In a recent development, John Podesta, Senior Advisor for Clean Energy Innovation and Implementation to the President, made mention of an assessment carried out by Credit Suisse regarding the American solar panel supply chain.
This action has garnered attention due to the bank’s recent financial challenges, which reached a critical point earlier this year due to questionable investment choices and issues with corporate governance.
Podesta utilized Credit Suisse’s analysis to underscore the Biden administration’s goal of enhancing the domestic solar panel supply chain and manufacturing capability.
The Senior Advisor conveyed his comments while delivering a speech commemorating the one-year anniversary of the enactment of the Inflation Reduction Act (IRA). Nevertheless, Podesta opened himself to potential criticism by citing Credit Suisse as the source of his analysis.
Do you trust Podesta? https://t.co/jFIRcp3qnb
— Daily Caller (@DailyCaller) August 17, 2023
Throughout this year, Credit Suisse has encountered substantial difficulties, eroding the confidence of numerous clients and investors primarily due to significant losses resulting from unfavorable investments. This predicament sparked widespread speculations of an impending collapse, triggering a notable level of customer unease, as reported by CNBC.
Fox Business reported that Podesta said in his speech: “Credit Suisse did an analysis that suggested that 90% of solar deployment in the U.S. will be supplied by solar manufactured in the United States.”
President Joe Biden enlisted Podesta’s assistance in September 2022 to facilitate the implementation of the IRA. Notably, the administration’s significant legislative efforts have thus far directed billions of taxpayer dollars towards bolstering the American solar panel industry and its supply chain, a sector largely dominated by China, according to NPR.
In an unexpected turn of events, UBS, another Swiss bank, acquired Credit Suisse through a government-sanctioned sale valued at $2 billion in March. This acquisition price, perceived as quite modest, mirrored the declining confidence the market held in Credit Suisse’s operational effectiveness and profitability.
Further compounding the bank’s challenges, the Swiss central bank had to extend an emergency infusion of $54 billion to Credit Suisse prior to its acquisition by UBS, ensuring the bank’s liquidity remained intact as its issues escalated in March.
Credit Suisse has also been the subject of numerous investigations involving alleged fraud and regulatory violations in recent years, as highlighted by Reuters. The bank has also faced accusations of aiding affluent clients in circumventing U.S. tax regulations, even after making a commitment in a 2014 agreement with the Department of Justice to refrain from such actions, as noted by Politico.
Uncertainty lingers regarding whether Podesta was aware of Credit Suisse’s predicament when he cited their analysis during his address.
As of now, the White House has refrained from commenting on this matter.
