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Brady Dougan had a volatile few days. Aggrieved CS creditors in the US filed a class action suit against the banker who ran CS from 2007 to 2015, believing that he was partially responsible for the bank’s downfall and financial loss.
The lawsuit, filed in New York, targets other former CS majors, including Thomas Gottstein, Tidjane Thiam and CFO David Matters. Things are not going well for Dougan with his private investments, either.
Exos, the investment firm he founded in New York after leaving CS in 2017, is not moving, but has had to cut costs and lay off staff in recent weeks due to failure.
In a report in “Forbes” magazine, Exos Financial employees gossiped about non-payment and non-payment of their wages, Dougan announced in his mission statement when it was founded that it would one day be the leading fintech platform to compete with Goldman Sachs. . “I want a company that people will point to in a few years and say, ‘This is how it should have been done a long time ago,'” said the founder and boss.
Stocks fell by a third
And the truth: failure. Like Credit Suisse, the company was involved in the Spac vehicle business, which went bankrupt last year. With the rise in interest rates, the Spac business exploded; He later invested in crypto mining in Paraguay, but was left with nothing to do with rising energy costs and collapsing crypto prices.
Then things got tough at biotech company Humacyte, a company that developed artificial human skin and was founded by Dougan’s second wife, Laura Niklason. Niklason is a professor at Yale University and is considered a star on the US biotech scene. Doğan sits on the company’s board of directors and has tens of millions of investments.
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This article was originally published on the paid service of handelszeitung.ch. Blick+ users have exclusive access as part of their subscription. You can find more exciting articles at www.handelszeitung.ch.
But Humacyte hasn’t made a breakthrough so far, as can easily be seen from its share price: the biotech company has lost a third of its value since 2021. Dougan also seems to be losing his patience: he has sold some of his shares in the past few weeks.
A small consolation might be to win the Mega Millions lottery, in which Brady Dougan collected $10,000 in a single ticket in mid-March. Dougan declined to comment.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
