UBS offers to buy Credit Suisse for βup toβ $1bn.
Market cap was $6.91 billion on Friday! π
14 cents on the dollar⦠overnight?
Yikes! π±
Just looking back the mcap was $60bn just before covid. π«£
β¦ and Bankers get paid largely in equity?? Donβt they know anything about banks? π€£
I thought they got a $50B backstop. Why would they sell for 1B?
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I guess they will do whatever they are told to do?
Bondholders are probably running things as their covenants must beβ¦
They can bypass shareholder votes by decree? π
