Altruism is not a word that appears often in connection
with the financial sector. When it comes to the Venezuelan bond
market, however, there is a strong argument that it should.
In an internal memo distributed last week, Credit Suisse
declared an internal ban on trading certain Venezuelan bonds,
and outlined as policy that any form of business within the
country must undergo a stringent reputational risk review
process before proceeding. By all accounts, this seems like a
fairly decent thing to do – by going out of its way to
avoid a fairly lucrative capital market it can ensure that it
will 'not provide the means for anyone...