The Wall Street Journal reports:

  • Credit Suisse helped put together billions of dollars in securities that were issued by offshore investment vehicles of Banco Espirito Santo SA and then sold to the Portuguese bank’s retail customers
  • Says customers didn’t know the investment vehicles were loaded with debt issued by various Espirito Santo companies and served as a mechanism to finance the Portuguese conglomerate

Reuters have an ungated report, the Wall Street Journal is here (gated): Credit Suisse Caught Up in Espírito Santo Mess