{
}
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.
Dirk Schütze
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
ubs orchestrates at1 bond wipeout in credit suisse takeover strategy
United States Dollar
FinMan Gestion",
CS. Barthoulot-Coaching SNC
USA
CHE
Karin Keller-Sutter
Colm Kelleher
Rolf Watter
Thomas Jordan
Dirk Schütze
Daniela Stoffel
Show more
07:58 21.12.2024
ubs orchestrates at1 bond wipeout to secure cs takeover and massive profits
United States Dollar
CS. Barthoulot-Coaching SNC
CHE
Colm Kelleher
Dirk Schütze
Matthew Jordan
Karin Keller-Sutter
Rolf Watter
Show more
07:58 21.12.2024
law professor criticizes parliamentary report on credit suisse crisis response
Credit Suisse Real Estate Fund Siat
CHE
Dirk Schütze
Peter V. Kunz
Karin Keller-Sutter
Ueli Maurer
Show more
16:33 20.12.2024
lessons from the downfall of credit suisse and the puks findings
16:00 20.12.2024
Ueli Maurer's Information Withholding During Credit Suisse Crisis Criticized by Federal Council
Credit Suisse Real Estate Fund Siat
CHE
Karin Keller-Sutter
Colm Kelleher
Axel Lehmann
Ueli Maurer
Thomas Jordan
Dirk Schütze
Eveline Widmer-Schlumpf
Show more
10:30 20.12.2024
Game Over The Fall of Credit Suisse Explored in New Book and Film
United States Dollar
Credit Suisse Real Estate Fund Siat
CHE
Lukas Heim
Beat Schmid
Dirk Schütze
Arthur Rutishauser
Stefan Halter
Duncan Mavin
Show more
08:53 16.12.2024
new book reveals downfall of credit suisse with gripping details and insights
Swiss Franc
Credit Suisse Real Estate Fund Siat
CHE
Beat Schmid
Dirk Schütze
Arthur Rutishauser
Stefan Halter
Lukas Heim
Duncan Mavin
Show more
07:52 16.12.2024
Trending
Subcategory
Industry Trends
Corporate News
Startups & Entrepreneurship
Retail and Consumer Goods
Supply Chain Management
Global Trade Developments
Government Economic Policies
Workplace Trends
Stock Market Updates
Industry Mergers & Acquisitions
Finance Mergers & Acquisitions
CEO Changes
Fintech Startups
Venture Capital Investments
Financial Scams and Security
Emerging Startups
Cryptocurrency Trends
Cryptocurrency & Blockchain Regulations
Funding Rounds & Investments
Energy Sector Developments
Countries:
Companies:
Apple Inc.
Google Inc.
Alphabet Inc.
NVIDIA Corporation
Tesla, Inc.
Microsoft Corporation
Amazon.com, Inc.
Delhivery Limited
Ecom Express Ltd.
Foxconn Technology Co., Ltd.
Samsung SDI Co., Ltd.
SWIGGY LIMITED
UWS JP Morgan EM A OSB
Netflix, Inc.
Airbnb, Inc.
Adobe Inc.
GEELY AUTO
TENCENT
CarTrade Tech Limited
Ciscom Corp.
Currencies:
United States Dollar
Indian Rupee
Chinese Yuan
Euro
Japanese Yen
South Korean Won
Vietnamese Đồng
Indonesian Rupiah
Algerian Dinar
Australian Dollar
Egyptian Pound
Saudi Riyal
Swiss Franc
British Pound Sterling
Russian Ruble
Pakistani Rupee
People: