While the title may sound like clickbait, Credit Suisse, a giant Swiss Investment Bank headquartered in Zurich, Switzerland were in fact found guilty of looting the African country called Mozambique. According to reporting from Bloomberg, Credit Suisse “agreed to pay almost $475 million to resolve multiple investigations into its role in a fundraising scandal that saw hundreds of millions looted from Mozambique and tipped the country into economic crisis.”
This is just another example of the glaring hypocrisy of the elites that furl their brow while parroting the “crypto is for criminals” narrative. They do this, and try to sully the reputation of digital assets while the economic system they prop up is literally looting nations, and admitting it. Why do they do this you may ask? It’s because they are on the take from the these mega banks, as their plasticine system of course encourages, fosters, and breeds this type of ungodly corruption. And any country who doesn’t want to play the fiat monopoly game, will face consequences.
So what happened exactly? Well, Mozambique is one of the poorest countries, and of course Credit Suisse saw that as an opportunity to bring their best practices to the African country, namely parasitism. $2 billion dollars worth of “debt deals” to fund a new coastal patrol force and tuna “fishing fleet” was the rug pull that Credit Suisse did on Mozambique.
According to Bloomberg, “The bank deceived investors by hiding information about the use of the proceeds of three debt offerings from 2013 to 2016, prosecutors said Tuesday. Credit Suisse bankers received $50 million in kickbacks that were hidden from other members of management, part of at least $200 million in “improper payments” and bribes, the U.S. said.”
Credit Suisse Group AG has agreed to pay nearly $475 million to the U.S. and U.K authorities, including nearly $100 million to the Securities and Exchange Commission, for fraudulently misleading investors and violating the Foreign Corrupt Practices Act (FCPA).
— SEC (@SECGov) October 19, 2021
Bribes, kickbacks, deceit; all part of the common fiat vernacular–par for the course. Fortunately, they have been forced to cancel the $200 million dollars in debt that Mozambique owed them. This is just one of numerous “scandals” that Credit Suisse has pulled off, thanks to the rotten fiat system. They were also “forced to freeze $10 billion in supply-chain finance funds this year related to defunct finance company Greensill Capital.”
The bank has also been caught spying on their own executives from HR, according to Bloomberg. These banks have become outright feudalistic empires. This is the era of techno-feudalism. The lawyers representing Mozambique said: “The Republic of Mozambique welcomes the admission by Credit Suisse to regulators today of criminal wrongdoing. The scam was to “get Mozambique to borrow billions of dollars and overpay for dubious maritime projects.”
And what has come of these projects? Nothing. “The tuna fishing boats they paid for are yet to operate and are rusting in the port of Maputo, the capital.” This whole rotten deal with Credit Suisse made the country go belly up, because the IMF pulled their support for the country when they disclosed these loans with Credit Suisse.
Mozambique defaulted on almost $1 billion worth of bonds subsequent to the deal, and inflation rocked the already poor country. Funny enough, Credit Suisse, a bank, claimed they were themselves “deceived by rogue bankers.” You can’t make this stuff up. One man, Andrew Pearse, pocketed $45 million in FIAT for his role in the deal.
But this will be forgotten about, and the bank will continue on, with billions to fight in court, their tentacles are too hard to unwind–they are the system, we are lucky we can even hold these banks accountable at all, with how powerful they really are. They will continue to say crypto can be used illicitly and is, but we have a rebuttal; did Bitcoin, or any other crypto asset’s blockchain literally loot an entire country? I’ll wait.
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