Nohi Dankner's pyramid conglomerate is based on the ownership of 2-3% of Credit Suisse. The Swiss bank has lost much of its market worth, causing headaches to those, like me, invested in Koor and IDB bonds. In fact, the bonds bought only month ago are worth today half of what I paid for them and are yielding over 50%. At this point nothing can be done.
Credit Suisse is a disaster. It lost much of its private bank business, and is failing in its attempts to settle a U.S. tax probe over allegations it helped wealthy Americans hide their money through hidden Swiss offshore accounts.
CS is involved in a number of proceedings and it took net litigation provisions of 68 million francs in the quarter, but estimated the range of possible losses not covered by provisions at zero to 2.3 billion francs. Swiss bank secrecy is Kaputt. What else Swiss banks have?