Credit Suisse Chairman Resigns Apologizes for Breaking Swiss Covid Rules

Only nine months after being hired as the Chairman of Credit Suisse, Horta-Osorio blows it with mindless disregard. 

As he says in his own words: “I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally,” Antonio Horta-Osorio said in the statement. “I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time.” 

Another way to say “personal actions” is to say choices or decisions. Humans can make them to a degree not available to any other living creature. It is a gift of life that we can do so, but is obviously from this story, also a potential curse, depending…The question is, how can a person at Antonio’s level, in a sensitive role at a sensitive time and with all eyes upon him, be so cavalier or “mindless,” to make the choices he did??? As the King said to Anna, “Its a puzzlement! 

Antonio must have thought that the rules applied to everyone but him. There’s no other way to explain it. He certainly did not subscribe to the notion that what goes around, does come around. Maybe for others, but not for him! Even though many is the time he has said those words about some other person’s downfall, only to turn around and make these  bone-headed moves. Pity for him! I wonder if he even makes that connection, or just racks it up to unfairness, or bad luck. 

But to not be so judgmental and harsh, the fact is we all to a greater os lessor degree, forget and make decisions we may later regret. Why is that? One reason is that we’re not properly taught that the fundamental law of all nature and science is the “Law of Cause & Effect.” In other words, What Goes Around Comes Around! 

“Hey! You mean that’s really true?”

https://www.bloomberg.com/news/articles/2022-01-16/credit-suisse-names-lehmann-as-chairman-horta-osorio-resigns?sref=gM6jgoKs

Credit Suisse Chairman Resigns, Apologizes for Breaking Swiss Covid Rules

  • Swiss banking giant appoints Lehmann to replace Horta-Osorio
  • Horta-Osorio broke quarantine rules by leaving isolation early

 

Credit Suisse Group AG’s Chairman Antonio Horta-Osorio resigned after just nine months in the role, following a series of missteps including reported breaches of Swiss and U.K. quarantine rules that eroded confidence in his leadership.

His departure follows an investigation commissioned by the board, Zurich-based Credit Suisse said in a statement Monday. The bank named board member Axel P. Lehmann as Horta-Osorio’s replacement, effective immediately.

The sudden exit follows a disastrous year at Credit Suisse, in which the twin scandals of Greensill Capital and Archegos Capital Management cost the bank more than $5 billion and slashed the stock by a fifth. The former Lloyds Banking Group Plc chief executive officer had joined the bank with a mandate to repair the damage and revamp the risk-taking culture at the Swiss lender.

Day Two Of The World Economic Forum (WEF) 2020
Antonio Horta-Osorio
Photographer: Simon Dawson/Bloomberg

Details of Horta-Osorio’s quarantine breaches first emerged little more than a month ago, revealing that he had returned to Switzerland from the U.K. on Nov. 28 and left for the Iberian peninsula before a mandated 10-day period of quarantine was over.

The bank at the time said it “regretfully acknowledged” that Horta-Osorio breached quarantine rules by leaving Switzerland before his period of isolation was over.

An apparent earlier quarantine break, in July 2021, emerged in the course of an internal investigation into the Swiss breach. The executive had visited the Wimbledon tennis finals in London during that month, in contravention of U.K. Covid regulations at the time, Reuters reported.

“I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally,” Horta-Osorio said in the statement. “I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time.”

Germany's Finance Minister Wolfgang Schaeuble And Deutsche Bank AG CEO John Cryan Speak At B20 Summit
Axel P. Lehmann
Photographer: Krisztian Bocsi/Bloomberg

Horta-Osorio was widely seen as providing a firm, steadying hand at Credit Suisse after his tenure at Lloyds saved the U.K. bank from the brink of bankruptcy. But his departure may destabilize Credit Suisse further after he was brought in to work on the bank’s culture.

“We are committed to developing a culture of personal responsibility and accountability, where employees are, at heart, risk managers,” Horta-Osorio said in a statement in July when the bank published a scathing report summarizing the failures that had led to the loss incurred from the Archegos collapse. He repeated the message when the bank updated its strategy in November adding that risk management would be at the “core of our actions.”

