Swiss prosecutors file charges against Credit Suisse and UBS over tuna bonds scandal
Guardian3 days
UBS, Credit Suisse Charged in Mozambique Tuna Bonds Scandal
Above: The UBS and Credit Suisse logos on the door of a UBS branch in Basil, Switzerland, on May 5, 2025. Image credit: Fabrice Coffrini/Getty Images
The Spin
Pro-establishment narrative
UBS's stance shows that even amid legacy issues inherited from Credit Suisse, major banks can and do cooperate with global regulators while defending due-process norms. Compliance failures must be addressed, yet it's important to distinguish past lapses from the strong wealth-management and risk-control frameworks UBS has built, especially across Asia's fast-growing markets.
Establishment-critical narrative
Labeling private credit as harmless ignores how concentrated financial power repeatedly escapes real accountability. When institutions like Credit Suisse can plead guilty to billion-dollar crimes yet receive SEC waivers to continue business, the issue isn't 'shadow banking,' but scale. Calling this a free market is wishful thinking, as unchecked capital already operates beyond meaningful consequence.