Credit Suisse wrapped up a second official case of spying on one of its own executives. The probe raises more questions than it can provide answers – finews.com looks at the most important.
Credit Suisse tied up a second spying probe in record time: less than a week after explosive revelations by a Swiss newspaper, the bank concluded that the same person was to blame as with the first probe two months ago.
The Swiss bank's attempt to tidy up the scandal raises more questions than answers it provides. Swiss law firm Homburger, which also conducted the first probe into spying on former Credit Suisse top banker Iqbal Khan, doesn't cover itself in glory for helping the bank's cack-handed attempts to bury the scandal.
The probe (over another probe) still leaves much unresolved. finews.com on the seven most obvious:
1. Contradictory Leaders
The scandal has underscored the long-simmering brinkmanship between Chairman Urs Rohner and Tidjane Thiam. The CEOs’ comments to Swiss broadcaster RTS (in French) when he denied knowledge of the Khan scandal are alarming: «…it’s a legitimate weapon that the bank sometimes, unfortunately, has to use to protect its business.» How does this square with Credit Suisse’s most recent official line that it «firmly rejects a culture of observation» as «unacceptable and completely inappropriate»? The duo’s uneasy leadership doesn’t bode well for the bank.
2. Spygate Emboldens Others
Not just Iqbal Khan and Peter Goerke – U.S. lawyer Colleen Graham also alleges she was followed, after a spat with Credit Suisse. The series of «coincidences» and the public and regulatory pressure it has created are likely to embolden others – should more incidents of spying exist – to come forward. Time will tell whether the two known and one alleged surveillance cases are isolated, or whether a cascade of similar cases emerges.
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