Documentary "Game Over" An absurd game worth billions - the fall of Credit Suisse in the movies

Credit Suisse once financed the construction of the Gotthard tunnel, but the Swiss bank went downhill from the 1970s onwards. The fall of the Swiss institution is now being documented in the movies.

It is the first documentary to be produced under the "Lex Netflix", say the makers of "Game Over - The Fall of Credit Suisse" at the premiere of the film in Zurich's Corso cinema on March 19.

What does the law say? Online and television services that generate more than CHF 2.5 million in revenue per year must invest four percent of their Swiss revenue in national productions: "The TX Group with its Tamedia, where SonntagsZeitung and Tages-Anzeiger are published, quickly smelled a rat," comments "Inside Paradeplatz".

The person in the film who talks the most about the turbulent CS history is Arthur Rutishauser. The head of the SonntagsZeitung newspaper not only wrote the screenplay for the movie, but also a book about the scandalous bank liquidation. "It takes a long time for something to come out," says the journalist about the research.

It was directed by Simon Helbling. "It was difficult to get people to talk," admits the St. Gallen native before the premiere and explicitly thanks not only his crew, but also their relatives: "It's been a hell of a ride for everyone." After all, the team wanted to release the film exactly two years after the official CS exit.

Auditors bribed with prostitutes

And they succeeded - but does that also apply to the movie? One thing is clear: anyone who hasn't been following the scandal constantly is well advised to go to the movies. The film vividly reveals that the bank's downfall actually began in 1977 with the Chiasso scandal. At the time, CS reported losses of 250 million francs.

Today, the loss is estimated to be closer to five billion francs: the bank was "basically bankrupt" at the time, Rutishauser explains. The numerous contemporary witnesses who have their say are a plus in the film: Former banker Meinrad Perler, who now works as a winegrower, talks about how the auditors from Zurich who came to Chiasso were treated, for example.

They were first fed extensively in a posh restaurant and drenched in alcohol - before going to their room in a chic hotel where a venal lady was already lolling on the bed. So it was not long before the scandal involving gambled client money came to light.

"Switzerland has always been too small for me"

Thanks to interview partners such as economics professor Anat Admati, bankers Joe Ackermann and Bob Diamond and journalists such as Roger Schawinski and Owen Walker from the Financial Times, the CS story is recounted in an entertaining way. Schawinski once even lost his job because he did not refrain from critical reporting.

Former CS man Richard Chandler, who rose from the pen to the executive floor, is a very special character. He is interviewed in a bowling alley and makes the movie theater laugh with his clever wit: with his outfit and moustache, he could have been an extra from "The Big Lebowski".

The behavior of the CS bosses during the takeover of the American First Boston Bank is telling. "Only the sky is the limit", said banker Rainer Gut in 1988. And: "Switzerland has always been too small for me." The skeletons in the US bank's closet will cost the Swiss a lot more money.

Bonuses out of control

There is also a lot of money involved when the film focuses on the incredible bonuses that the top management has raked in. The sums are all the more unbelievable when compared to the share price: Even though it has plummeted in one term of office, the men at the top of CS have pocketed millions.

Like the American Brady Dougan, who was CEO from 2007 to 2015: the 65-year-old received 160 million francs for his eight years in office, according to the film. Sergio Ermotti was paid 14.9 million francs for just nine months of work in 2023.

These men can hold out their hands. But they don't take responsibility. In 2020 and 2022, there were efforts to merge CS or sell parts of it. This even involved investment banking, which ultimately dragged the bank into the abyss.

Bank sacrifices its employees

Two fates stand out: there are the people in Mozambique who were directly affected by the Swiss bank's business practices when the so-called "tuna bonds" collapsed - and as a result of which the south-east African country no longer received any aid money. Activists from Mozambique also have their say.

The other is the fate of a Swiss man who has not left his home country for 14 years: It is about Emanuel Agustino, whom the bank sacrificed when the First Boston scandal became public. The employer insists that its employee and three colleagues traveled to the USA on their own initiative to recruit customers.

Since then, there has been an arrest warrant, which has not been lifted even after Uncle Sam and CS agreed on a settlement. Politicians had promised to help him, but failed to act, the ex-banker says at the movie premiere. CS even stopped paying his lawyers, Augustino reports.

Nevertheless, the Swiss man remains optimistic: "Truth and justice will prevail," he says at the Corso cinema. And Richard Chandler is also satisfied with "Game Over": "You could do more, but then the movie would be too long," he says.

"Game Over - The Fall of Credit Suisse" will be released on March 27. The film will be released in German, French and Italian and will be shown at blue Cinema.