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121-702: The area includes three resorts including the Aston MonteLago Village Resort, the Westin Lake Las Vegas Resort, and the Hilton Lake Las Vegas. The earthen impoundment that forms the reservoir is 192 ft (59 m) tall, 4,800 ft (1,500 m) in length, and 716 ft (218 m) wide at its base. It contains roughly the same amount of dirt as Hoover Dam does concrete, and impounds 10,000 acre-feet (12,000,000  m ) of water. Since

242-594: A global systemically important bank . Credit Suisse was also a primary dealer and Forex counterparty of the Federal Reserve in the United States. Credit Suisse was founded in 1856 to fund the development of Switzerland's rail system . It issued loans that helped create Switzerland's electrical grid and the European rail system . In the 1900s, it began shifting to retail banking in response to

363-657: A 10 per cent stake, Qatar Investment Authority (QIA) boosted its stake in the Credit Suisse Group to 6.87 per cent and Harris Associates reported a holding of below 3 per cent. Harris Associates reported having exited all its Credit Suisse positions by March 2023. Credit Suisse stock (CS) in the NYSE fell from $ 2.50 to $ 1.88 a share on 15 March 2023. On 19 March 2023, fellow Swiss bank group UBS agreed to buy Credit Suisse for more than US$ 3   billion. The purchase of Credit Suisse by UBS has reportedly averted

484-856: A 44 percent stake in First Boston's US operations. In 1987, the Group acquired the blue chip London stockbrokers Buckmaster & Moore , originally established by aristocrat Charles Armytage-Moore and sportsman Walter Buckmaster , who had met at Repton School . As stockbrokers they were very well connected, had developed a good private client business, which at one time included John Maynard Keynes . Other Credit Suisse First Boston brands were later created in Switzerland, Asia, London, New York and Tokyo. According to an article in The New York Times , First Boston became "the superstar of

605-559: A CHF 2.24bn rights issue and a CHF 1.80bn private placing. On 9 February 2023, the bank reported an annual loss of CHF 7.3 bn, the biggest loss since the 2007–2008 financial crisis . On 14 March of that same year, Credit Suisse published its annual report for 2022 saying it had identified “material weaknesses” in controls over financial reporting. On 15 March 2023, Credit Suisse' share price dropped nearly 25   percent after Saudi National Bank, its largest investor, said it could not provide more financial assistance. The market price of

726-401: A balancing compression stress in the downstream face, providing additional economy. For this type of dam, it is essential to have an impervious foundation with high bearing strength. Permeable foundations have a greater likelihood of generating uplift pressures under the dam. Uplift pressures are hydrostatic pressures caused by the water pressure of the reservoir pushing up against the bottom of

847-657: A controlling stake in Switzerland's fifth largest bank, Swiss Volksbank in a $ 1.1 billion deal. It also merged with Winterthur Group in 1997 for about $ 9 billion and acquired the asset management division of Warburg, Pincus & Co. in 1999 for $ 650 million. Donaldson, Lufkin & Jenrette was purchased for $ 11.5 billion in 2000. In 1996, Credit Suisse restructured as the Credit Suisse Group with four divisions: Credit Suisse Volksbank (later called Credit Suisse Bank) for domestic banking, Credit Suisse Private Banking, Credit Suisse Asset Management, and Credit Suisse First Boston for corporate and investment banking. The restructure

968-550: A cost of $ 3 million. Above the entrance to the bypass is a flood control structure, which permit excess flood waters of the Las Vegas Wash to be diverted into Lake Las Vegas. In 1965, J. Carlton Adair, acting for The Port Holiday Authority, acquired 160 acres on the shore of Lake Mead within the National Park Service (NPS) boundary. This was land that was overlooked and not acquired by the government for

1089-481: A dam as "jurisdictional" or "non-jurisdictional" varies by location. In the United States, each state defines what constitutes a non-jurisdictional dam. In the state of Colorado a non-jurisdictional dam is defined as a dam creating a reservoir with a capacity of 100 acre-feet or less and a surface area of 20 acres or less and with a height measured as defined in Rules 4.2.5.1. and 4.2.19 of 10 feet or less. In contrast,

1210-499: A dam that directed waterflow. It was finished in 251 BC. A large earthen dam, made by Sunshu Ao , the prime minister of Chu (state) , flooded a valley in modern-day northern Anhui Province that created an enormous irrigation reservoir (100 km (62 mi) in circumference), a reservoir that is still present today. Roman dam construction was characterized by "the Romans' ability to plan and organize engineering construction on

1331-493: A distinct vertical curvature to it as well lending it the vague appearance of a concave lens as viewed from downstream. The multiple-arch dam consists of a number of single-arch dams with concrete buttresses as the supporting abutments, as for example the Daniel-Johnson Dam , Québec, Canada. The multiple-arch dam does not require as many buttresses as the hollow gravity type but requires a good rock foundation because

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1452-478: A grand scale." Roman planners introduced the then-novel concept of large reservoir dams which could secure a permanent water supply for urban settlements over the dry season. Their pioneering use of water-proof hydraulic mortar and particularly Roman concrete allowed for much larger dam structures than previously built, such as the Lake Homs Dam , possibly the largest water barrier to that date, and

1573-563: A larger crackdown in Brazil. Four Credit Suisse bankers were accused of fraud by the US Justice Department in 2011 for helping wealthy Americans avoid taxes. In 2012, German authorities found that citizens were using insurance policies of a Bermuda-based Credit Suisse subsidiary to earn tax-free interest. In November 2012, Credit Suisse's asset management division was merged with the private banking arm. In September 2012,

1694-511: A minor tributary of the Nieuwe Maas . The central square of Amsterdam, covering the original site of the 800-year-old dam, still carries the name Dam Square . The Romans were the first to build arch dams , where the reaction forces from the abutment stabilizes the structure from the external hydrostatic pressure , but it was only in the 19th century that the engineering skills and construction materials available were capable of building

