UBS is on the verge of acquiring Credit Suisse with 6 billion in help from the Swiss government

[DrBanneker]

This is strange. A multi billion dollar take over taken place in a matter of days is crazy. All the details can't possibly be sorted out but this being quickly announced means that it was going to be bad bad if this bank failed. I doubt this take over is going to get blocked either. It's going to be an interesting few months because I think we will see more of this to come.

You don’t. Diligence was by and large waived. This was a shot gun deal by the Swiss gov.


And the reason why the gov is providing so much support to UBS + a discount.

It is worse than that. The Swiss government used special powers to force the merger without it going to UBS shareholders for a vote. Swiss law requires a 6 week review for shareholders for Swiss acquirers and the Swiss government is like 'damn that'.

 

[ADevilYouKhow]

UBS will be fine kinda crazy though to think about

 

[ADevilYouKhow]

Funny enough I think I read a really interesting article about culture clash between UBS and Credit Suisse and that’s supposedly part of why the deal never happened previously but it may have been another private bank other than CS.

 

[re'up]

And if they had gotten close to a deal, there was some groundwork in place, and some key points where both parties didn't have common ground. They went back with a new perspective of this is desperate and about survival and Suisse has no more leverage.

 

[DrBanneker]

Also, watch them try to blame this shyt on 'woke' because Thiam Tidjane, a Black man, was briefly at the helm of Credit Suisse. Never mind its problems started way before him. That Go woke go broke shyt about SVB was so fukking inane, I don't doubt it is going to be used again.

 

[Jean toomer]

US banking stocks under heavy pressure this morning. This thing is getting uglier by the day.

 

[DrBanneker]

US banking stocks under heavy pressure this morning. This thing is getting uglier by the day.

They'll prop it up today and maybe even this week bc of the Fed liquidity but it will get ugly probably before Easter.

 

[Starski]

Banking is fun until you become the synergy

@Scholar

 

[Geek Nasty]

This is nuts, Credit Suisse is sitting on a ton of shorted meme stocks. This deal I bet is going to be voided.

 

[Geek Nasty]

Also, watch them try to blame this shyt on 'woke' because Thiam Tidjane, a Black man, was briefly at the helm of Credit Suisse. Never mind its problems started way before him. That Go woke go broke shyt about SVB was so fukking inane, I don't doubt it is going to be used again.

Shyt cracks me up because even if he WAS responsible, did they forget all the white people from 2008 who didn't get touched after trashing the world economy? They worried about one exec who inherited shytty deals?

 

[Fillerguy]

This is nuts, Credit Suisse is sitting on a ton of shorted meme stocks. This deal I bet is going to be voided.

UBS doesn't deal with meme stocks. Its very conservative compared to most banks.

 

[Geek Nasty]

UBS doesn't deal with meme stocks. Its very conservative compared to most banks.

I meant CS has the shorts. I thought UMB was conservative too (local bank) but they're on that at risk list from last week too

 

[bnew]

This is eerily similar to 2008. I can’t mentally handle this shyt again

they kicked the can in 2008 and they're trying to do the same now. back to back unprecedented actions for 2-weeks now. changing laws to and skipping procedures to stabilize the financial system.

 

[MoneyTron]

CS was a dead man walking for a decade now. Very likely negative rates and outside investment were the only things propping it up.

 

[Payday23]