Credit Suisse CEO Says Note That Crashed Meant for Hedge Funds
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Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said an exchange-traded note tied to volatility that lost most of its value last week is a tool created for hedge funds and professionals.
"This is a daily trading tool for very sophisticated investors, to help them manage their daily trading risk," Thiam said in an interview with Bloomberg Television’s Francine Lacqua on Wednesday, citing the note’s prospectus. "You should not invest in it for any period of time superior to one day, because you risk losing all or a substantial portion of your investment."