They're covering their asses so they don't get sued for defamation.
If they say 'fraud', 'theft', 'lying' they are implying intent, which can be hard to prove (maybe they were just incompetent or mislead by someone else?).
A material weakness means there is a significant to the business (aka material) difference between what was written/reported, and what investigation found was true.
WHY that is doesn't matter for the purposes of clawing things back, and since they have solid proof of it, there you go.
Speculating on the reason or if a crime was committed until it's proven in a court of law is what gets high powered and highly paid attorneys excited, and the folks who are getting fired and the money clawed back can still afford those in spades even afterwards. Credit Suisse probably feels they already have enough problems.
If they say 'fraud', 'theft', 'lying' they are implying intent, which can be hard to prove (maybe they were just incompetent or mislead by someone else?).
A material weakness means there is a significant to the business (aka material) difference between what was written/reported, and what investigation found was true.
WHY that is doesn't matter for the purposes of clawing things back, and since they have solid proof of it, there you go.
Speculating on the reason or if a crime was committed until it's proven in a court of law is what gets high powered and highly paid attorneys excited, and the folks who are getting fired and the money clawed back can still afford those in spades even afterwards. Credit Suisse probably feels they already have enough problems.