Trader Errors Spur $2.85B Credit Suisse Write-Down

Law360, New York (February 19, 2008, 12:00 AM EST) -- Credit Suisse is continuing an internal review after discovering a series of pricing errors that contributed to $2.85 billion in new write-downs that have reportedly sliced $1 billion from the banking giant's profits.

Switzerland's second-largest bank announced Tuesday it was making fair-market reductions on certain asset-backed securities in its structured trading business after an internal review revealed “mismarkings and pricing errors” by a small number of traders.

The traders have been suspended, a bank spokesman told the Associated Press.

The company also laid blame on poor...
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