Before joining Lloyds, Horta-Osorio ran Banco Santander SA’s British unit, as well as spending time in the U.S., Portugal and Brazil for various banks.

While CEO at Lloyds, Horta-Osorio was scrutinized by the board of directors for a potential breach of the bank’s expense policy while on a business trip after a newspaper raised questions about whether the lender had covered personal costs. The probe eventually found that Horta-Osorio had paid for his own expenses.

Lehmann was elected to Credit Suisse’s board in October and had been serving as chair of the risk committee. He joined the bank from rival UBS Group AG, where his roles included running the Swiss personal and corporate banking business. Before that, Lehmann spent nearly two decades at Zurich Insurance Group AG in roles that included chief risk officer.

The board will formally propose him for election as chairman at an annual shareholder meeting on April 29.

“We have set the right course with the new strategy and will continue to embed a stronger risk culture across the firm,” Lehmann said in the statement.


Kirkus Reviews, the gold-standard for independent & accurate reviews, has this to say about

What Goes Around Comes Around:

A stable, positive, non preachy, objective voice makes the book stand apart from others in the genre. A successful guide that uses anecdotes to reveal powerful truths about life.

~ Kirkus Reviews

“The author gives readers not just points or principles to ponder, but real human experiences that demonstrate them!
Kirkus Reviews
Buy What Goes Around at Amazon

“I’ve read a number of books that focus on sharing a similar message, including “The Secret” by Rhonda Byrne, “The Answer” by John Assaraf & Murray Smith, “The Celestine Prophecy” by James Redfield, “Think and Grow Rich,” by Napoleon Hill, and I must say that I find Rob’s to be my favorite. – Sheryl Woodhouse, founder of Livelihood Matters LLC

Credit Suisse Chairman Resigns, Apologizes for Breaking Swiss Covid Rules

Credit Suisse Chairman Resigns, Apologizes for Breaking Swiss Covid Rules

So, Chapter Two of the Jeffrey Epstein saga comes almost to a close. Almost, because we won’t know the final ending until we hear the sentencing, which is likely to be a doozie!

Sure, there will be an appeal and there have been shockers in the past, think R. Kelly in 2008. But this is not likely to be one of those.

So Ghislaine, was it worth it? The ride you had with your buddy Jeff, that is? Did the two of you simply mock the concept of Karma, Cause & Effect, What Goes Around Comes Around, different ways to say the same thing? Did you just buy his line that you were  “Teflon Twins” and they’d never get you. What?

Please tell us, explain so there’s some way to think something good and worthwhile about at least you, cause its sure hard to find in this wreckage!

Colombo Family Crime Boss and 12 Others Are Arrested, Prosecutors Say

An indictment unsealed on Tuesday accuses the organization of orchestrating a two-decade scheme to extort a labor union.

Credit…Jesse Ward

 

For two decades, the leadership of the Colombo crime family extorted a Queens labor union, federal prosecutors said — an effort that continued unabated even as members of the mob clan cycled through prison, the family’s notorious longtime boss died, and as federal law enforcement closed in.

Over time, what began as a Colombo captain’s shakedown of a union leader, complete with expletive-laced threats of violence, expanded into a cottage industry, prosecutors said, as the Colombo organization assumed control of contracting and union business, with side operations in phony construction certificates, marijuana trafficking and loan-sharking.

On Tuesday, 11 reputed members and associates of the Colombo crime family, including the mob clan’s entire leadership, were charged in a labor racketeering case brought by the U.S. attorney’s office in Brooklyn.

All but two of the men were arrested Tuesday morning across New York and New Jersey, prosecutors said. Another was surrendered to the authorities on Tuesday; another defendant, identified as the family consigliere, remained at large, prosecutors said.

The indictment accuses the Colombo family of orchestrating a two-decade scheme to extort an unnamed labor union that represented construction workers, using threats of violence to secure payments and arrange contracts that would benefit the crime family.

The charges are an ambitious effort by the U.S. attorney’s office in Brooklyn and the Federal Bureau of Investigation to take down one of the city’s five Mafia families. In addition to the union extortion scheme, which is the heart of the racketeering charge, the indictment charges several misdeeds often associated with the mob, including drug trafficking, money laundering, loan-sharking and falsifying federal labor safety paperwork.