1815-509: A notable increase in interest in SHPs. Couto and Olden (2018) conducted a global study and found 82,891 small hydropower plants (SHPs) operating or under construction. Technical definitions of SHPs, such as their maximum generation capacity, dam height, reservoir area, etc., vary by country. A dam is non-jurisdictional when its size (usually "small") excludes it from being subject to certain legal regulations. The technical criteria for categorising

1936-485: A number of economic analysts, particularly the resulting lack of banking competition in Switzerland's economy. The take-over by UBS had limited the choice of lenders, particularly for smaller and medium sized companies. Credit Suisse's international reach had affected the employment situation in Europe as well as other regions. The Swiss economy as such also relies on a number of heavily capitalised state banks that have been

2057-421: A plan that took nearly two years to complete. All existing debt was wiped away and the development has $ 30 million in hand to complete several of the unfinished infrastructure projects. The Lake Las Vegas bankruptcy creditors, not Lake Las Vegas development themselves, have filed a lawsuit against the former insiders (Bass Brothers, TransContinental, etc.). The creditors' theory is that the $ 500 million equity loan

2178-649: A profession based on a rigorously applied scientific theoretical framework. This new emphasis was centered around the engineering faculties of universities in France and in the United Kingdom. William John Macquorn Rankine at the University of Glasgow pioneered the theoretical understanding of dam structures in his 1857 paper On the Stability of Loose Earth . Rankine theory provided a good understanding of

2299-566: A settling pond, and a 1,000 m (3,300 ft) canal to a distribution tank. These works were not finished until 325 AD when the dam permitted the irrigation of 25,000 acres (100 km ). Eflatun Pınar is a Hittite dam and spring temple near Konya , Turkey. It is thought to date from the Hittite empire between the 15th and 13th centuries BC. The Kallanai is constructed of unhewn stone, over 300 m (980 ft) long, 4.5 m (15 ft) high and 20 m (66 ft) wide, across

2420-425: A significant lender to those smaller enterprises, particularly after the demise of CS. On 27 June 2023, UBS announced its intention to cut more than half of Credit Suisse's workforce. In July 2024, Credit Suisse (Schweiz) ceased to exist as a separate legal entity after fully being integrated into UBS Switzerland. Credit Suisse's leadership history unfolds through visionary leaders like Alfred Escher, who founded

2541-508: A substantial portion of Credit Suisse's business was in foreign reconstruction efforts. Banks subsequently acquired by Credit Suisse have been linked to bank accounts used by members of the NSDAP in the 1930s. Holocaust survivors had problems trying to retrieve assets from relatives that died in concentration camps without death certificates. This led to a class action lawsuit in 1996 that settled in 2000 for $ 1.25 billion. The Agreement on

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2662-602: A substantial role in the economic development of Switzerland, helping the country develop its currency system, funding entrepreneurs and investing in the Gotthard railway , which connected Switzerland to the European rail system in 1882. Credit Suisse helped fund the creation of Switzerland's electrical grid through its participation with Elektrobank (now called Elektrowatt), a coalition of organizations that co-financed Switzerland's electrical grid. According to The Handbook on

2783-408: A whole dam itself, that dam also would be held in place by gravity, i.e., there is no tension in the upstream face of the dam holding the top of the dam down. The designer does this because it is usually more practical to make a dam of material essentially just piled up than to make the material stick together against vertical tension. The shape that prevents tension in the upstream face also eliminates

2904-581: Is attached to the Hilton Lake Las Vegas and accessible from MonteLago Village. Dam A dam is a barrier that stops or restricts the flow of surface water or underground streams. Reservoirs created by dams not only suppress floods but also provide water for activities such as irrigation , human consumption , industrial use , aquaculture , and navigability . Hydropower is often used in conjunction with dams to generate electricity. A dam can also be used to collect or store water which can be evenly distributed between locations. Dams generally serve

3025-424: Is dependent on the strength of the side wall abutments, hence not only should the arch be well seated on the side walls but also the character of the rock should be carefully inspected. Two types of single-arch dams are in use, namely the constant-angle and the constant-radius dam. The constant-radius type employs the same face radius at all elevations of the dam, which means that as the channel grows narrower towards

3146-528: Is organised as a joint-stock company registered in Zürich that operates as a holding company. It owns the Credit Suisse bank and other interests in the financial services business. Credit Suisse is governed by a board of directors, its shareholders, and independent auditors. The Board of Directors organise the annual General Meeting of Shareholders while investors with large stakes in the company determine

3267-471: Is sloped the distribution is more complicated. The normal component of the weight of the arch ring may be taken by the arch action, while the normal hydrostatic pressure will be distributed as described above. For this type of dam, firm reliable supports at the abutments (either buttress or canyon side wall) are more important. The most desirable place for an arch dam is a narrow canyon with steep side walls composed of sound rock. The safety of an arch dam

3388-399: Is the more widely used of the two, though the hollow dam is frequently more economical to construct. Grand Coulee Dam is a solid gravity dam and Braddock Locks & Dam is a hollow gravity dam. A gravity dam can be combined with an arch dam into an arch-gravity dam for areas with massive amounts of water flow but less material available for a pure gravity dam. The inward compression of

3509-590: Is the thinnest arch dam in the world and one of the oldest arch dams in Asia. It was constructed some 700 years ago in Tabas county , South Khorasan Province , Iran . It stands 60 meters tall, and in crest is a one meter width. Some historians believe the dam was built by Shāh Abbās I, whereas others believe that he repaired it. In the Netherlands , a low-lying country, dams were often built to block rivers to regulate

3630-521: The 2007–2008 financial crisis , but afterwards began shrinking its investment business, executing layoffs and cutting costs. The bank was at the center of multiple international investigations for tax avoidance (such as the famous "Suisse Secrets" scandal) which culminated in a guilty plea and the forfeiture of US$ 2.6 billion in fines from 2008 to 2012. By the end of 2022, Credit Suisse had approximately CHF  1.3 trillion in assets under management . On 19 March 2023, following negotiations with

