Jim’s Daily Rant. “Thar She Blows !!”
How many words does it take to say “Duck and Cover"?
This morning I posted this article: UBS hit with internal control failure, echoes Credit Suisse collapse… Ernst & Young flags risks for UBS’s financial reporting, recalls 2023 warning. That article used 176 words to say “Duck and Cover”.
How would you like to be the CEO of United Bank Of Switzerland [UBS] and get a similar notice like this from your government:
On 19 March 2023, Swiss bank UBS Group A agreed to buy Credit Suisse for CHF 3 billion (US$3.2 billion) in an all-stock deal brokered by the government of Switzerland and the Swiss Financial Market Supervisory Authority.[1][2][3] The Swiss National Bank supported the deal by providing more than CHF 100 billion (US$104 billion) in liquidity to UBS following its takeover of Credit Suisse's operations,[4 while the Swiss government provided a guarantee to UBS to cover losses of up to CHF 9 billion (US$9.6 Billion) over the short term.[1] Additionally, CHF 16 billion (US$17.2 billion) of Additional Tier 1 bonds were written down to zero. Source
By the way, at that time [I'm too busy today to look this up] I think Credit Suisse was the biggest bank in Switzerland. I believe UBS was smaller but still a major bank in Europe.
The downfall of Credit Suess would have bankrupted the country of Switzerland, so out of survival, they forced UBS to take the burden on, to buy time for all.
Look closely and you will see they carried their load one full year today.
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“There She Blows”:
phrase
[edit]
there she blows (nautical) The traditional hail of the lookout in a whaler (whaling ship) when sighting the spouting water thrown up by a whale surfacing.
“Thar She Blows”
Nautical and Banking term for a huge whale about to die today! Source: Jim
The whole world knew UBS would quickly fail in carrying the weight of the Global Banking world. This is expected to take out the entire Global financial system in many financial minds.
Thar She Blows!!!!
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