Is the CS rescue a bottomless pit?

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The extraordinary session on the post-Easter CS bailout must not degenerate into a mere facade, with Parliament simply swallowing the cost of the UBS takeover. Various parties are making demands.

National councilors Sarah Wyss (34) and Samira Marti (29) do this for the SP: “The SP has drawn up four applications that we will submit to the Finance Committee,” says vice-chairman Marti. They should form the basis for ‘getting it right’ in the post-Easter session.

more transparency

First, they demand disclosure: for Marti, it is clear that parliament “cannot approve a CHF 259 billion rescue without knowing whether this is just an initial projection or whether the whole CS takeover for the federal government will not end up being a bottomless pit “.

Already during the purchase of the vaccine, there were complaints that the purchase contracts were not concluded subject to parliamentary approval. “For 259 billion, taxpayers should at least be able to see the contracts,” she says.

In addition, the SP wants to ask the guilty to pay: the Bundesrat must use all legal options to hold those responsible for the mismanagement at Credit Suisse accountable under civil law. Specifically, you have to pay a fee.

“Smack the Pins Now”

The comrades also want a task force to protect jobs: for Marti, it is crucial that the Federal Council try to preserve as many of the 17,000 CS jobs in Germany as possible. Measures are especially needed for students and workers with low and middle wages.

In addition, the revision of the banking law must be addressed, because it is not enough “that we swing the rescue of CS with the help of UBS,” says Sarah Wyss. Now it’s time to hammer in pins and show, “Yes, for the second time, the state should bail out a big bank, but for the third time, the taxpayer should not be pumped again.”

Rules against excessive bonuses

The banking law now needs to be radically revised and designed in such a way that “a state bailout will never be necessary again”. If the bourgeois parties mean it, they too exclude that the state will have to intervene again in the future.

Marti adds: “It is clear: the existing too-big-to-fail rules did not work. We have to improve them.” They also want clear rules against excessive bonuses.

Source:Blick