3751-649: The Baur en Ville hotel in Zürich for sale. However, this intervention did not stop investors and customers from pulling their money out of Credit Suisse, with outflows topping 10 billion Swiss francs during the week, and almost $ 69 billion (approximately 61 billion Swiss francs) in withdrawals during the first calendar quarter. The situation was so compromised that the SNB and the Swiss government started discussions to fast-track

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3872-657: The Fayum Depression to the Nile in Middle Egypt. Two dams called Ha-Uar running east–west were built to retain water during the annual flood and then release it to surrounding lands. The lake called Mer-wer or Lake Moeris covered 1,700 km (660 sq mi) and is known today as Birket Qarun. By the mid-late third millennium BC, an intricate water-management system in Dholavira in modern-day India

3993-579: The Harbaqa Dam , both in Roman Syria . The highest Roman dam was the Subiaco Dam near Rome ; its record height of 50 m (160 ft) remained unsurpassed until its accidental destruction in 1305. Roman engineers made routine use of ancient standard designs like embankment dams and masonry gravity dams. Apart from that, they displayed a high degree of inventiveness, introducing most of

4114-557: The National Inventory of Dams (NID). Credit Suisse#2000s Credit Suisse Group AG ( French pronunciation: [kʁe.di sɥis] , lit.   ' Swiss Credit ' ) is a global investment bank and financial services firm founded and based in Switzerland as a standalone firm but now a subsidiary of UBS . According to UBS, eventually Credit Suisse will be fully integrated into UBS but while

4235-511: The Swiss government , UBS announced its intent to acquire Credit Suisse for $ 3.25 billion (CHF 3 billion) in order to prevent the bank's collapse. UBS completed the acquisition in June 2023. Credit Suisse's founder, Alfred Escher , was called "the spiritual father of the railway law of 1852", for his work defeating the idea of a state-run railway system in Switzerland in favor of privatization. Escher founded Credit Suisse (originally called

4356-645: The University of Oxford published a study of the cost of large dams – based on the largest existing dataset – documenting significant cost overruns for a majority of dams and questioning whether benefits typically offset costs for such dams. Dams can be formed by human agency, natural causes, or even by the intervention of wildlife such as beavers . Man-made dams are typically classified according to their size (height), intended purpose or structure. Based on structure and material used, dams are classified as easily created without materials, arch-gravity dams , embankment dams or masonry dams , with several subtypes. In

4477-564: The 15th and 13th centuries BC. The Kallanai Dam in South India, built in the 2nd century AD, is one of the oldest water regulating structures still in use. Roman engineers built dams with advanced techniques and materials, such as hydraulic mortar and Roman concrete, which allowed for larger structures. They introduced reservoir dams, arch-gravity dams, arch dams, buttress dams, and multiple arch buttress dams. In Iran, bridge dams were used for hydropower and water-raising mechanisms. During

4598-544: The British began construction in 1898. The project was designed by Sir William Willcocks and involved several eminent engineers of the time, including Sir Benjamin Baker and Sir John Aird , whose firm, John Aird & Co. , was the main contractor. Capital and financing were furnished by Ernest Cassel . When initially constructed between 1899 and 1902, nothing of its scale had ever before been attempted; on completion, it

4719-520: The Colorado River is a constant-angle arch dam. A similar type is the double-curvature or thin-shell dam. Wildhorse Dam near Mountain City, Nevada , in the United States is an example of the type. This method of construction minimizes the amount of concrete necessary for construction but transmits large loads to the foundation and abutments. The appearance is similar to a single-arch dam but with

4840-680: The Colorado River. By 1997, there were an estimated 800,000 dams worldwide, with some 40,000 of them over 15 meters high. Early dam building took place in Mesopotamia and the Middle East . Dams were used to control water levels, for Mesopotamia's weather affected the Tigris and Euphrates Rivers. The earliest known dam is the Jawa Dam in Jordan , 100 kilometres (62 mi) northeast of

4961-621: The Credit Suisse judgment. That Judgment was reversed by the Texas Supreme Court in April 2020, and Claymore's Judgment was reduced to $ 26 million (plus interest). Casino MonteLago was opened on May 8, 2003, having been built by Cook Inlet Region, Inc. , an Alaska Native shareholder owned corporation. The casino closed for the first time on March 14, 2010, due to the Great Recession ; but on May 26, 2011, after renovation,

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5082-683: The Euromarkets" by buying stakes in American companies that wanted to issue bonds. In 1988 First Boston loaned $ 487 million to Gibbons and Green for the purchase of the Ohio Mattress Company , which was purchased at twenty times its annual revenue. Gibbons had also borrowed $ 475 million in junk bonds . When the junk bonds market crashed the following year, Gibbons couldn't repay First Boston. Credit Suisse injected $ 725 million to keep First Boston in business, which ultimately led to

5203-457: The History of European Banks , "Switzerland's young electricity industry came to assume the same importance as support for railway construction 40 years earlier." The bank also helped fund the effort to disarm and imprison French troops that crossed into Swiss borders in the 1870 Franco-Prussian War . By the end of the war, Credit Suisse had become the largest bank in Switzerland. Throughout

5324-536: The Lake Mead impoundment. The NPS had serious objections to Adair's planned resort development and attempted to block his entry. Eventually legislation was passed in congress to facilitate a land exchange. Adair would exchange the Lake Mead shoreline acreage for 2243 acres of land in the Las Vegas Wash abbutting the NPS. The exchange was for the express purpose of construction of a dam and lake with resorts. This project

5445-714: The Middle Ages, dams were built in the Netherlands to regulate water levels and prevent sea intrusion. In the 19th century, large-scale arch dams were constructed around the British Empire, marking advances in dam engineering techniques. The era of large dams began with the construction of the Aswan Low Dam in Egypt in 1902. The Hoover Dam, a massive concrete arch-gravity dam, was built between 1931 and 1936 on

5566-610: The Middle East for water control. The earliest known dam is the Jawa Dam in Jordan , dating to 3,000 BC. Egyptians also built dams, such as Sadd-el-Kafara Dam for flood control. In modern-day India, Dholavira had an intricate water-management system with 16 reservoirs and dams. The Great Dam of Marib in Yemen, built between 1750 and 1700 BC, was an engineering wonder, and Eflatun Pinar, a Hittite dam and spring temple in Turkey, dates to

