Money Talks: Discredit Suisse
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 23 March 2023
⏱️ 48 minutes
🧾️ Download transcript
Summary
Few would have predicted that the demise of Silicon Valley Bank, a niche Californian lender, would be followed by the failure of Credit Suisse. But on March 19 the banking crisis reached Zurich, where regulators brokered a fire sale that saw the ailing 167-year-old bank sold to rival UBS.
On this week’s podcast, hosts Alice Fulwood, Tom Lee-Devlin and Mike Bird chart the spread of the crisis and examine its fallout. Richard Berner, a former advisor to the Treasury Secretary, explains: “Silicon Valley Bank was not systemic in life, but proved to be systemic in death.” And Huw van Steenis, who used to advise the chief executive of UBS, explains how the crisis has roiled bond markets.
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Transcript
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| 0:00.0 | Money talks from the economist is sponsored by Invest Puerto Rico. |
| 0:06.0 | More than just a Caribbean paradise, Puerto Rico is a business powerhouse. |
| 0:11.0 | This U.S. territory is a fast-growing hub for innovators. |
| 0:15.0 | Puerto Rico boasts numerous tax credits, business incentives, |
| 0:19.0 | and world-class talent that take your business to the next level. |
| 0:23.0 | Find out why at InvestPR.org. |
| 0:26.0 | Gamechangers, welcome home. |
| 0:30.0 | It's one of the most extraordinary stories I've ever covered, |
| 0:37.0 | at least in the sedate world of Swiss banking. |
| 0:41.0 | Patrick Lane is now one of the economist senior editors. |
| 0:44.0 | But in 2019, he was the paper's banking editor. |
| 0:51.0 | It was September 2019, |
| 0:53.0 | and Igbal Khan and his wife had just dropped their six-year-old son |
| 0:57.0 | at football training in Hellerbeg on the shores of Lake Zurich. |
| 1:03.0 | Khan, who was 43 at the time, |
| 1:06.0 | had just quit as the head of Credit Suisse's wealth management division. |
| 1:10.0 | He was on gardening leave before joining UBS, |
| 1:13.0 | the bank's bigger local rival. |
| 1:17.0 | The couple were making the most of Khan's newfound time off, |
| 1:20.0 | and they headed into Zurich to do some shopping. |
| 1:24.0 | But as they followed the lake's shoreline north to the city, |
| 1:27.0 | Khan noticed he was being tailed, |
... |
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