Banco Espirito Santo E ADROTCPK - Current
Aug. 18, 2014, 3:21 AM
- The WSJ reports that Credit Suisse (NYSE:CS) played a large role in assembling the billions of dollars in securities that were issued by offshore investment vehicles of Banco Espirito Santo.
- Regulators have already identified at least four offshore investment vehicles whose securities were sold with the help of Credit Suisse to Banco Espirito Santo customers.
- Portuguese authorities, who received complaints about the products from customers who didn't understand what they were buying, are now making Espirito Santo buy back the securities, resulting in heavy losses for the bank.