January 31, 2023
  • 2:02 am Texas Supreme Court on a Knife Edge: Highland Capital v Credit Suisse
  • 5:19 am CS Pensions Waiver Runs Out
  • 2:07 am Explainer: Swiss Law Protects Crime
  • 2:06 am Credit Suisse infiltrated government, received billions of dollars
  • 2:05 am CS on the Brink of the Abyss: Traders Run Amok

Credit Suisse’s waiver to manage Dept of Labor (DOL) pensions will expire on 20 November 2019

It needs an extension to continue. It should have applied by now – the last one took 16 months to process.

As a criminal bank, it cannot manage DOL pension funds without a waiver.

The DOL imposed special conditions on Credit Suisse for its first waiver, thanks to the public submissions and hearing:

The most egregious of the CS asset managers (QPAM’s) is Credit Suisse Securities (USA) LLC (CSS), f/k/a Credit Suisse First Boston.

CSS did not participate in the public hearing but instead engaged the now-discredited Podesta Group in private lobbying of the DOL & the Senate during that period – according to its LD-2 Disclosure Form.

Podesta Group has since shut down following revelations that it was secretly acting for foreign agent/s, being questioned by Mueller, was involved with Paul Manafort (as well as the Clinton crowd!).

That lobbying raises several issues:

  1. Why did CSS exclusively use secret arguments via Podesta Group concurrently with a public hearing specifically set up so that such discussions would be public?
  2. That public hearing discussed the fundamental question of why CSS with its shocking track record should be permitted to manage pensions when regulations forbid such entities from doing so.
  3. CSS made no public defense of its position but was still granted a waiver.
  4. Three years ago, I submitted a FOIA request to the DOL for details of this lobbying. So far NOTHING has been found. After 2 appeals against closing this search, they are still looking.
  5. In granting the CSS waiver, the DOL emphasized that fiduciaries must do their own diligence in choosing whether to hire and/or retain CSS as a QPAM service provider, after taking into account the relevant criminal and civil matters.
  6. The DOL decision stated, quote: “However, the fiduciary of a plan or IRA should consider the involvement of the Credit Suisse QPAMs in a private controversy (as well as a criminal investigation) in its determination as to whether to hire and/or retain a Credit Suisse QPAM as a service provider.”
  7. The Supreme Court made fiduciaries liable for neglecting this duty (in Tibble et al. vs. Edison International on May 18, 2015): “Plan fiduciaries’ duty of prudence includes a continuing duty to monitor investments”.
  8. By “coincidence”, Senator Ron Johnson sent his infamous letter “harassing” the DOL at the same time as the CSS lobbying. That letter reads as if it had been instigated or written by CSS.
  9. That letter is in direct contradiction of Sen. Johnson’s Iran policy. Senator Johnson is a vocal public critic of Iran as a “state sponsor of terrorism” but also a recipient of political donations from CSS. Credit Suisse and its QPAM’s (including CSS) helped finance the nuclear program of Iran in a massive billion-dollar criminal money laundering operation.
  10. CSS was recently found to have committed fraud in its real estate dealings and ordered to pay around $245 million.
  11. CSS is appealing the payment order but not the finding of fraud.
  12. CSS court documents say that its extensive disclaimers permitted such fraud.
  13. CSS court documents are of an intimidating nature, threatening that businesses require courts to uphold contractual disclaimers (including the “right to do fraud”) if businesses are to continue operating in that jurisdiction (here “business friendly” Texas).
  14. Simple summary: long-time fraudster CSS demands the right/entitlement to do fraud.
  15. Why would the DOL even think that CSS would uphold the high standard of integrity required of QPAM’s?

Chris Wray was the Lead Attorney representing Credit Suisse in its criminal conviction. Trump later appointed him Director of the FBI replacing James Comey, who was dismissed by Trump on May 9, 2017.

There will be a comment period when the waiver extension
proposal for Credit Suisse is published. You can request another public hearing.

Contact me if interested in participating. The bank’s deceptions in getting its first 5-year waiver need to be exposed.