In the commercial register you can find it in black and white: UBS takes over “according to the merger agreement of March 19 / April 6 / May 22, 2023 and the balance sheet as of December 31, 2022. Assets of CHF 99,850,000,000.00 and liabilities (debt capital) in the amount of 77,189,000,000.00 Swiss francs to Credit Suisse Group AG ».
Checked – who else? – Lukas Hässig from the online portal inside the show arena.
What UBS already timidly identified as “negative goodwill” is now official: the purchase was associated with almost outrageous profits. That’s not all by far.
Moreover, the federal government is risking CHF 9 billion. Liquidity guarantee of 250 billion Swiss francs. And a write-down of 16 billion francs on so-called AT1 bonds.
Hundreds of lawsuits are now being filed against all of this around the world. From ring bond owners, from those who were scammed out of the purchase and even from CS employees who received AT1 bonds as a reward. Federal Chancellor Keeler-Sutter claims everything was very fragile and there was pressure.
What is this bullshit.
UBS had been preparing for the acquisition since last fall; Naturally, the former head of UBS VR and former CEO of CS of UBS did not disclose any inside details of his former and hopeful future employer.
CS stakeholders have the damage – above all the Swiss taxpayers.
Rarely in economic history has there been such incompetent government theft (“this is not a bailout”). Surrounded by an army of officials who engaged in a full awareness of responsibility and irresponsibility.
Does that really reveal and clean up the PUK?
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