{"id":1886658,"date":"2023-03-14T10:26:34","date_gmt":"2023-03-14T14:26:34","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/banking-crisis-widens-as-credit-suisse-shares-plunge-on-alarming-annual-report\/"},"modified":"2023-03-14T10:36:32","modified_gmt":"2023-03-14T14:36:32","slug":"banking-crisis-widens-as-credit-suisse-shares-plunge-on-alarming-annual-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/banking-crisis-widens-as-credit-suisse-shares-plunge-on-alarming-annual-report\/","title":{"rendered":"Banking Crisis Widens As Credit Suisse Shares Plunge On Alarming Annual Report"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbanking-crisis-widens-as-credit-suisse-shares-plunge-on-alarming-annual-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1886658&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Fears of the <a href=\"https:\/\/www.dailywire.com\/news\/ben-shapiro-heres-why-silicon-valley-bank-collapsed\/\" target=\"_blank\" rel=\"noopener\">U.S. banking crisis<\/a> Credit Suisse shares plunged after news of its delayed annual report revealed that the global credit giant could be expanding. &#8220;material weaknesses&#8221; in its balance sheet for two years.<\/p>\n<p>Following Tuesday&#8217;s release of the report, which acknowledged its largest annual loss since 2008 financial crisis, shares of the Zurich-based international financial company plunged nearly 5% to a new all-time low in premarket trades. It also revealed that customer withdrawals rose in the fourth quarter. Since last week&#8217;s report, bank stocks have been in turmoil. <a href=\"https:\/\/www.dailywire.com\/news\/regulators-shut-down-major-tech-bank-after-run-on-savings\/\" target=\"_blank\" rel=\"noopener\">Bank of Silicon Valley collapses<\/a> Signature Bank in New York, and the smaller Signature Bank.<\/p>\n<p>&#8220;My prediction, I called Lehman Brothers years ago, and I think the next bank to go is Credit Suisse because the bond market is crashing,&#8221; Robert Kiyosaki is an investor and the author of The Best-Seller Book. &#8220;Rich Dad, Poor Dad,&#8221; <a href=\"https:\/\/video.foxbusiness.com\/v\/6322500717112#sp=show-clips\" target=\"_blank\" rel=\"noopener\">Fox Business Network Monday night<\/a>.<\/p>\n<p>An earthquake would result from the collapse of Credit Suisse, the eighth-largest global investment bank and provider of all types of private banking services.<\/p>\n<p>According to the bank&#8217;s annual report, its internal and external controls on financial reporting were not effective as of December 31, 2022 or 2021. <a href=\"https:\/\/twitter.com\/CreditSuisse\/status\/1623559023260827651?s=20\" target=\"_blank\" rel=\"noopener\">The report<\/a> Although it was due last week; however, it was delayed by last-minute talks between the Securities and Exchange Commission and its Cash-Flow Disclosures.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p dir=\"ltr\" lang=\"en\">Credit Suisse sank to an all time low after increasing deposit rates to reverse bank run <a href=\"https:\/\/t.co\/mSEd50Ci2J\">https:\/\/t.co\/mSEd50Ci2J<\/a><\/p>\n<p>\u2014 zerohedge (@zerohedge) <a href=\"https:\/\/twitter.com\/zerohedge\/status\/1631344901672640531?ref_src=twsrc%5Etfw\">March 2, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&#8220;The material weaknesses that have been identified relate to the failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements in its financial statements and the failure to design and maintain effective monitoring activities,&#8221; In a statement, the bank stated.<\/p>\n<p>Although the bank claims that withdrawals have been slowing since it increased interest rates on deposits, the statement scared investors and could result in a run-on deposits like that which brought down Silicon Valley Bank. Credit Suisse&#8217;s troubles began well before the current banking crises. Since March 2021, the company&#8217;s stock prices have fallen more than 80%.<\/p>\n<p>A panic-driven run of deposits can&#8217;t be stopped by banks because a lot of the money that depositors have in such cases is invested. Silicon Valley Bank&#8217;s case involved billions invested in long-term U.S. Treasury bonds and corporate bonds. These assets lost value when the Federal Reserve raised interest rates aggressively to combat inflation.<\/p>\n<p>Silicon Valley Bank invested more than half its assets in Silicon Valley Bank\u00a0<a href=\"https:\/\/s201.q4cdn.com\/589201576\/files\/doc_downloads\/2023\/03\/Q1-2023-Mid-Quarter-Update-vFINAL3-030823.pdf\" target=\"_blank\" rel=\"noopener\">Fixed-income Securities<\/a>U.S. Government bonds, and many other securities. These securities will drop in value if they are sold before maturity to repay depositors who were scared. Silicon Valley Bank was forced into this when customers attempted to withdraw more than $40 Billion last week.<\/p>\n<hr \/>\n<p>&#8220;From <a href=\"https:\/\/www.dailywire.com\/news\/banking-crisis-widens-as-credit-suisse-shares-plunge-on-alarming-annual-report\">Banking Crisis Widens As Credit Suisse Shares Plunge On Alarming Annual Report<\/a>&#8221;<\/p>\n<hr \/>\n<p><span style=\"font-size: 11px;\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fears that the U.S. banking crisis could go global widened early Tuesday as lending giant Credit Suisse shares plunged on news its delayed annual report found \u201cmaterial weaknesses\u201d in its balance sheet over the last two years. Shares in the Zurich-based international financial giant dropped nearly 5% to an all-time low in pre-market trading after<\/p>\n","protected":false},"author":729,"featured_media":1886657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[6531,3888,14689,6178,6170,4889,3819,4790,18299,21377],"class_list":["post-1886658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-alarming","tag-annual","tag-banking","tag-credit","tag-crisis","tag-plunge","tag-report","tag-shares","tag-suisse","tag-widens"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1886658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/729"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1886658"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1886658\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1886657"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1886658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1886658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1886658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}