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Silicon Valley Bank Collapses

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SiliconWizard:
Yeah of course.
Now that just looks not very, uh, moral or ethical.
We're kinda far away from the ship's captain who will sink with his boat if that saves a single person. Oh well.

Black Phoenix:
Well one more on the wake of the Silicon Valley one:

https://www.ft.com/content/5746165a-3a0c-42c7-9a2e-cb7cf5f33f46


--- Quote ---Switzerland is preparing to use emergency measures to fast-track the takeover by UBS of Credit Suisse, according to three people familiar with the situation, as the banks and their regulators rush to seal a merger deal before markets open on Monday.

Under Swiss rules, UBS would typically have to give shareholders six weeks to consult on the acquisition, which would combine Switzerland’s two biggest lenders.
--- End quote ---


--- Quote ---The Swiss cabinet met for an emergency meeting on Saturday evening to discuss the future of Credit Suisse. The cabinet assembled in the finance ministry in Bern for a series of presentations from government officials, the Swiss National Bank, the market regulator Finma, and representatives of the banking sector.

The boards of the two banks are meeting this weekend. Credit Suisse’s key regulators in the US, the UK and Switzerland are considering the legal structure of a deal and several concessions that UBS has sought.

UBS wants to be allowed to phase in any demands it would face under global rules on capital for the world’s biggest banks. Additionally, UBS has requested some form of indemnity or government agreement to cover future legal costs, one of the people said.
--- End quote ---

BravoV:
Situation in Swiss is pretty simple, as its turning into non-neutral country (taking side, not like it used to/ well known to), and start to seize and steal rich people money illegally that are trusted to be kept in Swiss because of geo-political reason (like sanctions), just to trash their own trusted image as "safe" money heaven.

There you go, rich people or rich countries are drawing out their money and sucking Switzerland dried as the trust is gone, yes, its pointless now to keep bailing out, as its like keep throwing money into a deep sink hole.

The main selling point where Swiss for "reputable" banking is now gone, they made it themself, stupid eh ?

Imagine you're rich oligarch say like rich Arabs or Asians that put your money in Swiss, looking what they did to rich Russian oligarch (even they're Putin's haters  :-DD ) and just seize and steal your wealth, ever thinking to pull your money out ?

tom66:
Russia is now a pariah state.  Swiss won't hold money for N Korea (well, not "knowingly", wink-wink) or other such pariah states.  So they have to do this, because otherwise they risk sanctions and diplomatic action from EU.   I don't think they had a choice. 

BravoV:

--- Quote from: tom66 on March 19, 2023, 12:16:54 pm ---Russia is now a pariah state.  Swiss won't hold money for N Korea (well, not "knowingly", wink-wink) or other such pariah states.  So they have to do this, because otherwise they risk sanctions and diplomatic action from EU.   I don't think they had a choice.

--- End quote ---

Yep, that what Swiss believes, that willingly to sacrifice them self for the sake of freedom and democracy.  :palm:  :-DD

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