Switzerland’s Plan B: Nationalizing Credit Suisse

To describe the shotgun wedding between UBS and Credit Suisse as "complex" would be to materially understate the case. UBS's initial offer for its smaller rival -- just $1 billion, or CHF0.25 -- was understandably low given the extraordinary risks involved, but Credit Suisse was forgiven for any reluctance to acquiesce. After all, UBS's begrudging bid represented a huge discount to Friday's close. The final price, more than $3 billion, was a little better. The compressed timeframe -- just 48 h