‘The way CS was run bordered on organized crime’

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SP group leader Roger Nordmann (49) finds clear words to Blick: “It is a pity for Switzerland – and a huge risk for the taxpayer.” Everything has to be arranged politically. According to the Vaud resident, a puk is needed for this. “The way Credit Suisse was run bordered on organized crime.”

Hässig also responded to SP co-chair Cédric Wermuth (37). He wrote on Twitter that nothing had changed since the 2008 financial crisis – “nothing at all!”. The whole financial system is sick and absurd.

People were also angry with the common people. Because: The systematic cartel of SVP and FDP have always fought against all templates against increased supervision.

“Shame on Switzerland”

For the FDP, led by Thierry Burkart (47), the acquisition of CS became necessary to avert major damage to the Swiss financial and business location. But here too it says: “Too bad for Switzerland.” The FDP writes that the regulations of the financial center should be reviewed and revised if necessary. Regulation of the financial market that only works in theory is pointless.

Group leader Philipp Matthias Bregy (44) van de Mitte expressed his great regret that Credit Suisse was unable to restore confidence in the bank on its own. He told Blick: “The Federal Council, the National Bank and the Financial Markets Authority, together with those responsible at UBS, have clearly made the best of all the bad solutions.” Unfortunately, it was necessary to stabilize confidence in the financial markets and protect our economy.

“Critical questions”

However, the acquisition now creates a new, very large and systemically important bank in Switzerland. The solution also entails risks. The acquisition therefore raises questions that require political answers, according to Wallis. This includes reviewing regulations, e.g. low equity creates false incentives. In addition, investment banking abroad should finally be critically questioned.

For the chairman of the Greens, Balthasar Glättli (51), it was a “culture of irresponsibility” that created the conditions for the debacle. Parliament has failed to make “too big to fail” legislation that works in the event of a crisis. A sample bank has been created.

«Responsibility lies with (mis)management of CS»

The CS takeover is also probably the least bad solution for the green liberals. However, the party criticized in a statement that the risks were not recognized earlier: by the Netherlands Authority for the Financial Markets, the National Bank, the Federal Council and CS itself. “The responsibility lies with the (mis)management of CS,” said the party.

The SVP sees the CS crisis as a result of “mismanagement and perceived FDP”. The SVP writes that the Swiss should answer for these mistakes with billions of national resources. She also denounces the hasty action of the Bundesrat. The party warns that UBS could become the next dangerous restructuring case.

Source:Blick