5687-470: The Ravella would be renamed the Hilton Lake Las Vegas, the name under which the hotel continues to operate. The Hilton opened June 6, 2013. Lake Las Vegas was the subject of a lawsuit between investment fund Claymore Holdings and Credit Suisse , which was the agent for a syndicate of entities that loaned $ 540 million to develop the property. Claymore and others accused Credit Suisse of fraudulently inflating

5808-702: The State on Nevada when it entered Lake Mead and the Colorado River, which are federal waters. In 1995, Henry Gluck , the former chairman and chief executive officer of Caesars World , became the co-Chairman of Transcontinental Properties. With Sid Bass and Lee Bass , two billionaires from Fort Worth, Texas , he developed the new community. The project cost US $ 5 billion. Lake at Las Vegas Joint Venture, LLC filed for Chapter 11 bankruptcy on July 17, 2008, with their debts estimated at between $ 500 million and $ 1 billion. Lake Las Vegas emerged from bankruptcy in July 2010 with

5929-737: The Swiss Banks' Code of Conduct with Regard to the Exercise of Due Diligence was created in the 1970s, after a Credit Suisse branch in Chiasso was exposed for illegally funneling $ 900 million in Italian deposits to speculative investments. In 1978, White, Weld & Company dropped its partnership with Credit Suisse after it was bought by Merrill Lynch . To replace the partnership with White, Credit Suisse partnered with First Boston to create Credit Suisse First Boston in Europe and bought

6050-499: The Swiss Credit Institution, i.e., Schweizerische Kreditanstalt ) jointly with Allgemeine Deutsche Credit-Anstalt on 5 July in 1856 primarily to provide domestic funding to railway projects, avoiding French banks that wanted to exert influence over the railway system. Escher aimed to start the company with three million shares and instead sold 218 million shares in three days. The bank opened on 16 July 1856 and

6171-747: The Swiss government gave banks like Credit Suisse permission to provide information to the US Justice Department for tax evasion probes. In February 2014, it agreed to pay a fine of $ 197 million after one of its businesses served 8,500 US clients without registering its activities, leading to suspicion as to whether it was helping Americans evade taxes. It was one of 14 Swiss banks under investigation. Separately, in 2013, German authorities began to probe Credit Suisse, its private bank subsidiary Clariden Leu , and its regional subsidiary Neue Aargauer Bank for helping German citizens evade taxes. In 2012,

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6292-495: The United States alone, there are approximately 2,000,000 or more "small" dams that are not included in the Army Corps of Engineers National Inventory of dams . Records of small dams are kept by state regulatory agencies and therefore information about small dams is dispersed and uneven in geographic coverage. Countries worldwide consider small hydropower plants (SHPs) important for their energy strategies, and there has been

6413-580: The United States since Drexel Burnham Lambert in 1989 and the largest to do so since the Bankers Trust in 1999. "Credit Suisse conspired to help US citizens hide assets in offshore accounts in order to evade paying taxes. When a bank engages in misconduct this brazen, it should expect that the Justice Department will pursue criminal prosecution to the fullest extent possible, as has happened here," Attorney General Eric H. Holder said at

6534-524: The World Commission on Dams also includes in the "large" category, dams which are between 5 and 15 m (16 and 49 ft) high with a reservoir capacity of more than 3 million cubic metres (2,400  acre⋅ft ). Hydropower dams can be classified as either "high-head" (greater than 30 m in height) or "low-head" (less than 30 m in height). As of 2021 , ICOLD's World Register of Dams contains 58,700 large dam records. The tallest dam in

6655-630: The agenda. Shareholders elect auditors for one-year terms, approve the annual report and other financial statements, and have other powers granted by law. Shareholders elect members of the board of directors to serve a three-year term based on candidates nominated by the Chairman's and Governance Committee and the Board of Directors meet six times a year to vote on company resolutions. The Board sets Credit Suisse's business strategies and approves its compensation (remuneration) principles based on guidance from

6776-403: The arch dam, stability is obtained by a combination of arch and gravity action. If the upstream face is vertical the entire weight of the dam must be carried to the foundation by gravity, while the distribution of the normal hydrostatic pressure between vertical cantilever and arch action will depend upon the stiffness of the dam in a vertical and horizontal direction. When the upstream face

6897-550: The arduous approval process for construction of the dam and bypass system. The project had many political opponents with clout at high levels. Washington Construction was hired as the prime contractor for the project which was to be a Union project. The twin 84" Dia Bypass pipes are reinforced concrete manufactured by hydroconduit in Henderson Nv. Finally, in 1991, following the State Engineers final inspection of

7018-666: The back of the dam through a large pipe to drive a water wheel and watermill . In the 10th century, Al-Muqaddasi described several dams in Persia. He reported that one in Ahwaz was more than 910 m (3,000 ft) long, and that it had many water-wheels raising the water into aqueducts through which it flowed into reservoirs of the city. Another one, the Band-i-Amir Dam, provided irrigation for 300 villages. Shāh Abbās Arch (Persian: طاق شاه عباس), also known as Kurit Dam ,

7139-514: The bank attempted to collect on $ 286 million in loan debt during Yellowstone's bankruptcy proceedings. The debtor had borrowed more than $ 300 million for the business, but used a large portion of it for personal use before eventually filing for bankruptcy. Four lawsuits were filed from other resorts seeking $ 24 billion in damages alleging Credit Suisse created loans with the intention of taking over their properties upon default. According to The Wall Street Journal in 2008, "Credit Suisse survived

7260-426: The bank eventually entered into a €150 million settlement with the government. In March 2014, Credit Suisse denied claims it had been drawn into a Swiss competition probe investigating potential collusion to manipulate foreign exchange rates ( Forex scandal ) by various Swiss and foreign banks. In May 2014, Credit Suisse pleaded guilty to conspiring to aid tax evasion. It was the most prominent bank to plead guilty in

