Is anyone concerned about Credit Suisse, following on from the US banks failing?

[isthisallnormal]

Apologies if there is a thread already but can't see any.

What do people think of this? How will this affect ordinary people and high street banks and economies?

OP the takeover is a partial rescue
So there will still be lots of redundancies
The new merged entity has acquired the debt of CS
The bonds issued by CS are worth less or nothing
The share price has gone down
The ultimate effect on the market will impact pensions etc

didn't HSBC buy SVB for a £1? There will be people at the top making a tidy profit but there will be a lot of suffering too, among those of us not at the top.

The share price has gone down
The ultimate effect on the market will impact pensions etc

Yes this is the part I'm keen to understand more. How will these points filter down on the wider market?

Some pensions - not all - are invested in the stock market, so their value directly relates to how shares are doing at the time.

this is six months old but might be of interest/useful info

www.thetimes.co.uk/money-mentor/article/how-market-volatility-affects-your-pension/

www.reuters.com/business/sustainable-business/biden-vetoes-resolution-block-labor-dept-rule-esg-investing-2023-03-20/

The Americans pensions have been reduced, ESG loss is about 2% I understand.

amp.theguardian.com/business/2023/mar/20/at1-bank-bonds-credit-suisse-bondholders-cocos

This explains it in simple terms. The Cocos market is an issue.

Private profit, public losses.

Most banks are too big to fail, so risky (greedy) behavior persists.

Only way to stop this is to make the banks pay back bail out money and bankers jailed.

UK arm of Silicon V Bank paid out millions in bonuses just before the HSBC bailout.

I suspect that money will never be recovered.

https://www.swissinfo.ch/eng/how-the-swiss--trinity--forced-ubs-to-save-credit-suisse/48378088

There are some good articles on Swiss info.ch

Reading that it is clear there was huge international pressure, including from the US, as always.

I have got to admire the tenacity of the Swiss government working flat out for days… imagine the Boris Johnson equivalent.

https://www.swissinfo.ch/eng/lawyers-circle-around-rushed-credit-suisse-takeover/48378402

Legally it is fascinating. I know nothing about Swiss law and its constitution though so fascinating that they feel they have these far reaching powers.

White collar crimes are legal as is rape in London. Munchousens by proxy and pimping out the vulnerabie if you work in the NHS, teaching, libraries is legal too.

Remind me why we pay tax to police who arrest you if you know what a man is?

I would simply like them to do their job properly and there be no sacred caste.

Told you Deutsche Bank was shonky.