I took my assets to Frankly. While the law protects our assets at VIAC in case of CS bankruptcy, nothing would protect us from an elaborate fraud where those assets would be shown on paper but not really exist underneat. I really don’t trust CS for anything and had turned a blind eye until now because I really like VIAC but at this point, I really don’t want to have anything to do with CS.
The assets are held in your name. There are reports from VIAC that show you exactly how many fractions of each ETF/mutual fund you own. Same as if IBKR would go bankrupt you could just transfer your funds from them to Swissquote for example as you are the owner but IBKR/CS are the custodian.
CS would need to falsify your buy transactions or not actually buy the ETFs/mutual funds at all etc. etc. which they yould never do as their swiss universal bank is still quite profitable and they are still one of the biggest banks in the world (too big to fail as per the swiss government).
CS just didn’t control their people and thought they would get away with everything but that is biting in their ass right now. As mentioned before they are still one of the biggest custodian bank in the world and do have some very profitable business units besides the ones that are in the media right now (investmentbanking f.e.) because of really bad management decisions.
I may be a bit of a paranoid one, but that is something I believe CS could be tempted to try to do, or may be already doing. Several very big problems would have to have occured, at CS, the agency/ies auditing them and the regulators, for it to happen, but I wouldn’t put the chance at 0.
My basic stance is “don’t do business with entities you don’t trust”. There are high chances VIAC users would recover all their assets in case of CS bankruptcy and I acknowledge that. I just don’t want them having anything to do with anything of mine if I can avoid it.
That sounds a bit too tinfoil-hat-esque 
I believe some people want to do as much money as possible, but they don’t need to break the main rules. They use the rules and maximize their profit.
In other words: falsify=bad. hedge/invest in risky stuff=“good”.
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Not necessarily imho. There have been too greedy banks in the past. Historically, banks have not known to be the most ethically acting ventures. I think I don’t need to mention the despicably dirty details here.
And looking at Wirecard or Enron, I get the impression that our dear audit companies are doing a very poor job sometimes. These were epic fraud cases, and in case of Wirecard, even the media and politicians naively supported them. I actually know of someone working in audit that there are substantial cover-ups.
I can only hope for strong regulation and law enforcement, because I do not trust the finance industry.
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At the end they are paid by the company who is being audited so this should speak for itself…
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4 posts were merged into an existing topic: 3a solution from Finpension
Same here, abandoning the CS ship for a hopefully more waterproof one 
I don’t understand this panic. If the bank goes bust, the funds get transferred to another bank and possibly change name. 3a funds are not so critical, it’s not like you need to sell them continously. There might be some days where you can’t access it, but be sure they won’t disappear in thin air.
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I agree, but Swisscanto seems to be as good as CSIF, and I got the choice, so why not? Also, I’d hate to have to deal with any administrative issues if CS goes bust. Lastly, I just don’t trust CS anymore, too many fuck-ups for my taste.
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For me, it’s not really about panic but trust, as johndoe has stated. CS isn’t an entity I want to do business with, not directly, nor indirectly. There are alternatives so I am using them.
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There could be a bail-in: customer accounts might be scalped, Cyprus-style.
Why? Is there a reason to believe they don’t have the matching assets?
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Bail-in would affect neither segregated assets such as funds nor privileged claims. I would certainly not want to hold a large amount of cash at CS but I’m not concerned about segregated assets.
The context of my reply is “if the bank goes bust”.
Latest news is pretty bad
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I haven’t followed it, what are the latest news?
17 posts were merged into an existing topic: HardturmstrasseBets
CS delays its annual report. That’s all I"ve heard.
I should really learn to use puts. Seems fun.
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Just saw by chance some headline in the NZZ that the US is putting its nose into CS, if I got that correctly…
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