7381-843: The bank in 1856. Hermann Heller's international focus during 1909–1937 and August Rust's diversification from 1942–1967 laid crucial foundations. Edwin Stopper's strategies in 1979–1990 brought challenges amid expansion into global markets. Lukas Muhlemann's cost-cutting efforts in 1993–2002 faced setbacks, and Oswald Grubel grappled with restructuring post–2008 crisis during 2003–2013. Tidjane Thiam's wealth management focus in 2015–2020 faced external challenges, leading to resignation. Tomas Gottstein, since 2020, tackles geopolitical tensions, emphasizing sustainability while navigating regulatory changes for investor confidence. Understanding Credit Suisse's leadership involves considering broader industry trends and key advisors beyond CEOs. Credit Suisse Group AG,

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7502-442: The bank's ATL debt filed a lawsuit against Switzerland seeking compensation. According to financial analysts, economic sanctions imposed by Switzerland on Russian individuals and businesses had a significant impact on the demise of the bank. According to Bloomberg News , Credit Suisse held about $ 33 billion for Russian clients, 50% more than UBS . In late April 2023, the political and economic fall-out had been evaluated by

7623-483: The bank's acquisition by UBS . On 19 March 2023, UBS announced a deal had been reached to acquire Credit Suisse for US$ 3.25   billion (CHF 3 billion) in an all-stock deal. European regulators have criticized the moral hazard of the AT1 bondholders suffering in the loss of their capital rather than the shareholders of the bank. In June 2024, a group of Credit Suisse bondholders holding $ 82 million worth of

7744-461: The bank's unsecured bonds set for maturity in 2027 dropped to a low of 33   percent of their par value on that day, down from being valued at 90   percent of their par value at the beginning of the month. Later in the same week, Credit Suisse sought to shore up their finances by taking a loan of 50 billion Swiss francs from the Swiss National Bank (SNB); the bank later proceeded to buy three billion Swiss francs of its own debt and to put

7865-438: The bottom of the dam the central angle subtended by the face of the dam becomes smaller. Jones Falls Dam , in Canada, is a constant radius dam. In a constant-angle dam, also known as a variable radius dam, this subtended angle is kept constant and the variation in distance between the abutments at various levels is taken care of by varying the radii. Constant-radius dams are much less common than constant-angle dams. Parker Dam on

7986-402: The buttress loads are heavy. In a gravity dam, the force that holds the dam in place against the push from the water is Earth's gravity pulling down on the mass of the dam. The water presses laterally (downstream) on the dam, tending to overturn the dam by rotating about its toe (a point at the bottom downstream side of the dam). The dam's weight counteracts that force, tending to rotate the dam

8107-450: The capital Amman . This gravity dam featured an originally 9-metre-high (30 ft) and 1 m-wide (3.3 ft) stone wall, supported by a 50 m-wide (160 ft) earthen rampart. The structure is dated to 3000 BC. However, the oldest continuously operational dam is Lake Homs Dam , built in Syria between 1319-1304 BC. The Ancient Egyptian Sadd-el-Kafara Dam at Wadi Al-Garawi, about 25 km (16 mi) south of Cairo ,

8228-478: The casino re-opened to the public. In November 2012, the casino was acquired along with the Ravella at Lake Las Vegas for a total of $ 47 million by Kam Sang Co., a California-based real estate developer. The casino closed for the second time on October 29, 2013, as a result of a lease dispute between Kam Sang and the casino's operators. In the beginning of 2016, the facility reopened as the Lake Las Vegas Event Center, hosting special events, exhibits and entertainment. It

8349-422: The city. The masonry arch dam wall was designed by Lieutenant Percy Simpson who was influenced by the advances in dam engineering techniques made by the Royal Engineers in India . The dam cost £17,000 and was completed in 1856 as the first engineered dam built in Australia, and the second arch dam in the world built to mathematical specifications. The first such dam was opened two years earlier in France . It

8470-478: The company being taken over by Credit Suisse. This became known as the "burning bed" deal, because the Federal Reserve overlooked the Glass–Steagall Act that requires separation between commercial and investment banks in order to preserve the stability of the financial markets. In the late 1990s, Credit Suisse executed an aggressive acquisition strategy. The bank acquired Bank Leu, known as Switzerland's oldest bank, in 1990. In 1993 Credit Suisse outbid UBS for

8591-406: The compensation committee. It also has the authority to create committees that delegate specific management functions. Credit Suisse has the following operational divisions: Operations are divided into four regions: Switzerland, Europe, the Middle East, and Africa, the Americas, and the Asian Pacific. On 9 May 2023, Credit Suisse announced that it would continue its banking operations but under

8712-671: The construction of the Rideau Canal in Canada near modern-day Ottawa and built a series of curved masonry dams as part of the waterway system. In particular, the Jones Falls Dam , built by John Redpath , was completed in 1832 as the largest dam in North America and an engineering marvel. In order to keep the water in control during construction, two sluices , artificial channels for conducting water, were kept open in

8833-402: The credit crisis better than many competitors." Credit Suisse had $ 902 million in writedowns for subprime holdings and the same amount for leveraged loans, but it did not have to borrow from the government. Along with other banks, Credit Suisse was investigated and sued by US authorities in 2012 for bundling mortgage loans with securities, misrepresenting the risks of underlying mortgages during

8954-469: The dam by the water reduces the lateral (horizontal) force acting on the dam. Thus, the gravitational force required by the dam is lessened, i.e., the dam does not need to be so massive. This enables thinner dams and saves resources. A barrage dam is a special kind of dam that consists of a line of large gates that can be opened or closed to control the amount of water passing the dam. The gates are set between flanking piers which are responsible for supporting

9075-533: The dam was submitted by a consortium called Six Companies, Inc. Such a large concrete structure had never been built before, and some of the techniques were unproven. The torrid summer weather and the lack of facilities near the site also presented difficulties. Nevertheless, Six Companies turned over the dam to the federal government on 1 March 1936, more than two years ahead of schedule. By 1997, there were an estimated 800,000 dams worldwide, some 40,000 of them over 15 m (49 ft) high. In 2014, scholars from

