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No, Sergio Ermotti is no savior, even if Switzerland insists that its sacred sovereignty be embodied in a national monetary messiah.
Sergio Ermotti is just Sergio Ermotti: Ticino, whose youthful charm doesn’t even make wrinkles disappear – he has always been a heartthrob, and now he has also become the tragic hero of a UBS / CS drama.
By the way, Ermotti is a banker by training, so a banking specialist from scratch: his path led him from an apprentice to an investment banker, then from 2011 to 2020 to the CEO of UBS, and finally, as a future strategist of this very UBS, including KS.
The catastrophe just averted must have a happy ending: with the man from Lugano and through him. However, you can also over-stagger the big banker.
Sergio Ermotti is the promise Switzerland made to itself:
Everything works out fine.
It is this sigh of hope that shapes the promise of banking—its essence. If it doesn’t work, then like CS.
The basis of this business is also a promise: money. One hundred francs is one hundred francs. I promise! In other words, what can a hundred francs buy. A banknote is nothing but a statement, an abstraction that can be touched, experienced tactilely, somehow turned into something concrete – a paradox. Only when a banknote becomes a commodity does it become larger than a piece of paper.
The same applies to the credit card, and to loans in general, this is the main business of all financial institutions. Nothing but promises followed by reassurances that everything will be fine.
And everyone believes in it because they have to: because multifaceted promises would not lead to anything if borrowers, investors, shareholders, speculators suddenly stopped believing in them. Whoever loses faith destroys order.
From this point of view, Ermotti is the embodiment of the capitalist promise of salvation. Its supporters believe in UBS. They have fallen away from faith in the COP. Blessed Sergius takes on their debts. Admittedly supported by the state and the National Bank – vulgo: the people. But at least.
It won’t be fun. In general, banking is not interesting. Because what does a banker do when he comes home in the evening? He promised money – usually more money, at least the same amount.
The highest of banking feelings.
In contrast, what can a producer patron offer? Newly built machine; or a vaccine ingeniously designed; or pralines, skillfully prepared; or a clock with a better mechanism; or a handbag, an expression of what is now in fashion.
However, for money, this self-and-for-itself-nothing, it needs compensatory satisfaction:
Power!
Power over economic events, over the fortunes and woes of companies, power over the national economy—and therefore power over politics. That’s the beauty of money business.
Sergio Ermotti does not seem to have been touched by this banker arrogance. That’s why UBS is the savior of CS today – and once again in the good hands of Sergio Ermotti.
Maybe Ticino is no longer a banker, but already a banker?
At one time, until the 1970s, backers ruled the banking business. The manufacturing economy, the value-added economy, needed credit institutions as service providers – money was at the service of the producers, the producers were the masters of the banks. For example, Alfred Escher, who 167 years ago founded the Schweizerische Kreditanstalt (SKA), which later became Credit Suisse.
But the money business for the sake of production has turned into a money business for the sake of money, for example, through investment banking. Servants became masters: money managers of the American culture, speculators concerned primarily with their profits, taking unimaginable risks for their clients – if only the premium box rang.
Just CS.
Let Switzerland raise a banker in Sergio Ermotti. Perhaps the latter at the helm of a major world bank. Who is praying? Easter.
Source: Blick
I am David Miller, a highly experienced news reporter and author for 24 Instant News. I specialize in opinion pieces and have written extensively on current events, politics, social issues, and more. My writing has been featured in major publications such as The New York Times, The Guardian, and BBC News. I strive to be fair-minded while also producing thought-provoking content that encourages readers to engage with the topics I discuss.
