“It is unacceptable that Credit Suisse’s board of directors get away with it.” The complaint is by Thomas Minder, member of the Swiss Council of States and father of the initiative against abusive remuneration, according to which directors should be severely punished in these cases. The senator also criticizes the rescue of UBS: “The bank should have let it go bankrupt”. “It is unacceptable that these people are not prosecuted in case of errors and misconduct of this type”, says Minder in an interview with Blick. For the councilor of Schaffhausen (independent, but from the UDC group) “it is not only about stupidity, but about criminal energy”. “If I had enough money, I would launch a new grassroots initiative,” he says. Until now, Minder continued, referring to the 2008 bailout of UBS and the 2001 “grounding” of Swissair, no one has had to answer for what happened. “We need a responsibility of the executive bodies that also involves their private assets”.
Asked whether the Swiss Financial Market Supervisory Authority (FINMA) or the SNB should not have intervened earlier, Minder replied by underlining that “the main responsibility lies with the board of directors of Credit Suisse”, which must now assume its responsibilities. Instead, Minder is highly critical of the Swiss Confederation. Bern, instead of solving the “too big to fail” problem, agrees that two giants merge to create something even bigger. “Yet it is the big banks that are shaking the global economy,” he argues.
For Minder, making public money available is “a big mistake”. The Confederacy should not have bailed out “such an idiotic company!” According to the senator, there is no doubt: “A bank should be able to fail, like all other companies”. For Minder, the agreement announced on Sunday “is almost an expropriation by emergency law”. Everyone will suffer the consequences, because AVS and pension funds also invested in Credit Suisse. «I myself own some shares to be able to express myself at the general meeting. But the board of directors is primarily responsible for this disaster,” argues Minder, who uses very harsh tones after the bank failures.
Source: IL Tempo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
