for 3 billion Swiss francs in stock and agreed to assume up to 5 billion francs in losses in a merger engineered by Swiss authorities to prevent more market turmoil in global banking.
Emergency law was used to enable the banks to reach a speedy agreement. Shareholders, for example, who would normally get a say in such a takeover were largely bypassed, which has angered some of them. Keller-Sutter said the Swiss government's executive Federal Council "only went as far as was absolutely necessary to achieve the goal of stabilisation".
"If we had done nothing, CS shares would have been worthless on Monday and the shareholders would have gone home empty-handed," she said.
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UBS now twice the size of the Swiss economy. Bit scary. The Credit Suisse zombie is dead But a monster rises instead A giant UBS Wades out of the mess Will the Swiss come to view it with dread?
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Wow, the World, especially financially is coming apart at the seams here. If changes are going to happen, the World needs to stand as one right now. Godhelpusall
She was fooled. Swiss are born wimpy.
The banking crisis seems to have thrown many into a panic
Yeah. She should have remained a translator …
速度大事
The woman that used to be a translator with no finance experience. The comparison with her and the chair of UBS was stark. One who looked composed and knew his onions and the other totally out of her depth.
Did she disclose her personal potential conflict of interest with CS and UBS?
Governments nowadays like banks that are too big to fail no matter what, because they cease to be private institutions and are captive to government agendas.