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Parliament refuses to give approval to the Federal Billion Dollar Guarantee Board for UBS’s takeover of Credit Suisse. The finance minister is said to have stormed out of the National Council chamber without a word, a classic form of protest by resentful government politicians. Didn’t Karin Keller-Sutter do her best? And now, in gratitude, they fight off parliament!
Neither the real “no” nor the desired “yes” of the highest body of democracy had anything to do with the $109 billion UBS Federal Council emergency loans. The decision of the second highest authority is final.
Parliament could only imagine: yes. Or turn away: with no.
What does a confident parliamentarian do when faced with such a decision-making situation? He refuses the fictitious solution. Therefore, the Minister of Finance, who is in charge of this case, must come to the conclusion, at the latest, when she wakes him up again: I did not mean this decision at all.
Nor was there a “no” from Parliament, as one mocking headline condescendingly implies. The discussion in the National Council and the Council of States was also not a “bang and bang show” as another headline attempted to ridicule members of the federal council.
The parliamentarians did what they had to do: argued and analyzed – raised awareness. And public consciousness. The consequence of the ongoing debate was that they also did not grant political absolution to those responsible for CS.
Bonibanker’s legacy must be preserved if the Swiss financial center is to be averted. But to give the blessing of parliament to the final defeat – no!
Answering “yes” to the factually correct and morally reprehensible decision of the Federal Council would be tantamount to the self-abasement of Parliament.
But the debate continues over whether politics can permanently thwart the empowerment of bank managers who, out of personal greed, do business between Singapore, London, and New York at the country’s expense:
Is Switzerland a haven of value-added craftsmanship or a casino for scammers?
Yes, these two Switzerlands exist.
Still.
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.
