Dr Morjanoff instigated a public hearing into Credit Suisse’s waiver application following its 2014 criminal felony conviction. This followed extensive correspondence with the US Department of Labor and relevant journalists who then inspired Congress lawmakers to become involved.
US law states that a criminal bank is barred from managing ERISA pension funds without a waiver. This would have deprived Credit Suisse of access to trillions of dollars of pension assets.
Dr Morjanoff testified at the extraordinary public hearing in Washington DC in 2015, and again on 17 Nov 2022
Our team made multiple submissions to the DOL which culminated in the removal of the bank’s right to manage ERISA pension funds a year before the bank’s collapse.
The protected the pension funds and allowed an orderly exit well before the crisis.
The DOL then proposed basic reforms to allow it to execute its duty. The financial industry almost unanimously opposed these essential reforms.
A short summary is published HERE.
Official downloads 2022:
Transcript of proceedings – Dr Morjanoff’s testimony is on pages 81 – 88.
Public Hearing Agenda
Letter sent to Credit Suisse for comment including his DOL testimony
Official downloads DOL Public Hearing:
Transcript of proceedings – Dr Morjanoff’s testimony is on pages 47 – 62.
Outline of Topics – Dr Morjanoff
First Public Submission – Dr Morjanoff
Second Public Submission – Dr Morjanoff, James Henry (TJN), Andreas Frank and T Blixseth
Media Articles Quoting Dr Morjanoff:
The Financial Times: “The bank was gambling with its banking licence but the [labor department] doesn’t have to gamble with pension funds by granting the exemption”
Bloomberg: “Media, government and public have become numb to financial atrocities”
Credit Suisse was sentenced for its criminal conviction at the Alexandria court in the Eastern District of Virginia. Dr Morjanoff submitted a detailed report which Chief District Judge Rebecca Beach Smith ruled would be considered by the court in sentencing.
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