Marc Chesney, author of A Permanent Crisis, secures national coverage for his analysis of Credit Suisse's collapse
Financial expert and author Marc Chesney has received national coverage with a penetrating analysis of Credit Suisse’s shocking collapse.
Chesney, Professor of Mathematical Finance at the University of Zurich, says that the fall of Switzerland’s second-largest bank has exposed “the bankruptcy of a casino finance system”.
He has contributed an exclusive thought-leader article to national topical news website The London Economic, ‘Credit Suisse: The Party is Over’, that examines the timeline to the investment bank’s collapse.
Drawing conclusions from Credit Suisse, which collapsed last month before being bought by rival UBS for approximately $3.3billion USD), he blames the situation on a culture defined by “excesses of finance” and “roulette-wheel spinners”.
Marc Chesney, Professor of Mathematical Finance at the University of Zurich, has analysed the recent collapse of investment bank Credit Suisse and concluded it was ultimately due to a “casino finance system”.
Professor Chesney is the author of 2018’s A Permanent Crisis: The Financial Oligarchy’s Seizing of Power and the Failure of Democracy ( Palgrave Macmillan).
In the article, which was originally published in Swiss French-language daily newspaper Le Temps, he draws parallels with the collapse of Lehman Brothers and the Global Financial Crisis of 2008.
Now, as then, those ultimately responsible are the “political elite” and “the academic world, which, too often, has shown an unwarranted complacency towards the biggest financial institutions”, he says.
Warning about the danger of a new global banking crisis, he says that “Citizens must be vigilant, otherwise the decadent parties, the inevitable and messy crashes, and the taxpayer-backed clean-ups will keep repeating.”
The London Economic article by Professor Chesney, who is the author of 2018’s A Permanent Crisis: The Financial Oligarchy’s Seizing of Power and the Failure of Democracy, has travelled widely since its publication on Friday, leading to an interview with American national news outlet ABC News.