Lehmann’s comments may leave him sufficient wiggle room. He could argue that the outflows had indeed stabilised when he spoke, but then deteriorated again afterwards. And proving an intent to mislead may be difficult.
Either way, the usual argument for speaking up is to counteract negative rumours, which in Credit Suisse’s case swirled on social media. The typical counterpoint is that customers can take fright at anything that sounds like a liquidity problem, even if it’s explicitly denied. Lehmann’s experience flags another danger: successfully soothe customers and investors, and you could be accused of misleading them.
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