Credit Suisse, double-speed bailout favoring wealthy Arabs
The acquisition of Swiss credit from Ubstraded in record time over the weekend, scores a breakthrough in the Swiss financial historymerging two banks that have been rivals since their inception in the mid-19th century. The operation was made possible by the support of the Confederation, the Swiss Financial Market Supervisory Authority (Finma) and the Swiss National Bank (Bns). But the rescue of Credit Suisse – we read in the Corriere della Sera – will also have impact. The operation reset il bond value subordinates (A1) for 16 billion euros, before even wiping out all shareholder capital as would have been the norm. Difficult to drive away the thought that for delicate geopolitical reasons they wanted to preserveat least in part, i first two shareholders of the bank: the Saudi National Bank and the sovereign wealth fund of Qatar. Thus the precedent was created for which subordinated bondholders could be less protected of the shareholders.
The symbol behind the image refers, once again – continues the Corriere – to a banking crisis a two speeds. There are those who are largely of it responsibleyet they seem always come out rich so i protected. Then there are the others, those exposed to the consequences and destined to pay the price for mistakes not theirs. It’s a politically explosive mix: in America, even the wave of populism that Donald would bring Trump in the White House he starts with the Tea Parties, resulting from the banking crisis of 2008. Once again the banking crisis is already turning into a double-speed phenomenon both in Switzerland, with the sale of Credit Suisse to Ubs, and in the United States. The short circuit in America is what savers are seeing these days: if a bank fails how Svbbillionaire titans of venture capital have their own deposits by many million guaranteed con public money down to the last penny; but if the bank run hits a small rural bank of Midwestthen a local farmer risks being wiped out all the deposits own and of own company above i 250 thousand dollars.
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