A FINMA press with the title “FINMA Annual Media Conference 2010: Stability affords protection and is an advantage for Switzerland as a location” release let’s us know that:
The Swiss Financial Market Supervisory Authority FINMA underwent a turbulent year in 2009. In its first year as the new combined financial authority, it had to contend with a challenging economic environment for those under its supervision, tough decisions and time-consuming investigations. At today’s media conference, FINMA focused on the importance of the stability of financial institutions for creditors, investors and insured persons. It spoke about the introduction of the Swiss Solvency Test in the insurance industry as a measure to promote stability, and two areas in which it sees an urgent need for action in the Swiss financial centre: the problem of institutions being too big to fail and legal risks in cross-border private client business.
The funny thing is that I don’t remeber them doing much in this turbulent year, except white-washing pretty much everyone from UBS (Subprime) to Credit Suisse (Lehmann & Madoff investments). But that’s my view only, I am sure FINMA has a different take on the importance of their actions or omissions.
What’s even mor interesting, is that the word “integrity, credibility and truthfulness” does not figure in FINMAs vocabulary. Obviously, stability overrides everything else justifying a cover-up of the banker’s bad deeds just to maintain the stability?
Warning from the FINMA: The truth can be dangerous to your stability.
The full press release can be found here.