OTS: Börsen-Zeitung / silent partial nationalization, commentary on Credit Suisse … | news
Silent partial nationalization, Commentary on Credit Suisse by Daniel
Zurich (ots) – The largest shareholder of Credit Suisse is with a stake of
9.9 percent recently the Saudi National Bank. It mostly belongs to him
Saudi royal family or the state institutions of the
sheikdom. This fact can be disturbing for good reasons. The of
Societal values upheld by Saudi Arabia and derived from them
namely, the country’s political actions have little to do with the democratic
Value system of Switzerland or generally with the value system of the western world
However, this moral criticism is dubious insofar as it is based solely on the credit
Suisse refers. The Saudis’ petrodollars are stuck in numerous, after all
well-known companies in almost all western industrialized countries: in the American
Delivery service Uber, in the French hotel chain Accor, in the British
football club Newcastle and in the Japanese technology group Softbank.
Saudi Arabia operates one of the largest sovereign investment funds in the world,
and everywhere in the old industrial countries the capitalists say they are whole
obviously: money doesn’t stink. But they too had every reason to
Saudi investments and currently just that at Credit Suisse critically
evaluate. Basically, Credit Suisse is now a partially nationalized company
Bank. About 15 percent of the shares belong to the Sheikhs of Saudi Arabia and
As is well known, the success of a free market economy is not based on one
central plan, but on the self-interested initiative and risk-taking
many individual actors. Experience teaches us for more than one
Century that this seemingly chaotic system the best results for
bring about general prosperity.
It should make us think that the sovereign wealth funds in the world are among the largest
Investors have risen in many western economies. in the
Sovereign wealth funds closed 60 percent more transactions last year
than the average of the previous five years. The investment volume is
up to $72 billion, and it’s apparently getting broader.
Technology and consumer goods companies are now responsible for around a third
of investment by sovereign wealth funds, as reported in the International’s annual report
Forum of Sovereign Wealth Funds.
This development does not bode well for the state of market economies
according to the democratic, western cut. And sadly, that bodes well
Saudi involvement does not bode well for Credit Suisse in the long term.
That’s how the legendary Zurich politician and businessman Alfred Escher had it
certainly not imagined when he founded Credit Suisse 166 years ago
had taken in hand. The first with half German participation
The bank created was the financing vehicle for the construction of the
Swiss railway network and a kind of monument to those liberal circles who
founded modern Switzerland in 1848. Had to take place these days
Saudi Arabia the Swiss state with 9.9 percent of Credit Suisse
involved, there would be a national outcry on both the left and the right
political camp – and rightly so.
Stock exchanges newspaper
Further material: http://presseportal.de/pm/30377/5377962