, unlike some other financial centers such as Britain where senior managers can face criminal sanctions.
Greens lawmaker Gerhard Andrey said managers should take responsibility and Switzerland should look at its regulations, with the Credit Suisse debacle putting the country “in a very difficult situation.” “The industry has a trust issue, not because the sector as a whole isn’t trustworthy, but a few organizations put it in a very bad position,” he said.So far, there hasn’t been large-scale public outcry.
One passerby who declined to give his name said, however: “After all the management mistakes and the huge bonuses, let them collapse. It’s over.”has put another dent in the Swiss armor of financial stability.
Source: Loan Digest (loandigest.net)
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