Pyrex, the maker of the glass measuring jug in your kitchen cupboard, has filed for bankruptcy. Just like the pouring out of a jug, the tightening of credit terms and higher interest rates reduced the company’s liquidity levels until it became an empty vessel. Also, those jugs last like three lifetimes and cost 5 dollars so not a great business.

The lowdown

• 🫗 Kitchenware maker Pyrex files for Chapter 11 bankruptcy, unable to withstand rising interest rates.

• 🚶‍♂️ Five senior Credit Suisse executives including CFO leave after UBS takeover, with further job cuts expected.

• 🪨 Glencore makes Teck another offer, this time for its steelmaking coal business as a standalone unit.

Featured stories

Lex Greensill and ex-Credit Suisse bankers face criminal charges

Financier Lex Greensill and four ex-Credit Suisse bankers are suspects in a pending Swiss criminal case ($) related to Greensill Capital's 2021 collapse.

The case revolves around a $10 billion group of funds that Credit Suisse offered to clients, which were connected to Greensill Capital, the finance specialist firm. The accusations focus on alleged misselling, where a product is sold misleadingly, resulting in a client purchasing something unsuitable for their needs.

The misleading aspect in this case most likely relates to the purchase of notes by Credit Suisse that were backed by “future accounts receivable”, which themselves are secured against future, uncertain sales. The case would be bad for Credit Suisse’s reputation, if the bank still existed.

The content we're consuming today

• WSJ: How to Tell if You’re the Office Jerk ($).

• The Overshoot: "Greedflation" and the Profits Equation.

• FT Magazine: How Crispin Odey evaded sexual assault allegations for decades ($).

Off-balance sheet items

• If you are still looking for more to read then here is a list of ‘the best books on financial history that are genuinely gripping (and honest)’ put together by finance journalist Robin Wigglesworth.

The bottom line