Editorial on the strength and weakness of Credit Suisse PUK: With the banker’s beard

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A former senior executive at Credit Suisse now has a beard. We don’t know what caused the eponymous celebrity to grow facial hair – is this a reflection of her retirement? Does he go fishing, make plaster sculptures, raise bees? Or is the early retiree worth millions more recently identified with Silicon Valley’s doomsday? Flirting with America’s tech wonders, unshaven demigods in white sneakers?

After all, the stubble is back in fashion, and the times when Privy Councilor Goethe described a beard as a meaningless sexual trait that should have nothing to do with the face are long gone.

One thing is for sure: the new white glamor on the aforementioned Swiss businessman’s face shows his distance from the clean-shaven and suited bankers of Paradeplatz, to which he belonged until recently. When the state sold CS to UBS in an emergency on March 19, what catapulted him into the bogey league is a deliberate break from his professional past. A group of highly paid captains had driven Alfred Escher Bank 176 years later into the abyss.

The possibly intended side effect of this beard is camouflage: the former CS man is no longer so easily recognized in public; facial hair becomes a protective fence against social exclusion.

The beard also serves as a metaphor in the media business: if a story has a “beard” then it’s old, then grass has grown on it. And this is fast. Crypto leaks, corona lockdown, recklessness from the Berset department – was there something? The caravan advanced. So maybe one day it will happen in the CS debacle.

The Parliamentary Investigation Commission (PUK), which started its work on Friday, wants to prevent this. It is not yet clear whether their efforts will result in more than a few recommendations to reform financial center regulation. It is not even certain whether those responsible for the wreck, namely the managers of the bank at the time, will appear for questioning. Our bearded man will be able to await the PUK investigations in cold blood.

Source :Blick