The resignations occurred one after another at Swiss Bank Credit Suisse. This was one of the most striking news in the economics headline of the second day of the week. The bank announced a $ 4.7 billion loss due to a hedge fund transaction, but the work didn’t end there.
Then the managers of the bank’s investment banking and risk management units collectively resigned. The bank is now looking for the formula to cover the loss. In addition, following this incident, the bank’s value on the stock market has decreased by 25 percent since March 1.
Now what do you say about this? So we have to ask some questions. Isn’t this money the money of shareholders and bank depositors? Then it does not belong to the administrators.
What is an illegal situation? nor embezzlement or open favoring of some companies. In other words, a big loss occurs due to wrong decisions made in normal business logic.
So what happens next? Not only the person in charge, but all the executives who are responsible at that moment are resigned or obliged to do so. So is $ 4.7 billion and a 25 percent depreciation important?
Wherever you go in the world, if such a loss has occurred due to wrong investment decisions, that decision maker’s ticket will be cut. Does this number mean anything to you?
It’s not like that? So does $ 128 billion make sense? The questions of where this money is used, of what currency and for whom remain unanswered, do they not?
In an environment where we could not find where the 128 billion dollars was covered, much less responsible, only 3.7 percent of the resources that were spent as our property and without a coherent explanation brought resignations.
Let’s also look at the loss of value. How much has the TL depreciated against the dollar between the state of this money before it was spent and after it was spent? After spending $ 4.53… $ 128 billion on July 10, 2018, what is the exchange rate at the point where the Albayrak period ends? 8.52… What is it today? It comes and goes between 8.10 and 8.15.
We do not know how long it will stop here. But from the moment the redacted text lost 100 percent against the dollar, we see that the size of Turkey’s economy.
Let me recall the numbers and the incident again. Credit Suisse: Loss is $ 4.7 billion; Turkey’s 25 percent depreciation: Damages: $ 128 billion; 100 percent loss of value Is there a waiver for this reason? No. Is it clear where the damage was done? No.
Remember there was a scene in Yılmaz Erdoğan’s Organize İşler movie. The Superman character Tolga Çevik, in his first job, hands over the vehicle to the so-called customer and comes to the character played by Erdoğan. The dialogue is this:
“Where’s the car? On the customer … Where’s the money? Will they give it tomorrow? Where’s the car? On the customer. Where’s the money? They’ll give it tomorrow.” Where is the money anyway?