White House clean energy czar uses estimates from collapsed bank to support Biden admin's ESG initiative
Credit Suisse's value plummeted nearly 30% in March
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Senior White House adviser John Podesta amplified predictions from a problem-plagued Swiss bank in an effort to support the Biden administration's plans related to environment, social and governance (ESG).
Speaking from the White House on Wednesday, Podesta, who was tapped by Biden in September 2022 to serve as senior adviser to the president for clean energy innovation and implementation, insisted that "analysis" from Credit Suisse suggested a majority of "solar deployment in the U.S." would be from solar panel manufacturers in the United States.
"Credit Suisse did an analysis that suggested that 90% of solar deployment in the U.S. will be supplied by solar manufacturers in the United States… solar panel manufacturers in the United States," he said.
Podesta's remarks came as he discussed the administration's green goals and efforts to bring more jobs to America as it relates to climate initiatives and clean energy.
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John Podesta, senior adviser to the president for clean energy innovation, speaks during a news conference at the White House on Aug. 16, 2023. (Sarah Silbiger/Bloomberg via / Getty Images)
"This is beyond hilarious: Biden Climate Adviser John Podesta just used forecasts by Credit Suisse to support the admin's ESG plans... Reminder: Credit Suisse collapsed this year because, after years of fraud/scandal, many of their own customers deemed the bank *not* trustworthy," Will Hild, executive director of Consumers' Research noted in a post shared on X, formerly known as Twitter.
In March, Credit Suisse's value plummeted nearly 30%, forcing trading to be abruptly halted midday, after it acknowledged in its annual report it had "material weakness" and its largest investor, a Saudi state-run bank, said it couldn't provide additional assistance, citing a "regulatory issue."
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Following the record loss in value, Credit Suisse said it intended to borrow a staggering $54 billion from the Swiss National Bank as an unprecedented lifeline to boost its liquidity.
White House senior advisor John Podesta shown at the White House on Aug. 16, 2023. (Sarah Silbiger/Bloomberg via / Getty Images)
In recent years, Credit Suisse has endured several scandals and vowed to overhaul its risk management operations. In June 2022, the bank announced it would move forward with the major overhauls as it also grappled with litigation costs associated with the collapse of the former New York City-based Archegos Capital Management firm, CNBC reported.
Credit Suisse has also faced legal action from U.S. shareholders who allege the Swiss Bank failed to disclose its financial woes and violated securities laws.
The logo of Swiss bank Credit Suisse atop its headquarters in Zurich, Switzerland, on March 24, 2021. (Arnd Wiegmann / Reuters Photos)
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Class action lawsuits have been filed against Credit Suisse in federal court, alleging the bank made false or misleading statements about its finances and failed to adequately disclose that it suffered from a "significant" increase in customer outflows at the end of 2022. A suit filed earlier this year included those claims, plus a claim related to material weaknesses in Credit Suisse's internal financial controls.
Fox News' Thomas Catenacci and Joe Schoffstall contributed to this report.