Nassim Taleb Says Swiss Banks Used to Be Boring

The video discusses the evolution of Swiss banking, highlighting the decline of major banks like Credit Suisse and UBS. It explores how Swiss banks transitioned from a low-risk model to engaging in complex financial instruments, influenced by US policies and the need to adapt to global financial changes. The narrative underscores the importance of not assuming perpetual stability in financial institutions.

What does the phrase 'never assume that a AAA is a AAA' imply in the context of investments?

Discuss the impact of money laundering on the Swiss banking system.