Yesterday, Ammar Al Khudairy was “absolutely not” going to invest another dollar (or riyal or franc) in Credit Suisse.

While dismissing the possibility that the Saudi National Bank might consider upping its 9.9% stake in the besieged Swiss lender, Al Khudairy pointed to regulatory concerns, but said he could “cite five or six other reasons.”

Al Khudairy’s remarks were the skier’s scream that started the avalanche Wednesday, when Credit Suisse saw its stock and bonds plunge in a harrowing session that eventually took a turn for the existential. Ultimately, the bank said it would tap the SNB for $54 billion in liquidity and announced a tender offer for some $3 billion in dollar- and euro-denominated debt.

Fast forward to Thursday and the shares recovered, rising a cartoonish ~40% at one juncture. The bank’s CDS calmed down a bit. Al Khudairy, meanwhile, told CNBC that “everything is fine.”

“A lot of people were just looking for excuses,” Al Khudairy said, apparently referencing his own Wednesday remarks. “It’s panic, a little bit of panic,” he added, before suggesting the entire episode might’ve been a misunderstanding. “I don’t know where the word ‘assistance’ came from, there has been no discussion whatsoever since October.”

He’s right. Frankly, you could suggest Bloomberg inadvertently started a forest fire on Wednesday. Consider the wording of their anchor’s question to Al Khudairy: “I’m wondering if you’d be open to assisting further if there was another call for additional liquidity from Credit Suisse.” That question was probably better posed as follows: “Would the Saudi National Bank be open to taking a larger stake?” Using the words “assisting” and “liquidity” suggested something was wrong.

Of course, if Al Khudairy thought “assisting” wasn’t the right word, he could’ve just said something. Instead, he barely gave Bloomberg’s anchor enough time to finish the question before delivering what, in retrospect, might be viewed as a needlessly terse rejoinder.

Whatever the case, Al Khudairy told CNBC Thursday that the prior session’s turmoil in bank stocks was “completely unwarranted.”

At the worst levels, shares dropped 7% Thursday, to the lowest in more than two years, before rebounding. They were on track for a fifth straight decline.

For their part, JPMorgan sees a takeover as the most likely outcome for Credit Suisse, with UBS being the most obvious candidate for a deal. Credit Suisse’s capital position is fine, JPMorgan analysts said, but the market has clearly lost confidence, so the “status quo is no longer an option.”

The Swiss government scheduled a “special sitting” Thursday to discuss the situation.