Credit Suisse shares hit an all-time low in early Tuesday trading after the Swiss banking giant admitted to discovering “material weaknesses” in its financial reporting over the past two years.
Credit Suisse said the outreach from SEC officials was linked to a “technical assessment of previously disclosed revisions to the consolidated cash flow statements in the years ended December 31, 2020, and 2019, as well as related controls.”
Rich Dad Company co-founder Robert Kiyosaki – an investor who correctly predicted the downfall of Lehman Brothers in 2008 – was among the market experts who “The problem is the bond market, and my prediction, I called Lehman Brothers years ago, and I think the next bank to go is Credit Suisse,” Kiyosaki said during a Monday appearance on Fox Business Network.
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