9196-470: The dam, diversion began through the WWII era BMI pipeline to provide raw Lake Mead water to fill the reservoir. The State Engineer, Mike Turnipseed, approved the application by Steve Ainsworth, LLV Chief Project Engineer, on behalf of LLV, for 2000 Acre-Feet per year of stormwater rights. This permitted LLV to replace evaporation losses with runoff during storms. All stormwater runnoff would otherwise be lost to

9317-605: The dam. If large enough uplift pressures are generated there is a risk of destabilizing the concrete gravity dam. On a suitable site, a gravity dam can prove to be a better alternative to other types of dams. When built on a solid foundation, the gravity dam probably represents the best-developed example of dam building. Since the fear of flood is a strong motivator in many regions, gravity dams are built in some instances where an arch dam would have been more economical. Gravity dams are classified as "solid" or "hollow" and are generally made of either concrete or masonry. The solid form

9438-407: The dam. The first was near the base of the dam on its east side. A second sluice was put in on the west side of the dam, about 20 ft (6.1 m) above the base. To make the switch from the lower to upper sluice, the outlet of Sand Lake was blocked off. Hunts Creek near the city of Parramatta , Australia , was dammed in the 1850s, to cater to the demand for water from the growing population of

9559-450: The dams' potential range and magnitude of environmental disturbances. The International Commission on Large Dams (ICOLD) defines a "large dam" as "A dam with a height of 15 m (49 ft) or greater from lowest foundation to crest or a dam between 5 m (16 ft) metres and 15 metres impounding more than 3 million cubic metres (2,400  acre⋅ft )". "Major dams" are over 150 m (490 ft) in height. The Report of

9680-495: The early 1900s Credit Suisse began catering to consumers and the middle-class with deposit counters, currency exchanges and savings accounts. The first branch outside of Zürich was opened in 1905 in Basel . The bank helped companies affected by World War I restructuring, and extended loans for reconstruction efforts. During the 1920s depression, net profits and dividends were halved and employees took salary cuts. After World War II,

9801-415: The elevation of the middle class and competition from fellow Swiss banks UBS and Julius Bär . Credit Suisse partnered with First Boston in 1978 before buying a controlling share of the bank in 1988. From 1990 to 2000, the company purchased institutions such as Winterthur Group , Swiss Volksbank, Swiss American Securities Inc. (SASI), and Bank Leu . The company was one of the least affected banks during

9922-448: The executive board of the bank. At this time, it was also announced that Eric M. Varvel was appointed president and CEO of Credit Suisse Holdings (USA). The collapse of Lehman Brothers caused a large loss in consumer and market participant trust and confidence in the banking industry. The loss in confidence is reflected in the large loss of share prices across the Swiss banking sector after 2008. In August 2019, Credit Suisse announced

10043-625: The first large-scale arch dams. Three pioneering arch dams were built around the British Empire in the early 19th century. Henry Russel of the Royal Engineers oversaw the construction of the Mir Alam dam in 1804 to supply water to the city of Hyderabad (it is still in use today). It had a height of 12 m (39 ft) and consisted of 21 arches of variable span. In the 1820s and 30s, Lieutenant-Colonel John By supervised

10164-742: The first was the Roman-built dam bridge in Dezful , which could raise water 50 cubits (c. 23 m) to supply the town. Also diversion dams were known. Milling dams were introduced which the Muslim engineers called the Pul-i-Bulaiti . The first was built at Shustar on the River Karun , Iran, and many of these were later built in other parts of the Islamic world . Water was conducted from

10285-534: The force of water. A fixed-crest dam is a concrete barrier across a river. Fixed-crest dams are designed to maintain depth in the channel for navigation. They pose risks to boaters who may travel over them, as they are hard to spot from the water and create induced currents that are difficult to escape. There is variability, both worldwide and within individual countries, such as in the United States, in how dams of different sizes are categorized. Dam size influences construction, repair, and removal costs and affects

10406-406: The formation of a new "direct banking" business unit under their Switzerland division (Swiss Universal Bank, SUB), focusing on digital retail products. The step is seen as a reaction to the emergence of FinTech competitors such as N26 or Revolut in Switzerland and shall help to better attract young clients. In July 2020, Thomas Gottstein , the new CEO of the company, announced restructuring; it

10527-497: The former insiders took against the property caused the demise of Lake Las Vegas. The creditors are hoping to recoup money from the former insiders. In a related action, resort property owners are suing lender Credit Suisse as part of a multibillion-dollar lawsuit led by bankrupt Yellowstone Club founder Timothy Blixseth and his son Beau Blixseth who claim the Lake Las Vegas Joint Venture bankruptcy

10648-539: The hospice of UBS in order to fulfill its financial obligations towards existing clients as well as employees of both banks. CEO Ulrich Körner will join UBS's executive board. In August 2022, it was revealed that the largest shareholder of Credit Suisse was in fact American, namely Harris Associates , holding over 10% of the shares of the group. Harris Associates itself is owned by French bank Natixis . As of 25 January 2023, Saudi National Bank , an anchor investor, held

10769-406: The housing boom. Following the crisis, Credit Suisse cut more than one-trillion in assets and made plans to cut its investment banking arm 37 percent by 2014. It reduced emphasis on investment banking and focused on private banking and wealth management . In July 2011, Credit Suisse cut 2,000 jobs in response to a weaker than expected economic recovery and later merged its asset management with

10890-426: The integration is not complete both banks are operating separately. Headquartered in Zürich , as a standalone firm it maintained offices in all major financial centers around the world and provided services in investment banking , private banking , asset management , and shared services . It was known for strict bank–client confidentiality and banking secrecy . The Financial Stability Board considered it to be

