'Credit Suisse to collapse next,' says author who predicted Lehman Brothers crash

Robert Kiyosaki had predicted the 2008 Lehman Brothers collapse.

Swiss investment giant Credit Suisse will be the next bank to collapse, said American entrepreneur and author Robert Kiyosaki said amid the collapse of Silicon Valley Bank (SVB) and Signature Bank. The SVB crisis marks the largest American banking failure since the 2008 Lehman Brothers crash.

"The problem is the bond market, and my prediction, I called Lehman Brothers years ago, and I think the next bank to go is Credit Suisse," Robert Kiyosaki, the author of the Rich Dad Poor Dad series and the Rich Dad Company co-founder, told Fox Business.

"Because the bond market is crashing."

Lehman Brothers, America's fourth-largest investment bank, crashed in September 2008 and filed for bankruptcy. With total debts of $613 billion against total assets of $639 billion and 25,000 employees worldwide, Lehman's bankruptcy was said to be the largest in the history, surpassing that of Worldcom's and Enron's.

Credit Suisse on Thursday said it would borrow up to $54 billion from the Swiss central bank to shore up its liquidity and investor confidence after a slump in its shares intensified fears about a global financial crisis.

Silicon Valley Bank 's crash last week, followed by that of Signature Bank two days later, sent global bank stocks on a roller-coaster ride this week, with investors discounting assurances from US President Joe Biden and emergency steps giving banks access to more funding.

California-based Silicon Valley Bank (SVB is the 16th largest bank in the United States.

Swiss financial regulator FINMA and Swiss National Bank said there were no indications of a direct risk of contagion for Swiss institutions from the US banking market turmoil.