Credit Suisse asks investors to destroy oligarch loans documents

or if you want to actually support proper journalism.

Credit Suisse then themselves loaned money from hedge funds offering a very good return and using the scumbags loans as security. To prove that they had security for those loans they sent pictures of the boats and planes to the hedgefund.

Then someone told a newspaper that Credit Suisse was loaning money to scumbags.

To make this less embarrasing Credit Suisse is now asking the hedgefund to throw away the picures of the boats.

It is the messiest, least competent, most corrupt entity I've ever worked with or known anyone to work with, ever.

Just to get it right, it's not one entity, either. We were signing documents with them and it turned out they had dozens of entities, just for the little area they were servicing my hedge fund with. A total mess, huge amount of paperwork, nobody knew why you do the shares with this CS and the derivatives with the other CS.

Another story is they literally cannot calculate their risk for several days after trading has happened. My friend told me this, I nearly choked on my food thinking "how can it take several hours". And then he corrected me, he actually meant days, not hours.

Another story is they had a trading desk that was making a lot of money on low risk. Ideal situation. The little boss decided to throw more costs onto the desk, because apparently it can happen that another boss comes and grabs the profitable teams for himself. The big boss looks at the losses, fires the team. Year and a half later my buddy gets a call about coming back.

Add to that the soap opera involving the executive suite wives, money laundering, huge losses from Archegos back to the GFC, and so on. Sounds like a parody of a bank.

Better to hold the loan, mark down the value, and once / if things normalize, go after the loan including any failed payments.

In order to spend money you need the private keys. No way around it, even with 51%. What you can do with 51% processing power is rewrite history. You start a parallel chain where the oligarchs never received their money. When your chain accumulates more processing power it will in theory be accepted as the canonical chain. Now there are a few problems here. First the simpler one: If you want to rewrite any significant amount of history, say undo a transaction from a year ago, you will need more than 51% to achieve it in a reasonable time. Think of two runners, one is a few percent faster, the other has a year long headstart. It will take very long to overtake. With 66% of computing power you can do it in a year*. Renting that much power for that long year would be extremely expensive. Second problem. It's highly doubtful that people would just quitely accept such a huge rewrite.

* Assume the rest of the chain has processing speed X. If you have speed 2X then it works out to 66%. One year of 2X power equals two years of X power, catching up with the 1 year headstart.