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Read it at San Francisco Chronicle
A former Credit Suisse trader pleaded guilty Wednesday morning to charges connected to allegations of fraud in 2008. David Higgs, a British citizen, surrendered to the FBI in Manhattan on Wednesday morning. Before a U.S. district judge a few hours later, he pleaded guilty to charges of conspiring to falsify books and to commit fraud. Switzerland’s second-largest bank wrote down $2.65 billion on bonds and CDOs (collateralized debt obligations) after an internal review found that “a small number” of its traders had “mismarked” them. Prosecutions of several more Credit Suisse employees are rumored to be in the works.