This must be the silliest day in banking history with negotiations made public as they happen, truly upsetting. Do these guys understand each wrong statement they may say today is burning billions tomorrow.

I suppose a big lack of knowledge of how international financial markets work.

Because the Singaporean sovereign wealth fund ain't going to get burned twice... say what you will about Ospel but at least he pulled in some new money before the balloon went up and the Government funding was a top up.

I avoided the term Billion because this can, under some circumstances, have a few more zeros at the end.

https://en.wikipedia.org/wiki/Billion

It must have been hell during the change over period, during which one billion could have been either 1,000,000,000 or 1,000,000,000,000

"UBS has agreed to buy Credit Suisse, according to the Financial Times. The bank has increased its offer to more than $ 2 billion, announced the newspaper Sunday night.

The Swiss National Bank (SNB) has reportedly offered UBS a credit line of about $ 100 billion as part of the agreement, adds the "Wall Street Journal".

According to the Financial Times, the Federal Council wants to change the country's legislation in order to avoid a shareholder vote on the transaction. Indeed, the transaction is still expected to close by Monday.

According to the Financial Times, the agreement between the two largest Swiss banks had yet to be signed on Sunday evening. The price would be only a fraction of Friday's closing price. Credit Suisse shareholders would receive virtually nothing.

UBS will now pay 50 cents per share in treasury shares, well below Credit Suisse's closing price of 1.86 Swiss francs last Friday."

http://www.bluewin.ch/fr/infos/econo...e-1671130.html

And to think I was reading articles in the Swiss media last week encouraging people to by CS shares. Well if you did, you're going to be down a lot of money tomorrow, and won't even get a say on the matter either. 100 billion sticking plaster.

Should we get the tar & feathers ready for previous CS management, for this gigantic screw up?

If you did, you were punting and not investing. Tough luck.

Yeah, because that worked so well in the 2008/2009 crisis. None of these assholes ever were held accountable. Probably the CS ExComm will now be paid out the remainder of their contracts.

At some point people might ask for accountability, yes.

We will see how well the "market" takes this. And if it believes, CS has mostly consumed the larger risks in the last couple of years and it's all peaches now....

I think Credit Suisse owns our huge apartment complex. I wonder how this acquisition could potentially affect us. All of these apartment buildings were built in the 60s and while there was a major renovation in 2006, I think they could really still use some updates.

That's why the 9 bn guarantee for legacy risks is quite important.

I would assume, it's the pension fund of CS that owns it.

It would very much surprise me if it wasn't highly leveraged ;-)

Who says that any CS employees will even have the opportunity?



put this thru your translater: https://www.msn.com/de-ch/nachrichte...nk/ar-AA18NB65


But Roger will survive it. That I'm certain of.

https://www.credit-suisse.com/about-...r-federer.html

What happens to the average CS retail customer on the street? And those with their third pillars there?

Nothing.

Does that 100 billion include the 50+ billion already offered or is it on top?

They will get new bank cards with OOPs stenciled on em.

Ah, oops.

Looks like the legendary Gnomes of Zurich will have to start wearing tin hats after this weekends endeavours.

BBC News - UBS agrees rescue deal for troubled bank Credit Suisse