11011-702: The late 1800s, Credit Suisse set up banking and insurance companies in Germany, Brussels, Geneva and others (as SKA International) with the bank as a shareholder of each company. It created insurance companies like Swiss RE, Swiss Life (aka Rentenanstalt) and Schweiz. Credit Suisse had its first unprofitable year in 1886, due to losses in agriculture, venture investments, commodities, and international trade. The bank created its own sugar beet factory, bought 25,000 shares in animal breeding ventures and supported an export business, Schweizerische Exportgesellschaft, that experienced heavy losses for over-speculative investing. In

11132-645: The main stream of the Kaveri River in Tamil Nadu , South India . The basic structure dates to the 2nd century AD and is considered one of the oldest water diversion or water regulating structures still in use. The purpose of the dam was to divert the waters of the Kaveri across the fertile delta region for irrigation via canals. Du Jiang Yan is the oldest surviving irrigation system in China that included

11253-482: The now numerous land owners and reassembled the project as Lake At Las Vegas. Silverton began the planning, permitting and design process and retained T&K to update the design for the dam and bypass pipeline system. Unable to find financing for the project, in 1987 Silverton sold controlling shares of the project to Transcontinental Properties run by Ronald Boeddeker. Silverton was finally bought out by Transcontinental Properties. Transcontinental Properties continued

11374-482: The number one position in Euromoney's private banking poll. In 2006, Credit Suisse acknowledged misconduct for helping Iran and other countries hide transactions from US authorities and paid a $ 536 million settlement. The same year it merged Bank Leu AG, Clariden Holding AG, Bank Hofmann AG and BGP Banca di Gestione Patrimoniale into a new company called Clariden Leu. The increasing importance of sustainability and

11495-683: The other basic dam designs which had been unknown until then. These include arch-gravity dams , arch dams , buttress dams and multiple arch buttress dams , all of which were known and employed by the 2nd century AD (see List of Roman dams ). Roman workforces also were the first to build dam bridges, such as the Bridge of Valerian in Iran. In Iran , bridge dams such as the Band-e Kaisar were used to provide hydropower through water wheels , which often powered water-raising mechanisms. One of

11616-429: The other way about its toe. The designer ensures that the dam is heavy enough that the dam's weight wins that contest. In engineering terms, that is true whenever the resultant of the forces of gravity acting on the dam and water pressure on the dam acts in a line that passes upstream of the toe of the dam. The designer tries to shape the dam so if one were to consider the part of the dam above any particular height to be

11737-423: The practice of selling derivatives that are often used by bank clients to hide losses. In the 2000s, Credit Suisse executed a series of restructures. In 2002 the bank was consolidated into two entities: Credit Suisse First Boston for investments and Credit Suisse Financial Services. A third unit was added in 2004 for insurance. Credit Suisse restructured again in 2004 under what it calls the "one bank" model. Under

11858-469: The primary purpose of retaining water, while other structures such as floodgates or levees (also known as dikes ) are used to manage or prevent water flow into specific land regions. The word dam can be traced back to Middle English , and before that, from Middle Dutch , as seen in the names of many old cities, such as Amsterdam and Rotterdam . Ancient dams were built in Mesopotamia and

11979-607: The principles behind dam design. In France, J. Augustin Tortene de Sazilly explained the mechanics of vertically faced masonry gravity dams, and Zola's dam was the first to be built on the basis of these principles. The era of large dams was initiated with the construction of the Aswan Low Dam in Egypt in 1902, a gravity masonry buttress dam on the Nile River . Following their 1882 invasion and occupation of Egypt ,

12100-568: The private bank group to cut additional costs. We sell [bank] safety not bank secrecy . Being a safe haven in a world that is becoming increasingly dangerous and volatile is no bad place to be. A series of international investigations took place in the early 2000s regarding the use banking secrecy in Credit Suisse accounts for tax evasion. In 2008, the Brazilian government investigated 13 former and current Credit Suisse employees. The investigation led to arrests that year and in 2009 as part of

12221-536: The related commitments and liabilities of international standards such as the UNGC, of which the bank is a member, lead to increasingly sophisticated and ambitious risk management over the years. Credit Suisse operates a process which since 2007 uses RepRisk, a Swiss provider of ESG Risk analytics and metrics, to screen and evaluate environmental and social risks of risky transactions and due diligence. In 2009, Yellowstone Club founder Tim Blixseth sued Credit Suisse when

12342-478: The reservoir was built in the channel of the Las Vegas Wash — the valley's only storm runoff outlet — A bypass was built for the wash beneath the reservoir and dam allowing it to remain connected to Lake Mead via two 84-inch (2.1 m) diameter pipes. After falling into substantial disrepair, the pipes — which are owned by the city of Henderson , but maintained by the resort — were repaired in 2009 at

12463-444: The restructuring, every board had a mix of executives from all three divisions. It also changed the compensation and commission models to encourage cross-division referrals and created a "solution partners" group that functions between the investment and private banking divisions. Following the restructure Credit Suisse's private banking division grew 19 percent per year despite the economic crisis. The firm bumped long-time rival UBS off

12584-487: The state of New Mexico defines a jurisdictional dam as 25 feet or greater in height and storing more than 15 acre-feet or a dam that stores 50 acre-feet or greater and is six feet or more in height (section 72-5-32 NMSA), suggesting that dams that do not meet these requirements are non-jurisdictional. Most US dams, 2.41 million of a total of 2.5 million dams, are not under the jurisdiction of any public agency (i.e., they are non-jurisdictional), nor are they listed on

12705-483: The time. Holder also said "This case shows that no financial institution, no matter its size or global reach, is above the law." Credit Suisse shares rose 1% on the day the $ 2.6 billion penalty was announced. In March 2015, it was announced that Tidjane Thiam , the CEO of Prudential would leave to become the next CEO of Credit Suisse. In September 2016, Brian Chin was appointed Chief Executive of Global Markets and joined

12826-473: The value of the development in order to generate higher fees for itself. The core of the allegations centered on a new appraisal methodology conceived of by Credit Suisse executive David Miller, who in internal emails is referred to as Credit Suisse's Dr. Frankenstein. In 2015, a Texas judge ordered Credit Suisse to pay $ 288 million to Highland, Claymore and others. The verdict was partially offset by other payments to Highland, meaning that Claymore received most of

