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UBS Offers To Buy Credit Suisse For A Song In 2008 Echo
After 48 hours of what one certainly imagines were tense negotiations with Swiss authorities, UBS offered to buy Credit Suisse for up to $1 billion. Or perhaps it's more apt to say for "just" $1 billion.
As the discussions unfolded, media reports suggested UBS made a number of demands+, including indemnity from costs associated with potential litigation and losses related to legacy issues at Credit Suisse, where a slow-burning existential crisis finally crescendoed in an outright panic followin
I suspect that the Resolution Plan for Credit Suisse does not include a state sponsored/subsidized sale to UBS. What happened to bail in debt?
UBS is not a charity and this public write-down of Credit Suisse is effectively a death knell: how could it be refused? (Unless the swiss govt intervened, and maybe this is them)
This “speed run” replay of the GreatFinancialCrisis is leaving experts (like Mr H) to react daily, the public have almost no clue.
Remember: Nobody’s an expert on anything when it comes to economics. Some of us just know a little more than others. At the end of the day, we’re all — every, single one of us — mostly clueless.