marketplace's Mitchell Hartman gets his going. |
| 1:15.0 | Credit Suisse was already in a world of trouble before this week, says Cornelius Hurley at Boston University Law School. |
| 1:22.0 | If there is any problem going on in the global banking system, |
| 1:26.0 | Credit Suisse has acted as the spirit receiver for it. |
| 1:30.0 | Credit Suisse has been scandal plagued for the last few years. |
| 1:35.0 | Karen Petru at Federal Financial Analytics says the banks got a reputation. |
| 1:40.0 | For flying very close to the edge, a number of serious scandals with fraudulent borrowers, |
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