UBS played a pivotal role in the controversial write-off of $17 billion in Credit Suisse's AT1 bonds during its takeover negotiations, a move that significantly benefited UBS financially. Despite claims of ignorance from UBS Chairman Colm Kelleher, investigations reveal that UBS initiated the discussion on the bond wipe-out, which was crucial for the merger's success. This decision has led to global lawsuits from investors and potential financial repercussions for Swiss taxpayers.
UBS's recent discussions revealed a pivotal strategy involving the write-off of $17 billion in Credit Suisse's AT1 bonds, a move that significantly influenced the merger's terms. This decision, initially kept secret, allowed UBS to secure extraordinary profits, contributing nearly $30 billion in 2023. The PUK report highlights that UBS's demands were crucial for the takeover's success, overshadowing the purchase price negotiations.
Law professor Peter V. Kunz criticizes the Parliamentary Investigation Commission's (PUK) report on the Credit Suisse crisis, stating it failed to provide meaningful insights or solutions after 1.5 years of investigation. He argues that the report's 20 recommendations are superficial and that political reluctance to hold authorities accountable has delayed necessary reforms, leaving the banking system vulnerable to future crises.
A PUK has been established in Switzerland for the first time in nearly 30 years, producing a comprehensive 500-page report on the authorities' response to the Credit Suisse crisis. The findings include both praise and criticism, particularly directed at the former management, raising questions about the preparedness of Swiss politicians for future financial crises. For more insights, listen to the podcast series "The end of Credit Suisse" from "News Plus."
Ueli Maurer, Switzerland's former Finance Minister, faced criticism for withholding crucial information about Credit Suisse's precarious situation from his Federal Council colleagues. His solitary approach and lack of transparency hindered effective management during the bank's crisis, ultimately leading to significant challenges for the government as it navigated the fallout from the bank's instability.
Arthur Rutishauser, editor-in-chief of SonntagsZeitung, is set to release "Game Over - the Fall of Credit Suisse," a detailed account of the bank's collapse, highlighting failures and scandals. The 352-page book will be accompanied by a film, both launching in March 2025, coinciding with the findings of the parliamentary commission of inquiry. This marks the third book on Credit Suisse's decline, following works by Dirk Schütz and Duncan Mavin.
Arthur Rutishauser, editor-in-chief of SonntagsZeitung, is set to release "Game Over - the Fall of Credit Suisse," a detailed account of the bank's collapse, highlighting failures and scandals. The 352-page book will coincide with a film adaptation, both launching in March 2025. This marks the third publication on Credit Suisse's decline, following works by Dirk Schütz and Duncan Mavin.
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