Credit Suisse vs Super Bowl
The Super Bowl is to Americans as Christmas is to Children.
I am in enough trouble for saying those words.
Today on Facebook, Credit Suisse is trending among the vibrant topics of the Super Bowl.
Many critics are showing their disapproval for Tidjane Thiam's request to Credit Suisse's Board of Directors to reduce his bonus salary by 11%.
The article as written by John Letzing in the Wall Street Journal, insinuated that the request by Mr. Thiam was not a request per se but rather it was Credit Suisse's Board of Directors' unanimous decision to reduce the 2105 bonus pool of its employees by 11%.
Ouch!
A person reading the article may be tempted to think that Mr. Thiam is lying about his request to reduce his bonus by 11% and that he was following his company's mandated decision. Furthermore, such an insinuation imputes some negative press on Credit Suisse's company governance abilities as it causes right thinking members of society to ask themselves:
Why would the CEO of Credit Suisse, a reputable international bank, lie about requesting a reduction of his salary?
Is it a matter of the Board of Directors of Credit Suisse taking disciplinary decisions against the CEO for the Bank's horrible financial performance?
Is Mr. Thiam to be blamed personally for Credit Suisse's financial losses?
What is Mr. Thiam hiding from the public in respect of Credit Suisse's future financial performance?
Can the investors and patrons of Credit Suisse trust Mr. Thiam as CEO?
Can investors and patrons of Credit Suisse worry about their investments in the Bank?
I find it troubling that Wall Street Journal, a reputable financial institution, would allow Mr. Letzing to report the sub standard financial performance of Credit Suisse in a manner which imputes that Mr. Thiam is less than capable to manage Credit Suisse. This is the point of contention which the article advocates; neither Editor nor writer can argue against it.
Mr. Letzing knew his article had a strong point of contention against Mr. Thiam's performance as CEO. As the author, Letzing attempted in futility to later state that Credit Suisse's poor performance was due to " turbulent markets, tighter regulations and low interest rates."
The mediocre reporting by Wall Street Journal in effect took pokes at Credit Suisse at a point when its financial stability is questioned.
In an evolved society, especially in the realm and capacity of financial advise, one ought to know better than to admonish and belittle a person and its associated business institutions, when he may be experiencing difficulty. It is an ignoble gesture. It shows 'guttered minded thinking' which is non essential to progressive corporate practice.
Wall Street Journal's mediocre reporting has led to countless persons on social media to criticize Mr. Thiam's noble gesture to his colleagues and Credit Suisse.
This comes as no surprise to the global Corporate community.
Wall Street Journal and all other related American Corporate entities despised Credit Suisse.
It is the only Bank which stood its ground against America and its FATCA/AML/CFT Regulations.
Credit Suisse preferred to pay $2.6 Billion in fines to the American Government rather than disclosed its members information under the FATCA related legislation. It is pellucidly apparent that since the fines were paid by Credit Suisse, other banks followed suit.
The larger picture of the situation is the fact that although America thought it would have received its annual retirement fund from Credit Suisse and banks which preferred to pay its fines, America did not factor into the equation its own poor economic performance in 2016.
Oil prices are also tumbling low. There are food and drought issues throughout the world which will affect America and its economic production for the months ahead in 2016.
Therefore, Wall Street Journal nor Mr. Letzing should be gloating that one of the world's reputable and monetarily well endowed banks, is experiencing financial difficulty.
Wall Street Journal and Mr Letzing should advise the American populace on the various survival strategies to aid them during their apparent economic depression. Financial speculation and tossing around imputations and insinuations about financial entities which do not agree with the American brand of commerce does not aid the American economic reality.
Intelligent persons are waiting to see what the Wall Street Journal will produce in the coming months.
