Credit Suisse To Tap SNB For $54 Billion In Liquidity

Near the close of US trading on Wednesday, the SNB and the Swiss Financial Market Supervisory Authority issued a joint statement on what they euphemistically described as "market uncertainty." By "uncertainty" they meant a record plunge in shares of Credit Suisse, which dropped 24% on enormous volume after the Saudis indicated they aren't open to taking a larger stake in the bank, which is attempting to execute a complex restructuring plan. Ulrich Koerner's turnaround effort was complicated in

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