12947-406: The water level and to prevent the sea from entering the marshlands. Such dams often marked the beginning of a town or city because it was easy to cross the river at such a place, and often influenced Dutch place names. The present Dutch capital, Amsterdam (old name Amstelredam ), started with a dam on the river Amstel in the late 12th century, and Rotterdam began with a dam on the river Rotte ,

13068-642: The water load, and are often used to control and stabilize water flow for irrigation systems. An example of this type of dam is the now-decommissioned Red Bluff Diversion Dam on the Sacramento River near Red Bluff, California . Barrages that are built at the mouths of rivers or lagoons to prevent tidal incursions or use the tidal flow for tidal power are known as tidal barrages . Embankment dams are made of compacted earth, and are of two main types: rock-fill and earth-fill. Like concrete gravity dams, embankment dams rely on their weight to hold back

13189-581: The world is the 305 m-high (1,001 ft) Jinping-I Dam in China . As with large dams, small dams have multiple uses, such as, but not limited to, hydropower production, flood protection, and water storage. Small dams can be particularly useful on farms to capture runoff for later use, for example, during the dry season. Small scale dams have the potential to generate benefits without displacing people as well, and small, decentralised hydroelectric dams can aid rural development in developing countries. In

13310-548: Was 102 m (335 ft) long at its base and 87 m (285 ft) wide. The structure was built around 2800 or 2600 BC as a diversion dam for flood control, but was destroyed by heavy rain during construction or shortly afterwards. During the Twelfth Dynasty in the 19th century BC, the Pharaohs Senosert III, Amenemhat III , and Amenemhat IV dug a canal 16 km (9.9 mi) long linking

13431-560: Was built. The system included 16 reservoirs, dams and various channels for collecting water and storing it. One of the engineering wonders of the ancient world was the Great Dam of Marib in Yemen . Initiated sometime between 1750 and 1700 BC, it was made of packed earth – triangular in cross-section, 580 m (1,900 ft) in length and originally 4 m (13 ft) high – running between two groups of rocks on either side, to which it

13552-473: Was caused by a "loan to own" scheme between the bank and resort developers. The golf course was purchased by Nevada South Shore LLC, a Hawaii-based corporation for $ 4.5 million on February 17, 2011. The Ritz Carlton, Lake Las Vegas, closed after 8 years of operation on May 2, 2010. The Ritz Carlton was then reopened by international boutique hotelier Dolce Hotels on February 11, 2011, as the Ravella at Lake Las Vegas. On April 30, 2013, Kam Sang Co. announced that

13673-464: Was expected to cost the company $ 800 million and result in 7,000 lost jobs, but save $ 560 million a year. While Credit Suisse First Boston had been struggling, Credit Suisse's overall profits had grown 20 percent over the prior year, reaching $ 664 million. In 1999 Japan's Financial Supervisory Agency temporarily suspended the financial-products division's license to operate in Japan for "window dressing",

13794-583: Was influenced as a result of the trading surge in Q2 of 2020, amid the COVID-19 pandemic . The planned restructuring is set "to reduce costs and improve efficiencies" and features some reverts of alterations brought by the previous CEO, Thiam. According to Gottstein, "These initiatives should also help to provide resilience in uncertain markets and deliver further upside when more positive economic conditions prevail." In November of 2022, Credit Suisse announced that it

13915-488: Was linked by substantial stonework. Repairs were carried out during various periods, most importantly around 750 BC, and 250 years later the dam height was increased to 7 m (23 ft). After the end of the Kingdom of Saba , the dam fell under the control of the Ḥimyarites (c. 115 BC) who undertook further improvements, creating a structure 14 m (46 ft) high, with five spillways, two masonry-reinforced sluices,

14036-504: Was modeled after Crédit Mobilier , a bank funding railway projects in France that was founded two years prior, except Credit Suisse had a more conservative lending policy focused on short-to-medium term loans. In its first year of operation, 25 percent of the bank's revenues was from the Swiss Northeastern Railway , which was being built by Bruno Hildebrand and Escher's company, Nordostbahn. Credit Suisse played

14157-404: Was possibly the world's first concrete arch dam. Designed by Henry Charles Stanley in 1880 with an overflow spillway and a special water outlet, it was eventually heightened to 10 m (33 ft). In the latter half of the nineteenth century, significant advances in the scientific theory of masonry dam design were made. This transformed dam design from an art based on empirical methodology to

14278-510: Was selling the majority of its Securitized Products Group to Apollo Asset Management. Credit Suisse cited a reduction in RWA as the primary factor driving the sale. The deal was expected to close in the first half of 2023. [2] The spin-off was branded Atlas SP and the deal ultimately finalized in March of 2024. [3] In December of 2022, Credit Suisse completed a CHF 4.00bn capital increase by the way of

14399-461: Was the first French arch dam of the industrial era , and it was built by François Zola in the municipality of Aix-en-Provence to improve the supply of water after the 1832 cholera outbreak devastated the area. After royal approval was granted in 1844, the dam was constructed over the following decade. Its construction was carried out on the basis of the mathematical results of scientific stress analysis. The 75-miles dam near Warwick , Australia,

14520-682: Was the largest masonry dam in the world. The Hoover Dam is a massive concrete arch-gravity dam , constructed in the Black Canyon of the Colorado River , on the border between the US states of Arizona and Nevada between 1931 and 1936 during the Great Depression . In 1928, Congress authorized the project to build a dam that would control floods, provide irrigation water and produce hydroelectric power . The winning bid to build

14641-565: Was to be called Lake Adair. The land was annexed into the city of Henderson, and legislation was passed by the Nevada legislature that would change the name of Henderson to the City of Lake Adair when the lake was filled. In 1967 Adair hired Tipton and Kalmbach (T&K) to design the dam and bypass pipelines for Lake Adair but was unable to obtain sufficient financing. He split the property into small "shares" in exchange for deposits. Barry Silverton (Pacific Malibu Development Corporation) met with

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