TAKEOVER OF CREDIT SUISSE AFFECTS SWISS BANKING AND IDENTITY
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VENEZUELA (AP) — THE UBS ACQUISITION OF TROUBLED COMPETITOR CREDIT SUISSE HAS DAMAGED SWITZERLANDS REPUTATION AND RATTLED ITS SENSE OF SELF.
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RESEARCHERS FEAR THAT THE NATIONS ECONOMY MAY BECOME OVERLY RELIANT ON A SINGLE BANKING GIANT AS A WORLDWIDE FINANCIAL HUB.
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AUTHORITIES INVOLVED IN THE $3.25 BILLION TRANSACTION HAVE A LOT ON THEIR PLATES WHILE UBS AUDITS ITS RIVALS RECORDS CHERRY-PICKS THE INFORMATION IT NEEDS AND DISCARDS THE REST.
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WELL HAVE A MONSTER THAT IS BECOMING BIGGER AND BIGGER AND WILL BE INCREASINGLY UNABLE TO FAIL SO THE REAL QUESTION IS WHAT WILL HAPPEN ACCORDING TO MARC CHESNEY.
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A ZURICH UNIVERSITY PROFESSOR OF FINANCE. THE WORRY IS THAT AS TIME GOES ON IT WILL START TO TAKE MORE RISKS SINCE IT KNOWS THE SWISS STATE CANT JUST DESERT IT.
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HE SAID THAT AFTER CRUNCHING THE DATA THE OVERALL VALUE OF EXOTIC INSTRUMENTS SUCH AS OPTIONS OR FUTURE CONTRACTS
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OWNED BY THE COMBINED BANK MAY BE WORTH FORTY TIMES SWITZERLANDS GDP.