Detention hearings for the defendants in Brooklyn federal court continued into the evening Tuesday, as they entered not-guilty pleas to the charges; prosecutors had asked the court to keep 10 of the defendants in custody.

“Everything we allege in this investigation proves history does indeed repeat itself,” Michael J. Driscoll, F.B.I. assistant director-in-charge, said in a statement. “The underbelly of the crime families in New York City is alive and well.”

Around 2001, prosecutors said, Vincent Ricciardo — a reported captain in the family, also known as “Vinny Unions” — began to demand a portion of a senior labor union official’s salary. When Mr. Ricciardo was convicted and imprisoned on federal racketeering charges in the mid-2000s, prosecutors said, his cousin continued to collect those payments.

Starting in late 2019, prosecutors said, the senior leadership of the Colombo family became directly involved in the shakedown, which extended to broader efforts to siphon money from the union: for example, manipulating the selection of union health fund vendors to contract with entities connected to the family, and diverting more than $10,000 each month from the fund to the family.

Sign up for the New York Today Newsletter  Each morning, get the latest on New York businesses, arts, sports, dining, style and more. 

Andrew Russo, 87, who prosecutors describe as the family boss, is accused of taking part in those efforts, as well as a money-laundering scheme to send the proceeds of the union extortion through intermediaries to Colombo associates. He was among nine defendants charged with racketeering.

Mr. Russo appeared in court virtually from the hospital Tuesday; he is set to be detained upon his release, pending a future bail hearing.

The family’s infamous longtime boss, Carmine J. Persico, died in federal custody in North Carolina in March 2019.

Federal law enforcement learned of the extortion scheme about a year ago, prosecutors wrote in a court filing Tuesday; investigators gathered thousands of hours of wiretapped calls and conversations recorded by a confidential witness, wrote the prosecutors, who also described law-enforcement surveillance of meetings among the accused conspirators.

The authorities said they repeatedly captured Mr. Ricciardo and his associates threatening to kill the union official. “I’ll put him in the ground right in front of his wife and kids,” Mr. Ricciardo was recorded saying in June.

On another occasion cited by prosecutors in the memo seeking his detention, Mr. Ricciardo directed the union official to hire a consultant selected by the Colombo family, saying: “It’s my union and that’s it.” Prosecutors said his activities were overseen by a Colombo soldier and the consigliere who remains at large.

Much of the activity outlined in the indictment took place while the defendants were either in prison or on supervised release for prior federal mob-related convictions. Theodore Persico Jr., described as a family captain and soldier, was released from federal prison in 2020 and, despite a directive not to associate with members of organized crime, “directed much of the labor racketeering scheme,” prosecutors said.

Mr. Persico, 58, is set to inherit the role of boss after Mr. Russo, prosecutors wrote.

Several of the defendants were named in what prosecutors described as a fraudulent safety training scheme, in which they falsified state and federal paperwork that is required for construction workers to show they have completed safety training courses.

One of the defendants, John Ragano — whom prosecutors say is a soldier in the Bonanno crime family — is accused of setting up phony occupational safety training schools in New York, which prosecutors said were “mills” that provided fraudulent safety training certificates to hundreds of people.

In October 2020, prosecutors said, an undercover law enforcement officer visited one of the schools in Ozone Park, Queens, and received, from Mr. Ricciardo’s cousin, a blank test form and an answer sheet; weeks later, the agent returned to pick up his federal safety card and paid $500.

The purported schools were also used for meetings with members of La Cosa Nostra — the group of crime families commonly known as the Mafia — and to store illegal drugs and fireworks, according to the indictment.

Mr. Ragano wasn’t charged on the racketeering count, although prosecutors also sought his detention pending trial. In addition to the racketeering count, several defendants, including Mr. Ricciardo and his cousin, were charged with extortion, conspiracy, fraud and conspiracy to make false statements.

William K. Rashbaum contributed reporting.

Correction: 

An earlier version of this article misstated the number of people identified in an indictment as members of the Colombo crime family. It is 11, not more than a dozen.