Watching the press conference. You can feel the extraordinary circumstances that surrounded this decision and how UBS is basically being forced to eat a shit sandwich for the sake of Swiss banking / global economy
The Swiss Government (AKA the tax payer) is also providing $100 BILLION in ‘assistance’, in other words UBS can’t cover the liquidity requirements so the plebs will pay for the ‘bad bet’ yet again….
Welp. Looks like I’m completely fucked. 🙁
You would have been insane to suggest buying Credit Suisse for 2 billion a month ago.
Can someone do a monkey explanation on why is CS sold at such a low price?
If you had shares at CS, would you be forced to sell at that price?
Swiss reputation is completely in the pits at the minute.
I love how everyone involved is furiously trying to jury-rig everything from falling apart, literally wiping sweat from their face while holding up the house of cards, then turning to investors and saying “Yeah no don’t worry, we’re strutting the house of cards with duct-tape to signal confidence that it won’t fall over!”
Same with SVB last week. “Yeah we’re breaking our own rules about what is and isn’t insured because we have great confidence in our banking system.”
…None of y’alls would be bailing out everything left right and center if you *actually* had the confidence you’re claiming you have.
But hey what do I know right. Maybe investors are looking at all this mess and think “Now there’s a solid sector I’d like to invest in!”. Who knows!
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press conference ~~ongoing~~ finished
[https://www.youtube.com/watch?v=gmT0-w_0Ex4](https://www.youtube.com/watch?v=gmT0-w_0Ex4)
Watching the press conference. You can feel the extraordinary circumstances that surrounded this decision and how UBS is basically being forced to eat a shit sandwich for the sake of Swiss banking / global economy
The Swiss Government (AKA the tax payer) is also providing $100 BILLION in ‘assistance’, in other words UBS can’t cover the liquidity requirements so the plebs will pay for the ‘bad bet’ yet again….
Welp. Looks like I’m completely fucked. 🙁
You would have been insane to suggest buying Credit Suisse for 2 billion a month ago.
Can someone do a monkey explanation on why is CS sold at such a low price?
If you had shares at CS, would you be forced to sell at that price?
Swiss reputation is completely in the pits at the minute.
I love how everyone involved is furiously trying to jury-rig everything from falling apart, literally wiping sweat from their face while holding up the house of cards, then turning to investors and saying “Yeah no don’t worry, we’re strutting the house of cards with duct-tape to signal confidence that it won’t fall over!”
Same with SVB last week. “Yeah we’re breaking our own rules about what is and isn’t insured because we have great confidence in our banking system.”
…None of y’alls would be bailing out everything left right and center if you *actually* had the confidence you’re claiming you have.
But hey what do I know right. Maybe investors are looking at all this mess and think “Now there’s a solid sector I’d like to invest in!”. Who knows!
Oh boy… tomorrow is going to be very red.