UBS offers to buy Credit Suisse for ‘substantially’ more than $1 billion, sources say
NBCJUL 2023
There have been much bigger banking collapses in the past and the move by UBS and the Swiss government is part of a typical financial pattern. Banking is a business of confidence and deals as these must occur for such confidence to remain in the global markets. The primary objective is to keep the depositors safe, which is exactly what central bankers are doing right now.
With a bank such as Credit Suisse to be bailed out in a manner horribly reminiscent of 2008, it is time for a radical rethinking of central bank policy. Such crises are the product of the central banks' policies and failure to supervise. Bankers cannot continue to attempt to serve both society and themselves — they must make the right decision or the markets are at risk of falling off a cliff.