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  • Credit Suisse was COLLAPSING

    From risky biz@21:1/5 to All on Sun Mar 19 16:01:21 2023
    Someone remind me who it was that was pooh-poohing Paul with comments about 'Pokerspot'.

    'GENEVA (AP) — Banking giant UBS is buying troubled rival Credit Suisse for almost $3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system.

    Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank’s customers. Shares of Credit Suisse and other banks plunged this
    week after the failure of two banks in the U.S. sparked concerns about other potentially shaky institutions in the global financial system.

    Credit Suisse is among the 30 financial institutions known as globally systemically important banks, and authorities worried about the fallout if it were to fail.

    The deal was “one of great breadth for the stability of international finance,” said Swiss President Alain Berset as he announced it Sunday night. “An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country
    and the international financial system.”

    Switzerland’s executive branch, a seven-member governing body that includes Berset, passed an emergency ordinance allowing the merger to go through without shareholder approval.'
    https://apnews.com/article/credit-suisse-ubs-bank-collapse-svb-swiss-1a06bc96cbca9be4fbfd20a8f008ab8f

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From da pickle@21:1/5 to risky biz on Mon Mar 20 07:30:48 2023
    On 3/19/2023 6:01 PM, risky biz wrote:
    Someone remind me who it was that was pooh-poohing Paul with comments about 'Pokerspot'.

    'GENEVA (AP) — Banking giant UBS is buying troubled rival Credit Suisse for almost $3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system.

    Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank’s customers. Shares of Credit Suisse and other banks plunged this
    week after the failure of two banks in the U.S. sparked concerns about other potentially shaky institutions in the global financial system.

    Credit Suisse is among the 30 financial institutions known as globally systemically important banks, and authorities worried about the fallout if it were to fail.

    The deal was “one of great breadth for the stability of international finance,” said Swiss President Alain Berset as he announced it Sunday night. “An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country
    and the international financial system.”

    Switzerland’s executive branch, a seven-member governing body that includes Berset, passed an emergency ordinance allowing the merger to go through without shareholder approval.'
    https://apnews.com/article/credit-suisse-ubs-bank-collapse-svb-swiss-1a06bc96cbca9be4fbfd20a8f008ab8f

    A very bad sign of the times.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From jack roth@21:1/5 to da pickle on Wed Mar 22 05:28:43 2023
    On Monday, March 20, 2023 at 5:30:35 AM UTC-7, da pickle wrote:

    Switzerland’s executive branch, a seven-member governing body that includes Berset, passed an emergency ordinance allowing the merger to go through without shareholder approval.'
    https://apnews.com/article/credit-suisse-ubs-bank-collapse-svb-swiss-1a06bc96cbca9be4fbfd20a8f008ab8f

    A very bad sign of the times.

    You have no clue how screwed we all are. The entire West has been living off massive debt that no country will ever be able to pay. Every bank is tied together in gigantic contagion. You can maybe deal with the first collapses, but when they keep
    collapsing, countries will have to all print massively to save the system and thus cause massive debasing of all western currencies, particularly the USD. Commodity supplying countries, particularly Russia who has little debt will then be able to sell
    commodities for massive amounts in terms of any Western currency. Standard of living in the "West" will massively tank. Not sure how long this takes...maybe rest of the decades, maybe into 2035, but one thing is certain is it will happen.....happen
    first slowly and then all of a sudden. Only way out is to have WW3 and use it to wipe all debt.

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