Posted on 03/15/2023 11:25:25 AM PDT by Oldeconomybuyer
(Reuters) - Switzerland is under pressure from at least one major government to intervene quickly on Credit Suisse, a source familiar with the situation told Reuters, after the Swiss bank led a rout of European bank stocks on Wednesday.
Credit Suisse shares dropped by as much as 30.8%, leading a 7% fall in the European banking index, while five-year credit default swaps (CDS) for the flagship Swiss bank hit a new record high, reviving fears of a broader threat to the financial system.
Two supervisory sources told Reuters that the European Central Bank (ECB) had contacted banks on its watch to quiz them about their exposures to Credit Suisse.
One of the sources said, however, that they saw Credit Suisse's problems as specific to that bank, rather than being systemic.
The U.S. Treasury is monitoring the situation around Credit Suisse and is in touch with global counterparts about it, a Treasury spokesperson said on Wednesday. Asked about the impact of Credit Suisse's problems on the U.S. banking system, U.S. Senator Bernie Sanders told Reuters: "Everybody is concerned."
(Excerpt) Read more at msn.com ...
And?
This dottering old commie is the last person I want throwing suggestions into the hat for fixing this situation.
It’s as if the leftists (communists, socialists, marxists, etc) want the banking system to be nationalized under their control to implement 100% digital currency and eliminate paper money.
I am suprised that a Swiss bank is having any problems at all!
Credit Suisse didn’t just drop 90% this month. Over the last 15-20 years, they’ve dropped 90%. This train wreck has been going on for a long, long time.
This is exactly why I and others cannot invest in the stock market right now, market only rewards companies that:
1. get gummint handouts
2. layoff personnel
could some kind Freeper please post the price
the numbers I am seeing vary wildly,
such as 3.5, 8, and 12 percent
over one to five years
A European MP said that he expects the Swiss National Bank to decide on some kind of help for Credit Suisse Monday. Apparently everyone is on their own until then...panic as you need to until Monday, but don’t bother us.
Credit Suisse is trading at just below $2/share ($1.98 last I saw)
my numbers apply to the
...credit default swap...
of
CS securities,
not the stock price
Thank you for that information.
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