China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

The truth about Asian investment banking

July 2010

Credit Suisse’s Calello keeps hitting the target


Paul Calello, chairman of Credit Suisse’s investment bank

On the table in his office on New York’s Park Lane Paul Calello, chairman of Credit Suisse’s investment bank, has a child’s toy.

Whac-a-mole – a game you may have played in a fairground at some point, which involves hitting down on moles as they emerge above the surface – is not a low-cost stress-relief tool. It is rather a reminder of more difficult times for Credit Suisse and...


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