Meltdown by Duncan Mavin
The provided text features excerpts from Duncan Mavin’s "Meltdown," a book chronicling the long-term decline and eventual collapse of the global financial giant Credit Suisse. Mavin traces the bank’s history from its 19th-century origins under founder Alfred Escher to its modern struggles with scandals, risky leadership, and cultural friction between its Swiss and American divisions.
The narrative details a series of high-profile failures, including the Chiasso Affair, involvement in Nazi-era accounts, and the aggressive expansion into Wall Street investment banking. Key figures such as Rainer Gut, Allen Wheat, and Frank Quattrone are highlighted as architects of a high-risk strategy that prioritized growth over ethical oversight.
Ultimately, the source portrays the bank's ruin as a gradual erosion of trust that culminated in a sudden, digital-age bank run and a forced takeover by its rival, UBS.
